Refinance

4 Steps I Used to Negotiate Debt and Save $6,500





The actual process I used to negotiate debt and save thousands plus how to plan your own debt negotiation strategy without a debt settlement company.

The average American owes $16K in credit card debt and a full year’s income in total debt. That’s too much and sometimes you just can’t pay it off. That’s when it’s time to start negotiating debt with creditors, agreeing to pay some of the money if they wipe out the rest.

This isn’t an easy way out of debt and shouldn’t be used as an excuse to run up thousands in credit card debt. It’s a powerful process and must be used responsibly. For those in true financial trouble, it can be a way out and a way forward.

I start by sharing my debt negotiation story, how I used this process to save over $6,500 in credit card debt and personal loans. I also reveal the two biggest traps in debt negotiation, filing bankruptcy and debt settlement companies, and how you can avoid them.

This is a four-step debt negotiation process that will guide you step-by-step into dealing with collection agencies and bill collectors. I’ll help you plan your negotiating strategy and reveal the secrets to getting as much of your debt wiped out as possible.

– My debt negotiation story
– A warning about bankruptcy and debt settlement companies
– Four-step debt negotiation process
– Planning your debt negotiation strategy
– Dealing with a debt collection agency
– Two negotiating strategies that WORK

Don’t forget to click through to the debt payoff playlist above and follow the entire series. I may eventually turn this series into a paid course but you can watch it all free right now. I start out by revealing the debt payoff strategies that will work with any budget, even on low income, and finish by showing you how to get a perfect credit score.

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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
#creditreport #creditscore #debt

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45 comments

  1. Before you negotiate debt on your credit report, you might want to try disputing it if there is an error or the debt shouldn't be on your report. Check out this video for a template credit report dispute letter you can use. https://youtu.be/AGUZ5paqvCQ

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  3. Where's the play list?

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  4. I am so glad I found your channel!! I’m 23, 17k in debt (unsecured) and bankruptcy was looking to be my only option. Was just about to cut a check to my attorney (yes I had already talked with an attorney and everything) and then I starting thinking about my future with a bankruptcy on file. I don’t have a high paying job, and I’m struggling to make ends meet as is. With very little I’m savings. I’m going to use your channel as a step by step guide, to help me feel more confident. My highest loan is $3000, so if I could get that cut to $1000, I would be so happy, and I figured mentioning the fact that I’ve already been in contact with an attorney would be a pressure point for them. I’m going to continue researching and get my ducks in a row! And hopefully by the end of the year I’ll be debt free!!!! Thank you!

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  5. Would that work for tickets I have 8 thousand dollars of unpaid tickets what number is realistic to start negotiating

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  6. I have card that has 15k on it. I can make the minimum payments but that's about it. It's not in collection. Do you think I should try and settle for a lump sum if I come into some money?

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  7. get to the point buddy

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  8. Get to the point…half the video is "I'm going to save you blah blah"

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  9. what if i am not in collections, i have had some hardships and had to use my credit card for emergencies, now my Minimum due is too high to pay per month. i have been on time but now it's becoming close to me deciding between food and gas to get to work vs paying this high bill. can i negotiate a lower debt on a creditor that is NOT delinquent??

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  10. Hey brother, retired USMC here. Age, injuries, and I lost my job about two weeks ago has turned my life upside down. I have a high credit card balance due. The monthly payment is due today and I am completely stressed out right now. Do you have a series of videos I should watch? I was really starting to panic until I watched this video and what you said about how long you should wait to make a payment. Totally newbie here in financial distress and I have never been in the situation before. Please help?? Thank you, Semper Fi

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  11. Semper Fi brother!!! Thanks for the video.

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  12. Great advice. We own several businesses and looking at chapter 13. We used our personal credit cards as working capital and our cc debt is six figures. I keep great records so I know down to the penny, what our debt is. After seeing your video, I’m going to try to negotiate a settlement. If your credit card debt is in the six figures, is it realistic to negotiate below 50%? Bottom line, we can’t pay all this debt so if they don’t accept settlement, they may get much less.

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  13. Ned help

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  14. What if the creditors say they can take legal action? What should I do?

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  15. Hi, I was issued a judgment from Collection agency on 4/19/19!for a Capital One card in the amount of $2,991, the Collection-account is currently current due to making a $100 per month which started in April 2019. Bringing the current due amount to $2391. I would like to offer a settlement but how much should I offer ? Would they even take an offer if I’m already on a payment plan ?

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  16. I am bewildered at how many people are leaving comments on your video that are hardly decipherable… what are the odds that most of the people leaving comments on your video don't speak English properly… I'm not even sure how you knew how to answer them… they didn't use any punctuation and it usually made no sense.

