Debt Collector Secrets | Interview With a Former Collections Agent

In our interview, former debt collector Bill spills secrets about the tactics he used while working as a debt collector to get people to pay up. He also shares how debtors can:

1. Stop debt collector calls
2. Settle a debt

Note that Bill is not an attorney, but he was “on the floor” of these large collection agencies, doing what he was told to do to successfully collect debts. So, without further ado, here’s my conversation with an everyday, former debt collector.

Here are the main takeaways from my interview with Bill:

1. To stop debt collector calls, send them a Debt Validation Letter or a Cease and Desist Letter.

Many junk debt buyers purchase hundreds, even thousands, of old debt portfolios in bulk, and these portfolios don’t always have all the necessary documentation to be able to collect on them. A Debt Validation Letter forces collectors to prove you owe a debt and that they have the right to collect it. §809 of the Fair Debt Collection Practices Act outlines a list of information needed to validate a debt, which includes:
- (1) the amount of the debt;
- (2) the name of the creditor to whom the debt is owed;
- (3-5) statements that explain the consumer has thirty days to dispute the debt, and if disputed within that timeline, the collector will send a verification of the debt or a copy of a judgment against the consumer, along with the name and address of the original creditor (if different from the current creditor) to the consumer via mail

If a collector can’t validate your debt, they have to stop calling you about it and they won’t have the grounds to file a debt lawsuit against you.

On the other hand, if you send a Cease and Desist letter, this can stop debt collection calls for a time, but it won’t block further collection efforts like legal action.

At SoloSuit, we have a Debt Validation Letter template you can use to ask for debt validation. This template has been used by thousands of average, everyday people like you to stop debt collectors from collecting on old, already paid, or otherwise invalid debts.

2. The older your debt, the better your chances are for debt settlement.

If a collector knows that the statute of limitations on a debt is about to expire, they may be more likely to accept a settlement offer. They might even accept a lower amount than normal as a last-ditch effort to collect at least some money on the debt.

According to our former collector friend, many collectors get paid bonuses at the end of each month, so negotiating a settlement towards the end of the month may yield better results.

We also have a service at SoloSuit to help you negotiate a debt settlement called SoloSettle. It’s a tech-based approach to debt settlement. SoloSettle is a software that helps debtors draft and send debt settlement offers to debt collectors and debt law firms and starts settlement communications. The software acts as a middleman between debtor and creditor and/or collector. It relays offers and counteroffers back and forth until an agreement is reached.

If the thought of calling a debt collector to negotiate a debt settlement is intimidating to you, using SoloSettle can ease your anxiety and help you start the conversation. As a part of the service, all communications will be properly and legally worded to increase your chances of settling.

Let’s consider a real example: Megan took out a personal loan in 2019 to fund her small business. During the pandemic, her business failed because of Covid. Her bank sold her debt to one of the nation's largest debt collectors. The debt collector then sued Megan for $26,500.

Without SoloSuit, Megan would not have been able to respond to the lawsuit. She would have lost the lawsuit automatically and her wages would have been garnished at 25% out of every paycheck, possibly for the rest of her life.

With SoloSuit, Megan responded to the lawsuit, blocking an automatic defeat. She then used SoloSettle to settle the lawsuit with the collector for a total cost of only $11,000.

So, she deleted $15,500 of debt in less than 14 days, thanks to SoloSuit.

SoloSuit has helped 170 thousand people respond to over $1 billion in debt lawsuits. But it doesn’t matter what stage of the debt collection process you’re in. We can help you request a debt validation, stop debt collector’s calls, respond to a debt lawsuit, request that your case be moved to arbitration, and most importantly, negotiate a debt settlement so you can resolve the debt before your court date.

More than anything, know that SoloSuit is rooting for you. We sincerely want to help people clear their debts and move on with life.

[RobertNoppers]

For years, I felt stuck in the same cycle of debt, managing with minimum payments and feeling like I’d never get ahead. I know a lot of people feel the same, just trying to keep their heads above water. Eventually, I hit a point where I knew something had to change. I took control and learned as much as I could about managing money. It wasn’t easy, but slowly I paid off the debt and got to a place where I could finally save and even invest. Now, I’m debt-free and on track to retire with $3 million. It’s crazy how I went from drowning in debt to actually enjoying financial content, something I used to ignore entirely

[marciodeus]

The information was great, thank you. The only thing that was a little annoying was that music in the background.

