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Author Archives: Michael Bovee

Michael Bovee

I Went Into Debt as a Single Mom. – Theresa

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“Dear Michael, I went into large amounts of credit card debt as a single mom. I divorced when my house was worth $50,000 more than it is now. I insisted with my ex to keep the house so my kids can graduate in the same house. Once the youngest graduated, I lost a lot of equity and couldn’t sell the ... Read More »

Which is Cheaper: Credit Counseling, Debt Settlement, or Bankruptcy?

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How can you determine what debt relief option is the right fit for a given set of cash flow limitations. The 3 options that people typically seek outside assistance with are Debt Management Plans (DMP), Debt Settlement Programs, and Bankruptcy. There are benefits and drawbacks to each option. Companies and people selling you a specific brand of debt help can ... Read More »

Less Than Full Balance Plans and the Problems They Create for Credit Counselors

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For many years debt relief plan providers, such as nonprofit credit counselors, and debt settlement service providers, have been seen as two separate and distinct structures in the debt relief services industry. These two sides of the industry have often been at odds with one another. While debt settlement providers have never come together as a unified voice to slam ... Read More »

NFCC Challenges Debt Relief Industry to Think Bold. My Thoughts.

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It appears Michael Bovee took the NFCC challenge to think bold about consumer services to heart and submitted this guest post. Steve published his reaction to the state of the industry speech made by Keating at the recent NFCC conference here. There is a great deal contained in the address by Keating to comment on. The less than full balance ... Read More »

The Credit Card Company Levied My Bank Account and Took My Student Loan Money. – Lauren

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“Dear Michael, I had a bad debit with a credit card company and it went to third party collections. A judgement was issued against me. I was on unemployment benefits at the time of the judgement, as well as going to school full time. I did not have the means to pay the debt. My bank account was garnished in ... Read More »

I Have My Own Business But Have Debt at Work and Home I Can’t Handle Anymore. – Bill

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“Dear Michael, Two lines of debt, but both carried on personal line of credit. 1st is personal expense’s (unsecured about $60k), the other is business debt (self employeed unsecured, about $30k). Interest rates are high and dragging the pay off. The pass 48months, have paid $128,000.00 in CC payments, to knock down $27,000.00 on balance owed. Can not continue this. ... Read More »

We Just Got Hit With a Judgment for a 12 Year Old Debt in Florida. – Bill

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“Dear Michael, Assignee of credit card issuer got judgment against my son in 1998 and recorded it in July 1998. Nothing happened for over ten years. In 2010 they filed a motion to garnish his pay, which was the first he knew of the judgment. I believe they were required to renew the judgment after five or seven years, which ... Read More »

The Bank Converted the Business Line of Credit to a Loan and Want More From Us. – Lisa

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“Dear Michael, My husband and I lived comfortably and had a good run for the first 10 years of our 22 years of marriage. However, we helped others a little too much and then we ran into some issues when my husband lost his job and we were forced to open up his side business full time. During that time ... Read More »

How Can I Lower My Capital One Credit Card Interest Rate? – Kelly

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“Dear Michael, I’m 49 and married. Credit card is with Capitol One and I’ve had it for at least 6 years. No late payments. I don’t remember what my interest rate used to be, I think around 18%, but they raised it a couple of years ago to 24%! A few months ago my limit was raised from $3000 to ... Read More »

My Mother-In-Law Was Diagnosed With Cancer. We Are Broke From Medical Debts. – JS

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“Dear Michael, My mother inlaw was diagnosed with cancer 2 years ago. My husband is an only child. We have been helping my inlaws with cancer treatment money and household finances for over a year. We sold our house to help pay for treatments, I did not work for a year so that I could be home to make the ... Read More »

My Mother is Being Sued by Chase. All She Gets is Social Security Income. – Helen

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“Dear Michael, My Mother was served a summons today by 2 Sheriff’s Deputies. I haven’t seen the document yet, but it sounds like she is being sued by Chase. She has 30 days to respond to Magistrate Court. The debt is for $10,000 she owes on a credit card. She had a serious health scare, a ruptured aortic aneurysm in ... Read More »

Is Vortex Debt Group a Total Fraud? – Dan

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“Dear Michael, I recently entered into an agreement with Vortex Debt Group. I was in the process of signing and returning the “Authorization to Communicate with Creditors and Collection Agencies”. My wife thought the proposal to settle approx. $13,500.of unsecured debt for approx.$6,000.was simply too good to be true. I assured her that Vortex had answered all my very specific ... Read More »

I’m Trying to Help a Friend With a Warrant, Court Fines and Others Debts. – Alicia

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“Dear Michael, My name is alicia and i am trying to find helo for a frined of mine. His name is Jesse, he is currentally in such deep debt that he just keeps going down hill. He has many court fines, he doesnt have a job, his car recentally broke down and he also has a warrent. Wicth he got ... Read More »

I’ve Already Been Sued by a Debt Buyer. Would It Make Sense to File Bankruptcy? – Joshua

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“Dear Michael, When I was in college, I couldn’t find a job in the summer of 2008. I was unable to make any of the payments on my credit cards and my auto loan. I buried my head in the sand and ignored everything. The car got repossessed and the collection calls started with the credit cards and the repossession ... Read More »

My Debt Relief Company Did Nothing But Get Me Sued and Lower My Credit Score. – John

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“Dear Michael, had 730 credit score 1 year ago now about 550 now being sued considering chapter 7 as only option 1. How do I know whether or not my settlement company fulfilled their contractual obligations to me or not? – They said they offered settlements to my cc companies that were refused. Based upon that can I compel them ... Read More »

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