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Speaker 1: Hey, hey, hey, we're back. Well not really, but we

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Speaker 1: are still black and Brown ambition. Hey, y'all, it's me

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Speaker 1: Tiffany the budget. He said, I should cut up because

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Speaker 1: Mandy's not here. Actually, neither one of us are here.

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Speaker 1: I may or may not be sipping on a Virgin

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Speaker 1: my tie in Hawaii because I'm on VACA and Mandy

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Speaker 1: is chilling as well, minding her brown owned business. But

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Speaker 1: we wanted to make sure you still had an awesome show,

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Speaker 1: and since it's Halloween, we thought, why not have.

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Speaker 2: A little spooky show.

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Speaker 1: Let's talk about something super scary d e BT debt

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Speaker 1: in particular, there's actually a debt called zombie debat, right,

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Speaker 1: how apropos? Okay, So we hope you enjoyed this throwback

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Speaker 1: show because we are gonna be talking about zombie debt

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Speaker 1: and how it can actually kind of be your friend

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Speaker 1: or what else. All right, So we will see you

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Speaker 1: when we get back and enjoy your Halloween and be

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Speaker 1: and save me some snickers.

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Speaker 3: Those are my faves, all right.

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Speaker 2: Bye.

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Speaker 3: Hey, hey, hey, it's time for b a Q. A heykay,

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Speaker 3: it's time for b a Q. Wait, come on baby

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Speaker 3: que Hey hey, it's time for any until you left

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Speaker 3: my tab.

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Speaker 4: I don't know what you're doing. Oh there you are.

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Speaker 1: So for those who don't know me and man, they

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Speaker 1: are testing out this video thing. No, you can't see us,

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Speaker 1: but I can see her. So I was trying to

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Speaker 1: get her to do the bomb. I'm like, come on, Manny,

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Speaker 1: come on, come on, show me, show me that.

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Speaker 4: Bob I was lost in tab purgatory.

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Speaker 3: What is it?

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Speaker 4: It's like that part when I almost forget what the

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Speaker 4: next the next move in the wobble is and you're

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Speaker 4: kind of looking over.

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Speaker 3: Wait, yeah, get in there.

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Speaker 1: Well it's not from the aqua and we got some

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Speaker 1: awesome questions. But if you have questions, maybe how can

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Speaker 1: the people ask questions?

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Speaker 3: Oh?

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Speaker 4: How can't you ask questions? You can. You can go

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Speaker 4: to Brandambition podcast dot com and click ask us anything.

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Speaker 4: You can also hit us up on Instagram at brand

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Speaker 4: Ambisson Podcast on the Gram and slide into our dms

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Speaker 4: and let's see email. You can hit us up Brand

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Speaker 4: Ambition Podcast at gmail dot com with your questions. Try

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Speaker 4: to make them detailed. You don't have to say your name.

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Speaker 4: You can stay anonymous. We're happy to call you whatever

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Speaker 4: alias you prefer. So who knows try out a do

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Speaker 4: name with our show, but we love to get y'all's questions.

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Speaker 3: Okay, so first question you want me to read it?

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Speaker 4: Yes?

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Speaker 3: Please? Okay, it's from Brian, he says. Hey.

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Speaker 1: First, thank you so much father, you do for our community,

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Speaker 1: you welks. My question is about the statute of limitations

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Speaker 1: slash zombie debt. I read your article about how to

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Speaker 1: settle your credit card debt, and I have some questions

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Speaker 1: about the statute of limitations for debt collection. Does that

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Speaker 1: statute of limitations change if you move from one state

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Speaker 1: to another or does the original state in which you

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Speaker 1: open the account supersede your current state of residence?

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Speaker 4: Ryan, Yeah, well zombie debt.

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Speaker 3: Yeah yeah, So let's explain zombie debet. Let's do it.

