Phantom Debt: The Haunting Reality of Consumer Ghost Debts

The Expert Podcast

Introduction to Phantom Debt:

• What is phantom debt?
• How can it negatively impact you?
• Effective strategies for dealing with phantom debt.

Recent Developments:

• Highlight of a recent CNBC article on the resurgence of phantom debt.
• Explanation of phantom debt as loans or obligations considered dormant that are reappearing.

Historical Context:

• The impact of the 2008 financial crisis: foreclosures, repossessions, judgments, and liens.
• How debts from that period, once thought to be gone, are now resurfacing.

Current Situation:

• The role of inflation and economic changes in the reappearance of these debts.
• How private collection agencies purchased these debts and are now actively pursuing repayment.

Statutory Periods and Debt Validity:

• The misconception that debts disappear after a certain period (e.g., 7 or 10 years).
• The ability of lien holders to extend the validity of debts through additional filings or activities.

Taking Action:

• Steps to address phantom debt:
  • Consider filing for a lien release.
  • Options for notifying lien holders or seeking court-ordered lien releases.
• Importance of verifying the status of debts beyond just credit reports.

Practical Advice:

• How to conduct title searches for real estate or vehicles.
• The process for formally removing obligations from assets.

Expert Assistance:

• Reminder about the availability of live, one-on-one consultations with various experts:
  • Licensed private investigators
  • Commercial insurance brokers
  • Certified real estate title examiners
  • Certified civil court mediators
  • Licensed building general contractors
• Encouragement to visit ActualHuman.com for personalized assistance and advice.

Conclusion:

• Emphasis on proactive measures to prevent phantom debt from affecting future financial decisions.
• Thank you for listening and the invitation to seek expert help if needed.