Master the Debt Collection Process

Seniors worrying about debts should learn about their rights. In this video, Attorney Eric Olsen of the HELPS Nonprofit Law Firm walks through the debt collection process from unpaid bill to charge-off and judgement to reassure seniors and make sure they don't pay bills that they don't have to pay.

Time Stamps
0:00 Introduction to HELPS Nonprofit Law Firm and Attorney Eric Olsen
0:25 Learn the debt collector process
1:35 Seniors need to know your rights if you owe money
2:11 Most senior incomes including Social Security, can’t be taken by debt collectors. Your retirement income is protected from garnishment, so you don’t need to pay bills instead of paying rent, buying food, and other necessities.
2:53 How to stop debt collectors with a cease and desist letter
3:33 Debt collectors can’t force seniors to pay bills
4:44 What happens when a senior doesn’t pay their credit card bill
5:52 Odds are low of a credit card company suing a senior, although it may not matter if they do
6:20 All about charge-offs, when your debt is written off
7:20 The difference between a collection agency and a debt buyer
8:12 Does a cease and desist letter apply to the original creditor?
9:58 Can they repossess your furniture if you don’t repay a furniture loan?
11:14 All about medical debt collection
12:30 You can negotiate a debt easier with a debt buyer than a collection agency
13:40 If your debt is charged off, you still owe the debt
14:15 There’s little point to paying off one debt if you owe many debts
15:35 Rules debt collectors should follow
16:48 What happens if you’re sued by a credit card company
19:09 Twice the amount of Social Security you receive monthly is protected in your bank account
19:54 Exemptions could protect the rest of your bank account and other assets depending on your state
20:41 Consumer judgement creditors do not usually go after houses or other personal property, and there’s a way to stop it if they do. There’s no reason to panic if you get a debt judgement against you.
22:00 Debt collectors will not inform seniors of their rights
24:37 How to contact the HELPS Nonprofit Law Firm for free legal help

Low-income seniors often have difficulty paying their financial obligations, which can cause stress and worry. But former bankruptcy attorney Eric Olsen wants seniors not to worry about their debts, but instead to know their rights. Eric heads the HELPS Nonprofit Law Firm which helps low-income seniors and others who are struggling financially to deal with debt collectors. In this video, Eric explains the entire debt collection process from overdue bills to court judgements. He explains why seniors shouldn’t stress over unpaid credit card bills, how to avoid debt collector calls and letters, the differences between debt collection agencies and debt buyers, the odds of you being sued, why you don’t have to show up in court even if you are sued, and not to worry even if a creditor gets a judgement against you.

The former bankruptcy attorney also explains how the HELPS Nonprofit Law Firm could help seniors overcome their stress and worry caused by debt.

Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.

For more on your rights regarding debt, watch    • How Seniors Can Overcome Debt Worries  

For why seniors don't have to worry about old debts, watch    • Why Seniors Shouldn't Worry about Old...  

To watch Attorney Eric Olsen explain why seniors don't have to worry about student loans, check out    • How Seniors can Avoid Paying Student ...  

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To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.