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Speaker 4: So, zombie debt occurs. So something you may not realize

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Speaker 4: is when you so, let's say you run up a

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Speaker 4: credit card and you don't pay it off. There's several

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Speaker 4: things that happen over a long period of time. Eventually,

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Speaker 4: what may happen is that you're so delinquent that the

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Speaker 4: credit card issuer or the debt collector just charges it

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Speaker 4: off and that goes on your credit report. Is a

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Speaker 4: charge off and it's not good for your credit, and

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Speaker 4: then they may send it to a collector who will

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Speaker 4: try to pursue that debt. And in each state they

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Speaker 4: have a specific window of time, a window of opportunity,

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Speaker 4: when lenders or debt collectors can actually sue you to

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Speaker 4: recoup that debt. And this is important. It means the

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Speaker 4: time in which they can sue you to recoup that debt.

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Speaker 4: And once that statute of limitations has passed, they technically

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Speaker 4: can't sue you. They can still pursue it, and do

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Speaker 4: they ever try. They definitely will try, but technically they

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Speaker 4: don't have the legal authority at that point to actually

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Speaker 4: sue you. So what that means for you, So if

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Speaker 4: you have a super old debt that was charged off

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Speaker 4: forever ago, and you get a phone call and they're like, hey,

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Speaker 4: we want you to make a payment, just one dollar,

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Speaker 4: just ten dollars on this old account, if that has

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Speaker 4: passed the statue limitations in your state, there's technically no

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Speaker 4: benefit to you giving them money. In fact, if you

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Speaker 4: do give them money, what it can do is resurrect

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Speaker 4: that debt. Then it breathes new. It's like it's like

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Speaker 4: infecting a zombie or how do zombies turn into zombies?

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Speaker 4: Who knows?

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Speaker 2: Whatever?

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Speaker 1: They bite, So it basically is a zombie bite you.

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Speaker 1: And now yeah, it basically statute of limitation. It starts

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Speaker 1: back over so in New Jersey, New York, like the

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Speaker 1: statute of limitation of evolving debt, meaning like credit card

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Speaker 1: debt is six years. So if it's your seven and

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Speaker 1: it's like oh and you don't realize and you pay

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Speaker 1: that one dollar then literally it can start back at

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Speaker 1: a year zero again and work its way back up.

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Speaker 1: So just be mindful. So just so you guys know,

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Speaker 1: that's what it is. And so Brian, no, whatever whatever

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Speaker 1: state that you incurred that in, it stays there. It

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Speaker 1: doesn't because technically you can go from a state with

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Speaker 1: you know, a six year statute limitation to a state

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Speaker 1: with three year and be.

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Speaker 3: Like wooo sorry Nanna and boom booth.

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Speaker 1: So they're like, no, wherever you started, that's that's where

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Speaker 1: it is.

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Speaker 3: So it won't. It won't.

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Speaker 1: It's with the original state where you opened up the account.

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Speaker 1: It doesn't supersede. It's not about your current residence if

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Speaker 1: you've moved, if you open that account when you're in Jersey,

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Speaker 1: it's with Jersey. And then if you go to you know, California,

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Speaker 1: it's still Jersey.

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Speaker 4: Brian's on the run.

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Speaker 2: What do you do?

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Speaker 4: Brian?

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Speaker 1: Next?

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Speaker 3: Like you brother?

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Speaker 4: A question for friends.

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Speaker 3: Proximo we Spanish.

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Speaker 1: Oh look at this, morm They say, hey, hey, just

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Speaker 1: like me. Hey, hey, hey, Tiffany and Mandy love you ladies,

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Speaker 1: love you back?

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Speaker 3: Keep up?

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Speaker 1: Oh, let's you. I'm sorry, Mandy. I read you read

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Speaker 1: I read the last one. You could read this one,

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Speaker 1: my bad girl.

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Speaker 4: Oh thank you. You're so generous.

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Speaker 3: All right?

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Speaker 4: Hey, hey, hey, hey, hey, Tiffany and Mandy love you ladies.

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Speaker 4: I giggle right along with y'all while taking notes. I

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Speaker 4: have a question about paying back debt. Currently this is

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Speaker 4: my debt, and she goes on to list one, two, three, four, five,

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Speaker 4: six different types of debt line of credit, credit card,

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Speaker 4: another credit card, some kind of zero percent credit card.

