Credit and Debt Videos

A hardship plan is where a lender agrees to allow you to pay less than what you were scheduled to pay, and typically because they are willing to lower your interest for a short time, or for the life of the balance.
An interest only hardship plan does not lower interest, but your monthly payment is lower because you are not servicing the principal of the loan.
Interest only loans and hardship plans are designed to allow someone to do something they otherwise would not be able to do, like afford a normal payment. These payment structures have an increased likelihood of failing.
Some interest only loans build principal payments into the repayment after a period of time where they can double overnight.
An interest only hardship plan with a balloon payment at the end is even worse.
This is beneficial to the lender on the loan, so they do not have to mark the loan as a loss for the 5 years. This type of payment structure generally benefits the consumer the least.

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SEE RELATED VIDEOS:

More information about credit card hardship plans: https://youtu.be/vh5BYiKjldk

http://consumerrecoverynetwork.com/hardship-payment-plans/

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Michael Bovee started Consumer Recovery Network in 2004 with a mission to provide people in need with detailed credit and debt help. This channel is an extension of decades of hands-on experience and is dedicated to helping you find the debt relief option or strategy that will work best for you.

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Most debt settlement companies are a fail when it comes to preparing their customers for how to optimize their financials to get better settlements and also how to avoid unnecessary risks.
I cover some of the simplest ways your settlement firm can increase outcomes and customer retention in this video.
Most of what I say in this video is completely silly to not do.
If you are a customer of a settlement company, use what I cover in this video and approach the company you hired with some of the ideas I lay out. You can empower them to do a better job for you.
Finding out more ways your customers can save up faster and settle quicker just means you earn faster. It also increases customer retention so that you can get to more settlements and, here again, increase revenue.
Debt settlement companies often have a reputation management issue. The concepts in this video will help address some of that as well.

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SEE RELATED VIDEOS:

How to do debt settlement without getting sued: https://youtu.be/RAOV4Jl5fAk

What you need to know about a HUB debt collector: https://youtu.be/0TDYZ6ywyJI

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Michael Bovee started Consumer Recovery Network in 2004 with a mission to provide people in need with detailed credit and debt help. This channel is an extension of decades of hands-on experience and is dedicated to helping you find the debt relief option or strategy that will work best for you.

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Unmanageable debt problems are best solved using a direct path based on each individual's math. Emotional and mental baggage that comes with this debt problem may not be so easily defined or managed.
After a few decades of helping people understand the best math path to overcome debt, one of the better anecdotes I have used to assist with debt and mindset is to view you or your household as an incorporated entity. Much the same way your lenders and banks operate.
Making money and debt decisions like a bank, when you are struggling financially, has helped many people I work with to leave unproductive and harmful attitudes behind.
This new attitude of You Inc not only helps in the moment but can continue to prove beneficial long after your debt problem is resolved.

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SEE RELATED RESOURCES MENTION IN THIS VIDEO:

https://getoutofdebt.org/253654/debt-is-math-wrapped-in-emotion-how-to-stop-panicking

https://getoutofdebt.org/244216/debt-shame-psychology

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Michael Bovee started Consumer Recovery Network in 2004 with a mission to provide people in need with detailed credit and debt help. This channel is an extension of decades of hands-on experience and is dedicated to helping you find the debt relief option or strategy that will work best for you.

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Contingency collection agencies have been around for decades. That's not new. What is new is that several of them now act as a hub for collection law firms. What does this mean to you?

Having an unpaid debt land with a collection attorney adds to the overall cost of resolving the debt. Sometimes by twice as much!

You can avoid all of that by getting a deeper understanding into your lenders and their collectors timing and behaviors. That is what I cover in this video.

You want to understand that the seemingly conventional wisdom of ignoring debt collectors that you read about online, has always been bad advice. With how sophisticated debt collection has become, it is now absolutely terrible advice. And you will understand why after watching this.

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SEE RELATED VIDEOS:

Debt settlement mistakes to avoid: https://youtu.be/0TDYZ6ywyJI and this article covering more mistakes: https://consumerrecoverynetwork.com/mistakes-settling-debt/

Debt Validation Scams: https://youtu.be/8aUy5xqh-RQ

How to settle debt and not get sued: https://youtu.be/RAOV4Jl5fAk

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Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

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Debt settlement loans, which are loans given to people with completely shot credit in order to pay off their settlements and fees for help quicker than otherwise possible, can benefit some people.

The cost of debt loans combined with the high fess debt settlement companies charge will cause them to look less attractive, but there is still a place for these loans for those of us that would have taken way too long to lock in and pay settlements.

Those that use these loans with eyes wide open often benefit from optimized settlement savings and removing risks that accounts go to collection law firms.

Using these debt settlement loans can help some people see their credit scores bounce back years faster.

The expense of a debt loan is not worth it if you can use some of the ways I talk about in this video to accelerate your debt settlement program without the loan. It is often easier to raise settlement money faster than debt settlement companies talk about.

The interest rate on the debt settlement loan will be a huge factor in determining whether it is worth it.

Not everyone will qualify for a debt loan.

The future of debt settlement could make debt loans better and more attractive. Not that the interest rates for being the riskiest of borrowers will improve, but other fees and debt settlement business models are changing because of AI.

