[MUSIC] Hi, I’m Michael Bovee with
Consumer Recovery Network, thanks for tuning into
DebtBytes, our YouTube channel. And today I’m going to talk
about negotiating, settling, resolving debt with US Bank. US Bank is in the top ten
largest banks in the US and their practices
are are really similar. Like most national banks, when
it comes to resolving debt with you, credit card debt
more specifically. When you’re unable to make your
minimum payments to US Bank and if all you need is maybe some
kind of temporary reprieve, where, they’ll reduce your
monthly payments, like chop down the interest rates,
even down to zero in some cases. Temporarily, or long term. Those are options. If you need something temporary,
they’re generally, or even long term when you
call them yourself, and try to work these things out. They’re typically not gonna
be all that receptive, unless you’ve already exhibited
some ability, or excuse me. You’ve already exhibited
some inability to pay so that means that you’ve
missed a payment. Maybe not 30 days late and it’s
not even showing on your credit report yet,
cuz you’re not 30 days late. But if you’re a week late or
even days late. Sometimes having a honest
discussion with them about your financial
situation can result in six, 12 months worth of
a reduced payment. You typically only expect to
have them do this once in a few years and, in some cases, once
in a lifetime of your account. Now, if you need something more
long term than just a temporary reprieve I traditionally am
going to encourage you to work with credit counselling agency. Somebody who’s gonna take a much
more holistic approach to all of your credit card debt
if all you have is US bank, fine call them yourself. But if you have more than that, I would encourage you to
call our hotline actually. The toll free number on
the screen and hit one, you’ll hear my voice. Hit one that will connect
you to a national non-profit agency that works in your
state that can help you establish whether or not
an affordable plan is available. What about when you can’t
even do that, right? And that is a narrow box. Credit counseling or
consolidation is something that you can either afford it or
you can’t, right? Your income is either stable or
it’s not. Your situation either suggests
you can commit to that long term or it’s just not stable. So you can start looking at
what are US Banks policies and procedures to
negotiate a reduction in your overall balance. That’s typically like other
banks that we cover here on our YouTube channel, not gonna be an
option until your six months or close to six months late. Or at least its not going to be
optimized for the best savings. So what happens,
like with any other bank, is that you become a statistic
when you stop paying. When you’re 30, 60,
90 days late, your creditor, US Bank in this case, is going
to look at you in one way. As you cross over that
90 day late period, your creditor is going to
took at you a different way. You’re even more
of a statistic and there are turnaround options are
gonna start to resemble, okay, how do we lose the least
on this account? And that means that they’re more
open to negotiating a balance reduction. I encourage you to try and come
up with a plan to resolve a debt through settlement with US Bank
by giving them one payment. In other words,
let’s say you owe $8,000 and you can negotiate
that down to $3,000. Try and make it in
a single lump sum payment. There’s a whole bunch of reasons
for it, but the main reason I favor one lump sum payment
over multiple payments for the settlement. Is that although US bank will
extend it over three months, that 3,000, pay 1,000 now,
1,000 next month, 1,000 the following month,
is that, life happens. So, for you to be even on
our YouTube channel and watching this video,
life has happened to you. For you to have
an interest in this topic. So why is that going to change
in the next couple of months? I don’t like it, and I’ve seen this enough to
make me raise this caution. That you engage in a settlement
payment and you make the first or second payment, but you don’t
make the following payments. And suddenly now the deal’s off,
right? Cuz you didn’t follow through
with what was agreed to. So you wasted the first, second,
or however many payments towards a solution that didn’t
actually solve your debt. So, lump sum,
if you can swing it, try to. If you can US Bank precharge off
before you’re six months late to agree to three month payment
terms, they do do that. And then after you’re six months
late, you’re typically gonna be negotiating a settlement
with a debt collection agency. They do sell debts to debt
buyers, US Bank does, so you might end up having
to work with a debt buyer. And those kind of payment
arrangements can be longer in some cases. Longer than say three months but here again those
same cautions apply. So is US Bank negotiable? Absolutely, but
you have to be late enough which means your credit is
impaired but it is what it is. I mean if you’re
on this video and you’re thinking about settlement
it’s not because you have the luxury of being
overly concerned about your credit score. In fact, the damage may be done. If you’re working with
a collection agency already, you’re already hearing from one. Then you can find,
usually, a video or some content on our
website about that. So do a search on
our channel here for the debt collector name or
debt buyer if that’s the case. The same thing would
apply on the CRM, consumerrecoverynetwork.com. Thanks for tuning in. See you on the next video. [MUSIC]