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Speaker 4: I don't know, different accounts. Am I reading that right?

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Speaker 4: So basically what she's asking is should I concentrate and

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Speaker 4: pay off a line of credit that is accruing at

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Speaker 4: seven percent and my balance is ten five hundred dollars?

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Speaker 4: Or should I concentrate on paying down credit cards while

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Speaker 4: they are charging zero percent and two percent. So she

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Speaker 4: has a total of eleven thousand dollars on those two

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Speaker 4: credit cards which are charging zero percent and two percent,

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Speaker 4: and wants to know she should prioritize those or a

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Speaker 4: line of credit at her bank, which is charging seven

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Speaker 4: percent for a balance of ten. So about the same

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Speaker 4: amount of money but vastly different.

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Speaker 3: But poqu I see she has regular credit card. It

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Speaker 3: says twenty percent. We ain't gonna talk about that. I

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Speaker 3: look like we talk about the wrong thing.

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Speaker 1: Sis, sister child, We're gonna call you giggles, So she said,

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Speaker 1: you're gonna giggle, so giggles. I'm concerned that we're not

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Speaker 1: mentioning that the second item on your list says twenty

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Speaker 1: percent credit card, it's forty five hundred dollars. That would

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Speaker 1: be my main priority because it's that's expensive, giggles, that's pricey.

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Speaker 3: You know. So that's where I would put, quite honestly,

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Speaker 3: where I put my energy.

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Speaker 4: Yeah, I mean, just reading this kind of stresses me out,

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Speaker 4: and it makes me think of people who are kind

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Speaker 4: of juggling those multiple debts, and all you're doing is

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Speaker 4: kind of making your minimum payments and just staying above

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Speaker 4: So I commend you, Giggles for at least trying to strategically,

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Speaker 4: you know, attack the debt. So the two zero percent

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Speaker 4: interest cards that she has, those are zero percent until

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Speaker 4: twenty twenty two. So in my mind, set your set

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Speaker 4: a calendar alert even for March or April or sorry,

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Speaker 4: yeah late, it's like March and May next year. So

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Speaker 4: I would set a calendar alert for like February, just

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Speaker 4: to be sure that you don't miss and you want

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Speaker 4: to get back on top of those cards. Check the

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Speaker 4: on those zero percent offers, check the fine print and

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Speaker 4: make sure that there's not a deferred interest clause, because

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Speaker 4: if there is, you may be sitting pretty until early

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Speaker 4: next year, but then get slapped with all the interest

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Speaker 4: that you would have been accruing if you leave money

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Speaker 4: on your if you leave a balance on those cards, well,

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Speaker 4: let's see. I mean, I agree with Tiff. I think

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Speaker 4: that the smartest thing to do is order these from

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Speaker 4: most expensive to least and do your best to attack them.

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Speaker 4: So starting with that twenty percent credit card and then

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Speaker 4: moving on to your seventy percent interest line credit teen percent,

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Speaker 4: there's a thirteen number four. This is interesting, okay, you

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Speaker 4: are I'm confused why you show these cards?

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Speaker 3: It's one That's what I guess.

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Speaker 1: I'm just I would love to know, like, what is

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Speaker 1: it about the line of credit that made you think

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Speaker 1: that you should I can understand the zero percent because

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Speaker 1: you're like, I can put all of my money that

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Speaker 1: I put toward it goes to the money goes to

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Speaker 1: the principle. So I can understand why you bring that up.

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Speaker 1: But what is it about the line of credit that

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Speaker 1: makes you think that you should pay that first versus

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Speaker 1: the twenty percent and the thirteen percent credit card? So

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Speaker 1: that's what I'm curious about. So I would focus on.

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Speaker 3: The twenty then the thirteen. To Mandy's point, what will

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Speaker 3: that is? What will your zero percent cards be in

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Speaker 3: March and in May?

