3 Ways to RUIN Your Debt Settlement | Summary and Q&A

1.9K views
November 16, 2022
by
Consumer Warrior
YouTube video player
3 Ways to RUIN Your Debt Settlement

TL;DR

Avoid providing excessive personal information, waiting too long for the debt to escalate, and allowing a garnishment to be placed on your wages.

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Key Insights

  • 🤝 Taking action is crucial when dealing with delinquent debts, regardless of the chosen approach (settlement or bankruptcy).
  • 💁 Debt collectors may request excessive personal information to gather evidence for potential garnishments or asset seizure.
  • 🪘 Waiting too long can result in a default judgment, reducing negotiation opportunities.
  • 🥇 Once a garnishment is in place, your options are limited to paying the judgment in full or filing for bankruptcy.
  • ❓ Seeking assistance from a professional, such as John Skiba, can provide guidance and support specific to the state of Arizona.
  • 💋 Engaging debt collectors early, ideally during the six-month mark after the debt is charged off, increases the likelihood of negotiating a favorable settlement.
  • 🥺 Providing unnecessary personal information may lead to debt collectors escalating the situation by suing and obtaining a judgment.

Transcript

hey everybody John skiba here from the consumer Warrior YouTube channel and in this video I'm going to share with you three things that if you do you are going to destroy your chances by getting a good settlement with your creditors but if this is your first time here to my YouTube Channel please click subscribe check on that little bell that way y... Read More

Questions & Answers

Q: How much personal information should you provide to debt collectors when negotiating a settlement?

Debt collectors often request unnecessary personal information to collect evidence for potential garnishment or asset seizure. It is advisable to provide the minimum required information to negotiate a settlement successfully without compromising your finances.

Q: What is the consequence of waiting too long to address delinquent debts?

Waiting too long can result in a default judgment, giving debt collectors more power to enforce collection methods such as garnishments and bank levies. Negotiation opportunities decrease significantly, leading to a higher likelihood of paying the full debt amount.

Q: What are the repercussions of having a wage garnishment in place?

If a garnishment is implemented, your options for settling the debt are limited. Debt collectors will require immediate payment in full to stop the garnishment. Interest will continue to accumulate throughout, making it financially unfavorable to delay resolving the debt.

Q: How can an individual in Arizona seek assistance with debt settlement?

The video creator, John Skiba, offers help specifically for individuals in Arizona. His contact information can be found in the video description. In addition, he provides tutorials and resources that may be beneficial for individuals outside of Arizona.

Summary & Key Takeaways

  • Taking action is crucial when dealing with delinquent debts, whether through settlement or bankruptcy.

  • Avoid giving debt collectors unnecessary personal information when negotiating a settlement.

  • Waiting too long can result in a default judgment, reducing your chances of negotiating a favorable settlement.

  • If a garnishment is placed on your wages, your options are limited to paying the judgment in full or filing for bankruptcy.

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