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Home > Author Archives: Michael Bovee (page 3)

Author Archives: Michael Bovee

Can I Settle Credit Card Debts for Less Because Banks Cannot Prove What I Owe Them?

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The following is an excerpt of a question from a CRN educational subscriber that was sent to his CRN specialist and forwarded to me for my take on the issues raised. I think it is a compelling topic so I am sharing the questions and concerns and the response I gave. Question: “What is Consumer Recovery Networks take on increasingly ... Read More »

    Ideas for Creating Better Debt Relief Products, Services and Delivery

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    In a previous article published on the GOOD site, I asked the question: Is the debt relief delivery system broken? The article outlined the statistical failings of different options consumers seek in order to get relief from debt they can no longer afford. I also identified several reasons for the shortcomings and encouraged industry participants to share ideas for how ... Read More »

      Consumer Disclosures in Debt Relief

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      When a person is struggling with debt and looking for outside help from a company or person, they should certainly have risks and rewards disclosed to them. Ideally, the disclosures would help a person to best evaluate which direction to take for help, and who to trust. A recent article by Elisabeth Rosenthal in the NYT: I Disclose… Nothing helps ... Read More »

        Debt Relief Options for consumers – Is the delivery system broken?

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        Most of the debt relief services industry works less than 30% of the time. It could use a tune up. Imagine if the car you are driving has a six cylinder engine, but four of them did not function. You would do something about it, right? Even if doing something meant replacing the car? Most would. Not the debt relief ... Read More »

          I Trained to be a Professional Pilot And Now Have a Mountain of Student Loans. – Matt

          “Dear Michael, My situation is this, I trained to become a Professional Pilot at a school that offered only ratings and not a degree. To do this I used the Key Alternative Loan, a private student loan through Keybank. It took 30sec online and I suddenly had 40,000.00 in funding sent to the school. I was quoted 6mo to finish ... Read More »

            My Wife and I Are on the Brink of Filing Bankruptcy. – Chris

            “Dear Michael, After a long lay off I started back to work but at a lower pay scale. we had used the credit cards to get by. Now we owe about $850 a month in Credit Card payments. My wife and I are on the brink of filling Bankruptcy. If we did choose to file do we get to keep ... Read More »

              I Found Myself in Debt Again and Back in a DMP. Should I File Bankruptcy? – Carol

              “Dear Michael, I filed BK in 2003 (April/discharged Nov 2003). I’ve found myself in debt again and I am thinking about filing again. I have been in a DMP for the past few months but I am so tight against I don’t know if I will make it through. Since I filed pre-2005, the laws were different than now and ... Read More »

                Does a Collection Company Have to Accept Small Payments? – Sue

                “Dear Michael, “Working with a debt relief company recommended by the bank. Have a visa credit card, was behind in payments because of job loss. Bank sold my debt to a collection agency (just received the letter). Sent the letter to my debt relief company. Prior to this, we have set up a budget. I am job hunting and want ... Read More »

                  I Went Into Debt as a Single Mom. – Theresa

                  “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

                          “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

                            “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

                              “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 »

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