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Speaker 1: If they're going to be like thirty percent something crazy,

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Speaker 1: then then I might rethink my strategy. Or if it's

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Speaker 1: not paid off, I have to pay back all the

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Speaker 1: interest from before, then my strategy might be to focus

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Speaker 1: on the zero percent cards. It depends on what happens

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Speaker 1: if there if it's not paid off in full by

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Speaker 1: March in May, if it's something astronomical those cards first,

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Speaker 1: if it's something that so bad twenty percent, then thirteen percent,

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Speaker 1: then you know, whatever, the the whatever. I would do

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Speaker 1: my interest rates in order from highest to lowest basically.

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Speaker 4: And count those zero percent cards as their regular APR

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Speaker 4: once you check the fine print. Yeah, that's smart, that's smart.

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Speaker 4: I mean in general, having this many lines of credit

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Speaker 4: and credit cards kind of it just tells me there's

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Speaker 4: something underlying that's probably that's problematic with your cash flow.

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Speaker 4: So I would also say, really focus on bringing an

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Speaker 4: additional income, trying to find any way that you can

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Speaker 4: bring an extra income to really attack, you know, these

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Speaker 4: debts so that you can get debt free. Because each

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Speaker 4: card balance isn't that insane? Yeah, add it up. When

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Speaker 4: you add it up, that's I'm gonna do some quick math.

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Speaker 4: That's like fifteen k plus four. That's nineteen plus five

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Speaker 4: twenty four. That's like twenty five twenty six thousand dollars.

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Speaker 4: That's a lot to have on all credit lines, which

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Speaker 4: could be variable aprs and change with the market. So

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Speaker 4: you definitely want to get that under control.

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Speaker 1: So make a little bit more tighten the belt, spend

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Speaker 1: a little bit less, put it toward your expensive debt.

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Speaker 1: Especially first, Okay, giggles, we're gonna have you looking good.

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Speaker 3: It's OPA's bank account all right, Number three?

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Speaker 4: This distracted thinking about her Oprah's bank account ahead.

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Speaker 3: This is from quotes Kia.

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Speaker 1: Okay, hey, Kiyah. She has a question for her parents.

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Speaker 1: They're planning to relocate to another state within the next

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Speaker 1: two years. They plan to rent out their current home

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Speaker 1: that still has a mortgage, but they are trying to

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Speaker 1: determine if they should dip into their retirement accounts to

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Speaker 1: pay off their current home and then buy a new

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Speaker 1: home in their new city or simply rent in the

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Speaker 1: new city. In either option, they would rent out their

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Speaker 1: corn home for more than enough to cover the mortgage.

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Speaker 1: They're both sixty and fly, I bet Kia, and have

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Speaker 1: about one million safe for retirement.

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Speaker 3: Oh, they all fly and are five.

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Speaker 1: And ten years away from retirement, are they because it's

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Speaker 1: not like they're there. There's about one hundred K left

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Speaker 1: to pay on the house, and they feel that paying

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Speaker 1: this off will improve their credit score, which is currently

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Speaker 1: pretty low, and debt to income ratio which is very

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Speaker 1: high to due to student loans, so they can qualify

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Speaker 1: to buy a new house. I'm concerned about them dipping

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Speaker 1: into their retirement accounts. What do you think they should do?

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Speaker 4: Well?

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Speaker 1: First of all, let's give a round for falls to

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Speaker 1: Kia's million dollars saving parents, because that's not an easy thing.

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Speaker 1: So you know, commend your mama and pop up you know,

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Speaker 1: papa about that because that's awesome. And there's a lot

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Speaker 1: here so to really unpack. She's got parents, they have

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Speaker 1: a million dollars safe for retirement, boohoo. They do have

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Speaker 1: a house that they want to pay off, and they're like,

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Speaker 1: it's about one hundred thousand dollars. Do they go from

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Speaker 1: one million to nine hundred thousand to pay off the

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Speaker 1: house because this will hopefully want improve their credit score

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Speaker 1: because they want to buy another house, and I guess

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Speaker 1: just not having you know, that particular debt, or they

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Speaker 1: can just pay it off more naturally by renting out

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Speaker 1: the house and having someone else pay the mortgage via rent.

