Debts in Collections
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
11 min
5 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How do Quint and Logan introduce the episode and topic of debts in collections?
Hey, this is Daniel. Thanks for listening to DIY Money. If you haven't already, be sure to give us a five-star review on iTunes so your friends know that they can learn from the show. Now, enjoy the show.
Ladies and gentlemen, you're listening to another edition of DIY Money. DIY Money. So last few episodes ago, you and I were talking. You were kind of talking about the run that you had just done. What is now the goal for fitness and exercise moving forward? You may not have developed that yet, but what are you thinking?
Well, I'm the best in the game.
Don't you ever talk about me. It's in development. You know, initially came out strong saying, okay, I'm going to, you know, jump back on the horse and go. And I have been on a program.
What personal updates and listener rapport do the hosts share before the question?
I actually took two weeks off, and I've been on a program. currently and actively to target another race. Uh, I'm dealing with some, uh, some injury, some, not injury, some pain, some frustration there, uh, that has me a little bit on the fence and it's kind of a day by day process. Okay. Yesterday, a little bit of a track workout, which was great when, but it was painful. Uh, so I don't, I don't know at this stage, but I'm, I literally am at this very moment on a training program for another marathon come April. Wow.
Okay, so there's going to be something you're just kind of working on and developing.
Yeah, yeah. Definitely I am not in the all-consuming phase and stage that I was last year, though. I'll tell you that much. Not at all. So how about you? How's your workouts and your 5 a.m. club going?
5 a.m. club is going well. You should join our club. We're kind of coming out of winter a little bit, which helps because dead of winter when you're trying to get up at 5 a.m., it's horrible. But it's gotten better and on a good track. It takes me a little while to get into the year, but each year I kind of have a word that I try to follow that's kind of like the mantra of all the goals. This year it's discipline. So it's just like really, really being disciplined in a lot of different areas and being consistent with it. So... I'm working on it, but it's good. It's going really well. It's been a good year. I think I've read, you and I just did a podcast a few episodes ago where we talked about all our book ideas and we shared those.
And I really encourage people to go back and listen to those. I think I've reread three or four of those books already this year. So yeah, this one, it's good.
I like it. All right, let's jump right to a question. We got one from Brandon today. Brandon, what do you got?
D!
This is Brandon from Oklahoma. My question is, if you have some debts that are in collections, do you recommend saving up to pay them in full or setting up payment plans to pay them? Or if you have a pretty substantial raise fixing to happen at your job, do you use that additional money to put it towards them if you already have a budget set up with what you're making currently?
Okay. I think you go at this aggressively and as quickly as possible. If a debt has already moved to collections, that has already had a negative impact on your credit. And you are hopefully, you know, you've obviously they've reached out to you. They're they're trying to settle that. It sounds like you've dialogued with them. So you didn't just avoid them. That's good. And it sounds like you're not fighting that. There's sometimes that things move into collections. I had a medical bill moving into collections one time. That was a surprise to me. And interestingly enough, I had been able to go back to the time we paid said bill because I had it on my spreadsheet, and I could just search for it, and it was paid.
But it wasn't marked paid in their system. But the collection agency, ironically, didn't care because they buy those debts. So, I mean, not that we wanted to go down this road, but just so you're all aware, a collection agency is a business. they buy bad debts from other businesses at pennies on the dollar so if you are a billing company for a medical practice and you every you know year end up having fifty thousand dollars that goes unpaid you might have a an internal process by which you say okay we'll try to collect this our billing department will try to collect this for six months or whatever but
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