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  17. Do you have to tell the cc company you are recording?

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  18. Should i negotiate before my account gets charged off or after?

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  19. If we are not late on CC payments and want to pay them off in full does this apply as well? Can we get a lower pay off?

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  20. before you even started. you put out misinformation! "these companies are useless and out to get what little money you have left" haha wow everyone truly has an opion. Yea debt negotiating doesn't work as well if you aren't legally represented. hahaha whatever your selling. be careful what you say to get people to listen to you. everyone is so gullible! This video is a joke! wow good work buddy on seeling your sevices!

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  21. DUDEEEE , just TELL US HOW TO DO IT and stop talking useless stuff in the beginning

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  22. How about negotiating with no late payments i.e. prior to the 90-day mark? Can you explain that you are having an incredible time paying it off and will soon be unable to?

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  23. Hi i have a question about negotiation for a settlement with a debt buyer that years old i was wondering if i could Settle for $1,000 it old judgment of $1,400 but saying is now i own $2,840 and the court is reporting $1,400 and i don't have it on my credit report or on my public record just the court house i talked with a consumer protection attorney told me settle for less or file for bankruptcy what can i do ? Thank you i appreciate it

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  24. Holy cow! 1:18 minutes in and NO INFORMATION! C'MON DUDE!

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  25. Thank you. Thank you. Due to my Contract role ending, I need to pay off my creditors soon! I am in debt with 4 creditors for $6K. I was going to contact debt consolidation company but my partner told me, he wouldn’t recommend it. I’m glad I came across your video. I’m going to contact creditors, I owe $1K to. Thank you, again! I’m hoping for positive results!

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  26. hi i have a question a judgment for $1,500 but they now asking $2,850 could settle for $500 or $1,000 and the judgment is not on credit report

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  27. Does this work with debts that are in collections, but aren't credit cards?

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  28. Should I negotiate the terms (removing bad marks, etc.) or how much I’ll pay fist.

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  29. So I have to be 90 days late to start negotiations?

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  30. Hello, I have an account with Amex sent to Alltran that said has a 8k balance. Chase for 10k. Would it be realistic to settle for with AMEX for about 50%? Chase even less?

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  31. I just negotiated a debt at 40% of the total amount, I asked and recieved a letter with their letterhead stating that I've paid this debt and I'm clear, I tried getting them to use language like "paid as agreed" but they wouldn't do it, however, the finance company said that it would take up to 60 days for my information to be updated with the bureau's, do you think that it would be a good idea to send dispute letters to the bureau's with a copy of their letterhead so that I know that my credit information will be updated in at least 30 days? Just dont want them to drag their feet after they've received their money.

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  32. I went with clear advantage to consolidate my debts and canceled with them in 2 months. The fee was 25 percent of each debt settled and at first it sounded great 1 fee I pay each month and they take care of the rest but that 25 percent ended up being more than what owed. I'm not sure if I should just wait till it goes to collections and just pay it off for less

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  33. I have three credit cards that are all maxed out. Two are 5K and one is 1500. Someone gave me a check for 5K the other day. Do you think I could pay it all off with the 5K?

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  34. I've missed the last 5 months of my credit card payment due to losing my job. They've given me extensions but I still haven't been able to pay haven't found full time work yet. When should I ask to settle? When they threaten collections, now, in another month?

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  35. Hey Joseph, thank you for this amazing content! I've taken the bate and signed up with a settlement company for about 26 month out of a 36 month program now. Can you refer me to anyone that help me get out from under the settlement company? Thanks in advanced!

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  36. Would this work if with smaller debts too? Say around 4,000?

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  37. Should I use an attorney to negotiate a lump sum settlement on a Judgement creditor? I heard that they will still jerk you around even if your do it yourself after getting the paperwork and sending a lump sum payment? I have a garnishment and want to get a 50-60% reduction on the total. It is a Judgment by a law firm for a Discover Card.

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  38. Subscribed, liked and saved, haven't even gotten to the meat of it yet!

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  39. Confused. Another vid u recommend consolidating. This u said don't

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  40. Good practical tips here that everyone can put into use!

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  41. Thanks for teach the basics of debt negotiation! I bet a lot of subs and non-subs found it helpful too 🙂

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  42. Great tips like always, Joseph. Thanks for sharing.

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  43. Thank you

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  44. Helpful tips! Hopefully after negotiating, people won't have to go through this situation again.

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  45. Debt management is such a crucial subject, I wish more people would follow such videos and your channel and improve their financial education. Thanks for the video, man!

    Reply

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