Home > Author Archives: Michael Bovee

Author Archives: Michael Bovee

Should I Buy a Used Car?

Jeepster

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?

    credit_report_errors

    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

      teacher

      “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

            tax_audit_questions1

            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

              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

                    20150506-illinois-workers-comp-630x420

                    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.

                        ecig

                        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 »

                          How To Reduce Debt Buyer Collection Lawsuits

                          gavel

                          Last week the CFPB and the FTC held a workshop to address what happens to unpaid debts at different stages of the debt collection cycle. The workshop brought together state and federal regulators, economists, major banks, debt collection agencies, debt buyers, consumer advocate attorneys, technology companies, members of the judiciary, credit reporting agencies, and more. The workshop was aptly titled ... Read More »

                            How to Call Your Bank and Negotiate Credit Card Debt Yourself

                            Bank

                            If you have been following the early tips I suggest for how to negotiate and settle directly with your credit card bank, you have already had several “just calling to keep you posted” conversations with your bank (I recommend you call your lender once a month, or every several weeks, up to month 5 of being late with payments). If ... Read More »

                              Want to Settle Discover Credit Card Sending Dispute and Debt Validation

                              cathackgmail

                              This post was inspired by my comment exchange with a site reader about negotiating a settlement with a Discover credit card that is now in the hands of a collections law firm. My comment would have been too lengthy a reply on the page the discussion originated, and this is also something that is not all that topical to the ... 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.