Home > Author Archives: Michael Bovee

Author Archives: Michael Bovee

American Education Services Student Loans with a Debt Collection Agency

Get Out of Debt

Question “I cosigned a student loan for my daughter with American Education Services, and she thought it was deferred until she graduated. Which just happened last year fall semester. I have been getting calls from MRS Associates saying the original creditor won’t deal with her or myself and it HAS to be handled by him. He is demanding a full ... Read More »

How Do I Make a Settlement Offer to Key Bank on My Private Student Loan?

Get Out of Debt

Hi Andrew. Here’s my story. I have 2 private student loans from KeyBank for approximately 60K. I defaulted 5 years ago (April 2011) and have not made a payment since. I received a settlement offer from law firm in August 2014 for approximately $36K but I was unable to come up with a lump sum at that time so I ... Read More »

A Video Look Into Student Loan Borrower Defense to Get Loans Forgiven

Screen Shot 2016-05-31 at 10.15.44 AM

What happens when you get taken in by a misleading pitch, or a deceptive action leads you to make decisions you would otherwise not have made? You get hurt… probably mad, and even depressed. But what if you were taken for such a ride that your future is screwed for many years to come? What if the situation is bad ... Read More »

Should I Buy a Used Car?


Question: Dear Michael, I am a middle aged divorcee women with no mechanical skills whatsoever. I normally purchase new cars when one is needed. I purchased a new car in 1990 and kept it for over 17 years. I purchased a 2008 and currently still owe it with 315,000 miles. Most people suggest buying used because of the depreciating of ... Read More »

Why Won’t the Debt Collector Agree to Remove the Debt From My Credit Report if I Pay?


Question: Dear Michael, I have a collections account with AFNI on my credit report. It is a valid debt that I owe the company they are collecting for. I keep trying to ask them if they would be willing to remove the collection off my credit report after I pay in full. The answer I get (sounds scripted) is that ... Read More »

Teacher With Reduced Salary is Struggling With Bank of America and Chase Bank


“Dear Michael, Thanks so much for providing the people with this opportunity to communicate with you! I am writing to you to seek advice since I find myself in a desperate situation with credit card debt. I will be as brief a possible. I am a Biology teacher and have been a teacher for the past 17 years. My credit ... Read More »

Beth’s Story: Is Debt Settlement the Answer?

get out of debt

This is the third part in a four-part series about Beth, who’s struggling to make monthly payments on her debt. I encourage people struggling with unaffordable debt to use this as a debt relief information guide. The focus of this series assumes your situation is past being able to apply conventional wisdom, like lowering monthly expenses and paying extra toward ... Read More »

Picking the State You Live in Based on Debt Collection Protection

Writing Q&A, Questions and Answers on a blackboard.

“Hello Michael, I would love to get some info on being sued in a state where you don’t live. I am close to the point where I stop paying my credit cards and wait out the 5-6 month to try to get a settlement. The total credit debt is 100K (some business cards some personal). We have moved a lot ... Read More »

When To Do Nothing About Overwhelming Credit Card Bills


I answer many reader submitted debt and credit questions that are submitted to my site using the “Ask Michael” feature. From time to time I receive enough information of someone’s current hardship, as well as a clear picture of monthly cash flow and bills, to be direct with my feedback, rather than offering generalities with my own follow up questions ... Read More »

How to File Debt and Credit Complaints with the CFPB


Throughout this website, and several others I contribute to, I suggest people file complaints with the Consumer Financial Protection Bureau (CFPB). I am usually responding to reader comments when I do, so the reason for suggesting filing the complaint is contained in each comment exchange, but only briefly. I want to be sure readers have a strong grasp as to ... Read More »

Recognize and Review a Nice Debt Collector

The decision to file bankruptcy should be a celebration.

Complaints about debt collectors number in the ginormous every year. The volume is somewhat understandable. I mean… how many other professions do you spend nearly all of your time trying to get someone to do something they cannot or will not do? Let’s face it, getting people to pay bills they likely can no longer afford is not all smiles ... Read More »

The Little-Known Lifeline for People Drowning in Credit Card Debt

get out of debt

If you’re struggling to make payments on your bills, you may not know that you have options – including what’s typically called a hardship repayment program. These are programs that banks may offer directly to you, their account holder, if you express how unaffordable payments have become (vocally with a phone call, or behaviorally by missing payments). These repayment plans ... Read More »

Why a Chapter 7 Bankruptcy Should be Your First Option and Not a Last Resort


A good friend of mine recently wrote about a subject that is near and dear to my heart. Michael Bovee discussed the greater impact of doing the right thing when getting out of debt. It’s a topic I’ve harped on about for years. For me, the greater question to answer before diving into how to deal with your debt is ... Read More »

Beth’s Story: Which Debt Solution Did She Choose?

bankruptcy congratulations

This is the fourth and final installment in a series of pieces for people who find themselves unable to continue to meet the minimum payments on credit cards and other bills, and who want to learn about what I sometimes refer to as “debt intervention” options. Don’t worry; this is not one of those interventions where friends, family and co-workers ... Read More »

How to find and interview the bankruptcy attorney you will hire.


Not all bankruptcy attorneys are created equal. That is not shocking. The same could be said about finding help in any profession or job that requires expertise and training. That said, finding the right bankruptcy attorney for you is not something that should prove difficult for most of us. But there are some things I would encourage you to both ... Read More »

Get My FREE Get Out of Debt Guy Newsletter

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt. You can unsubscribe at any time with just one click. After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

I promise to keep your email safe and secure.