[Kari]

The bank got rid of the credit card, sold it to the debt collector. Is that correct?

Well done, you’ve already won!!

The process with the bank is over, the credit card and the bank are out of your life, its done.!

Feel relief at this point. As The ball’s in your court It will stay there when you stand your ground.

Now the game has changed , you have anew opponent,

the debt collector, will start a phoning and letter writing campaign, to get your to contract with them to pay the alleged debt. they want the money back they paid out, which will be cents on the dollar. Plus, interest.

Lets say you owed $20k, say the bank sold it for $7K , the debt collector will likely come for the full $20k from you because that was the balance of the card. that’s what’s on your mind. They may come across as friendly, saying, “if you can pay $15k this month , I’m authorized…” etc… on and on it goes.

Do you have a contract or agreement of any kind with the debt collector? The answer is NO

do you know anything about this debt collector? NO

So are you obligated to return their phone calls ? NO

when they call,

DON’T! agree to anything, over the phone, I’d recommend you practice your telephone personality now. ,here’s an example, “I don’t do business over the phone , please put your verified claim in writing “ thankyou have a nice day. what ever you do don’t deviate off your short script.

Don’t agree to anything, don’t engage them in conversation, about anything ! be brief to the point be polite, then hang up.

they are tricky, they know all the conversational tricks to get you to contract with them. They record all the conversations as evidence to be used against you. And of course training purposes.

you could be cheeky and for a bit of fun say , what a friend of mine does when the phone goes around dinner time , ” now there only two things a stranger will be calling about , either I’ve won some money or you want some from me , and only one of those is the right answer” follow their reply with “I don’t do business over the phone , please put your verified claim in writing “ thankyou have a nice day”

i have not ever tried that, so please don’t take it seriously.

Written communications afford you the time to consider how to respond, to which end… have a listen to this interview mark gave a couple of years ago, it’ll get you into the mind space of how you may wish to deal with the debt collector.

https://www.youtube.com/watch?v=-g9icYSb3Qw

You can play for time, by sending the letter back, depending on how its addressed, mine were a mix of all caps and title case, which I sent back. With this written on them.

Return to sender.

Address unintelligible.

Tampering with mail is an offence,

No consent to contract,

Returned without dishonor,

Readdress and resend.

on the back I wrote,

I require the man or women who takes full commercial liability for the contents of this letter. to supply their full name address, date of birth and public liability insurer, and policy number.

(put the date on it)

Photograph it both sides, file the images in the folder for this matter.

Pop it in the post box

mark out lines a conditional acceptance in that interview ,be mindful that the conditions you set are relevant to the situation at hand. here’s couple..

A Copy of the original contract which gave rise to this alleged debt,

A Copy of the triparted agreement between you, me the bank, highlighting, where I agreed that you can collect from me.

Robert Odeck has given a few good mind set podcasts on how to deal with debt collectors,

https://www.youtube.com/watch?v=0MIMiF70zGQ

https://www.youtube.com/watch?v=y8zUIW9M2TI

hope this helps

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[vicki.]

Thanks to the folks who have replied. I’m in similar position, essentially won against bank. Debt firm has written, and I responded with one letter template from Marks workshop manual. Simple letter asking them to verify their claim, within 14 days, otherwise matter closed. Also has a fee schedule if they continue.

So next steps…Now I suspect they won’t take notice of that, so will Need to send them a default notice, then final notice, then cease and desist? Then start invoicing them? So that I have evidence when I take them to court? How long do debt collectors harrass? Do they sell it on to other debt collectors? Appreciate any further advice.

[Kari]

I’ve rembered one other point, mark mentions the “deed of novation” i think he called it.

the official document that transfers the debt to a third party.

here’s a good explanation of it …

https://www.youtube.com/watch?v=jaFKshQxqA8