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SEE RELATED VIDEOS:

Check out my debt relief credit reporting comparison article: http://consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/

How to avoid being sued when settling debt: https://youtu.be/RAOV4Jl5fAk

Updated thoughts and actions when you are doing your own settlements: https://youtu.be/aVvFIPBGmXE

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▼FREE CONSULT:
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https://consumerrecoverynetwork.com

▼FIND YOUR DEBT SOLUTION:
https://consumerrecoverynetwork.com/debt-solutions-review/

▼ASK ME ANY QUESTIONS YOU HAVE:
I answer all questions in the comments section daily.

Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

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I have helped people settled debt for decades. There have always been warnings about the negatives associated with settling debts for less. The problem with all of the warnings from financial sites, regulators, and news outlets is that the warnings don't go far enough, or they are way overblown. And few resources actually provide context to the major warnings and drawbacks or provide a frame of reference to whether these warnings are even going to impact your particular situation.
I cover all the main warnings and all the context and nuance in this video.
Many of the resources that talk about debt settlement have never settled a debt of their own or helped anyone else settle either. They don't actually know or have any context they can apply to the negatives that can come with negotiating debts to settle for the lowest amount possible.
I cover collection tactics that are a huge deal, and also those that mean little to nothing when you consider your actual situation.
I cover the credit score hit you take.
I talk about taxes when you settle debt.
The high fees most companies' charge.
All the letters and emails you get (super important)!
You have to be careful out there relying on AI and uninformed or inexperienced authors on major websites.
When it comes to debt settlement, it is your job to get informed in order to know whether you are going to pass on the debt settlement option or use it to get where you're going because you are confident it is the right fit.

Share this video: https://youtu.be/KFhYJ4jWxfg

I mentioned other resources in the above video:

Learn more about avoiding or delaying taxes on forgiven debt: https://youtu.be/KFhYJ4jWxfg

Learn more about how different debt relief options impact your credit scores and access to credit products: https://consumerrecoverynetwork.com/credit-report-score-rating-debt-relief-programs/

Learn how to do debt settlement without getting sued: https://youtu.be/RAOV4Jl5fAk

Learn about the mistakes people make when settling debt: https://youtu.be/xrPJzXujNZg

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https://consumerrecoverynetwork.com/free-debt-consultation/

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https://consumerrecoverynetwork.com

▼FIND YOUR DEBT SOLUTION:
https://consumerrecoverynetwork.com/debt-solutions-review/

▼ASK ME ANY QUESTIONS YOU HAVE:
I answer all questions in the comments section daily.

Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

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After nearly 30 years of helping people settle debt, here are major debt settlement mistakes people make. These are costly errors that are completely avoidable.
From choosing the wrong debt to settle, negotiating too early or late, or thinking you have less time to pay than you do, and more.
There is no reason to pay more than is necessary in order to settle a debt and move on with your life and your credit score. For most of us, paying more than you needed to just means it takes longer to come up with money to settle the next account, which can upend your entire effort!
What about wasted time waiting for written replies to offers? Why this one mistake costs people thousands in savings when they are waiting for something that will never come!

I did reference several of my other videos in this one. Here they are:

What happens when your bank warehouses your debt: https://youtu.be/rsm4qdFIRro

How to settle debts without getting sued: https://youtu.be/RAOV4Jl5fAk

Signs you are dealing with debt relief scammers: https://youtu.be/DdYiLyGAV-I

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▼READ OUR MANY TUTORIALS:
https://consumerrecoverynetwork.com

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https://consumerrecoverynetwork.com/debt-solutions-review/

▼ASK ME ANY QUESTIONS YOU HAVE:
I answer all questions in the comments section daily.

Michael Bovee started helping people resolve and settle debts full time in 1999. He has helped tens of thousands of people settle credit cards and personal loans. He is available to work with you one on one and can help you negotiate too. His company provides the most support for the best savings in settlements and in fees that you can find.

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Lending Club is now Happen Bank. For those of us struggling to pay back a Lending Club loan, how will their change to a bank impact our debt resolution goals? Hard to say this early. Normal risk of aggressive debt collection from this lender has come when they sell your unpaid loan to a debt buyer, but I recently saw signs that Happen Bank may start moving accounts to aggressive collectors without selling your loan.
I cover options for reducing your monthly payments temporarily, and for how and when to settle with Happen Bank in this video.

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SEE RELATED VIDEOS: Check out my extremely useful tips on how to settle debt without getting sued here: https://youtu.be/RAOV4Jl5fAk

I have a Q&A about Lending Club and Happen Bank here too: https://consumerrecoverynetwork.com/question/lending-club-loan-rates-resolving-consolidating/

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https://consumerrecoverynetwork.com

▼FIND YOUR DEBT SOLUTION:
https://consumerrecoverynetwork.com/debt-solutions-review/

▼ASK ME ANY QUESTIONS YOU HAVE:
I answer all questions in the comments section daily.

Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

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Charge off DOES NOT mean your debt went away! Charge off is an accounting term that all banks and other lenders have to comply with. You typically find your account charged off after 120 or 180 days.
Banks do 3 different things after they charge off your debt. Debt collectors, debt buyers, and debt collection law firms could get your account. Two out of those three are not terrible developments, while an account going to a collection law firm is going to add costs and stress.

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SEE RELATED VIDEOS: Here are details about how to settle your debt without getting sued:

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▼FIND YOUR DEBT SOLUTION:
https://consumerrecoverynetwork.com/debt-solutions-review/

▼ASK ME ANY QUESTIONS YOU HAVE:
I answer all questions in the comments section daily.

Michael Bovee started CRN in 2004 with a mission to provide people in need with detailed credit and debt help. The DebtBytes Channel is an extension of the CRN blog, and is dedicated to finding the debt relief option or strategy that works best for you.

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