[Klassyladyk]

I done this process 15 years ago when I was buying my house and I beat a lot of debt collectors. I wrote the letters, then I stop answering the phone and if I did, I would say it's the wrong number. One creditor took me to court but the statue of limitations had run out and they couldn't prove it was my debt, hell and I didn't even remember. But this gets exhausting. No way in hell I'm going through this again. Bankruptcy is even worse. Lot of paper work involved. I guess I learned my lesson. 😫 But when times get hard you tempted to use them cards. It best to have 1 major cc for emergency and a gas card.

[michelleluv]

Hi! Great video! This has been very helpful. If i wasn't seeking a preapproval in 2 weeks I would start the dispute process. Can you link his book in the description please?

[FastEddieQ]

Just wanted your video again and I am impressed with this fantastic real life video…. Awesome job congratulations!

[LinkSquish]

In 1999 I claimed bankruptcy, the bankruptcy lawyer found one of the creditors was not licensed in my state. After the bankruptcy, he passed that creditor to another lawyer to handle the case to sue them. We sued the creditor and won. The lawyer said I will get two checks, one for $2, 000 and another for like $1, 500 something like that. When I got the first check ($2, 000) he told me not to pay my bankruptcy attorney with that money, I thought that was strange. When I didn't receive the second check I went to the office and found it was cleared out, no signs, no desks, nothing, cleaned out. Like the scene in the movie The Game, just an empty building.
The bankruptcy did go through and that first check for $2, 000 cleared and I got the money, I wasn't going to complain.

[ghr]

Thank you dor sharing your knowledge and expertize. I owed over $100K and getting your program to ettle my debt

[midnite]

Hi,
A motion to compel arbitration is awesome!
On smaller debts especially!
it is in the contract that THEY cannot sue you,
is it not some type of FRAUD if they get a Judgment???
Can you go back to court and fight a judgment,
on the fact that the debt collector violated the original contract?
Is this any type of FDCPA Violation?
THANK for a Great and informative channel!!!

[hearthetreefall]

Please take the background music off as it is hard to concentrate. This man is really interesting and I would like to hear him

[FastEddieQ]

This guy knows his stuff, I just wished the interviewer would have asked more key questions! But otherwise it wS an excellent interview!

[iyonagranturismogtgtspo]

I would like to suggest the Recorded Phone call technique (record debt collector and tell them you are working, studying, child care and can't talk)before cease and desist to build up evidence of harassment!!😅 very powerful technique.

[aghugg]

Considering; I've used those techniques and to say and it works.

[debbies]

I was told the agency that wants to collect money doesn't have a license to collect money yet in California.. so now what?

[cent]

"It's a heck of a racket"... that he was a part of, for many companies for many years on several levels.
What a pal

[joemarino]

the original credit was given under false pretenses. You were NOT given any "money." The whole credit card industry is scamming us when we SIGN their contract. Please tell us the entire process from start to finish. WHERE does the credit card bank get the money that they claim you have in "credit" balance?

[DulceBesso]

An Agency is harassing me by phone about a debt I have zero knowledge. I have denied the debt. I asked for them to validate via mail and stop calling. They will not give me their address to send a cease and desist. They call 3x a day. Any advise?

[cocoleluz]

I remember I was taken to court for a credit card and the guy representing the company who sued me told me my account was sold for $1.00 😮.

[hombre]

Will you please provide the name of the book by Bill... Thank you.

[tlong]

Collector called my employer issued phone and I answered it because I have too for emergency. I was told there was a civil suit and if I wanted to know more I was transferred to a paralegal. That’s when I confirmed my identity to find out why I’m being sued. I was told it’s for a 19 yo cc debt. And if I didn’t pay I’ll be sued. I advise to sue because the sol passed in California. I was told I signed a tolling agreement. Is this a scare tactic or a legitimate claim by the collector?

[angelesmurillonogales]

Hi, thank you very much for the information. I have already a suit from a Collector, with the help of SoloSuit we sent the answer and the motion to compel arbitration, which is in the credit card agreement. If I didn't understand poorly, because arbitration is in the credit card agreement, does that mean that I can not be sued? I would like to know also, just in case I have to go to Court, if is there where I have to ask the Plaintiff for an Assignment of debt.
Thank you very much!
And I am sorry for my English, it is not my first language 😉