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Speaker 3: I'll say what I'm leaning toward, Kei Ki.

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Speaker 1: If your parents were you know, forty five, I might

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Speaker 1: be like, you know what, maybe I would dip a

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Speaker 1: little maybe, but honestly, not at sixty. Not at sixty,

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Speaker 1: especially since they can rent and the renter will pay

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Speaker 1: their mortgage. I feel nervous about so close to retirement,

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Speaker 1: taking money out of your retirement account that's not specifically

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Speaker 1: for retirement.

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Speaker 3: You know, let the renter just pay off the mortgage.

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Speaker 3: I mean, and.

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Speaker 1: Here's the thing, I don't even know at this age,

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Speaker 1: why do they need to buy a house.

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Speaker 4: I know I said it, That's what I was gonna say.

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Speaker 3: Don't buy another house. Go ahead, I know, I'm like, don't,

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Speaker 3: don't buy another house.

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Speaker 4: My dad is sixty. He is desperate to buy a

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Speaker 4: house right now. And I'm like, you don't have to,

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Speaker 4: but he just something about he wants I mean, helmes

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Speaker 4: are in where he wants to live in like the

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Speaker 4: boon The Boonies of Georgia aren't that pricey. But you know,

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Speaker 4: first of all, do your parents want our advices? Michael,

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Speaker 4: I'm a little nervous. I'm like this woman.

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Speaker 3: They don't want to.

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Speaker 4: They don't want to know what made you take me?

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Speaker 3: Then? Baby grown? They talk about Yeah.

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Speaker 4: But I would say, like if you're depends on what

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Speaker 4: kind of retirement they want, but you can have a

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Speaker 4: you can have a home that you rent. Yes, you know,

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Speaker 4: you don't have to buy a house.

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Speaker 1: Yeah, it's a financial because here's the thing. So much

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Speaker 1: mortgage you're gonna get is between fifteen and thirty years. Wow,

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Speaker 1: what are we trying to Are we trying to owe

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Speaker 1: for the next fifteen years? No, you want to be

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Speaker 1: footloose and fancy free as sixty. I know your pop

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Speaker 1: still got your mom's still dipping on a dance floor.

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Speaker 1: If it was me, no disrespect to your parents, you know,

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Speaker 1: I'd be like, hey, parents, I know, I'm like, you know,

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Speaker 1: you're like, girl, this baby's talking. But I would be like,

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Speaker 1: I'm going to rent in our new city. I'm going

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Speaker 1: to let someone else pay off my mortgage. I ain't

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Speaker 1: got to worry about it, and I'm going to lean

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Speaker 1: into the four percent rule for my million dollars that

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Speaker 1: I have saved. That four percent rule is this is

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Speaker 1: them on average. I know the last year the market

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Speaker 1: has been crazy, but on average, if we look over

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Speaker 1: the last you know, one hundred years, the market has

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Speaker 1: yielded between like seven to ten percent, so to be conservative,

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Speaker 1: eight percent. The four percent rule is that you have

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Speaker 1: your money put up and you pull out four percent

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Speaker 1: a year, because it means that you'll put out pull

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Speaker 1: out on typically less than what your money has returned

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Speaker 1: to you and you'll never you'll never have to dip

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Speaker 1: into that one million, and you can live off that

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Speaker 1: four percent, you know. And so I would be living

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Speaker 1: off the four percent rule, keeping that million dollars in

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Speaker 1: the bank less somebody else pay mortgage, you know, renting

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Speaker 1: a nice apartment. Because here's the thing about apartment too.

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Speaker 1: You ain't got to what shovel, you don't got to

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Speaker 1: what raake.

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Speaker 3: Oh there's a leak. I'm sorry, mister super you need

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Speaker 3: to fix that. No, sir, I.

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Speaker 1: Feel like buying a home when you're younger makes more

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Speaker 1: sense when you're like having a kid and you want

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Speaker 1: something more stable whatever. But no, like if my parents'

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Speaker 1: house wasn't paid off, that was their plan that they

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Speaker 1: were gonna get a condo, you know, so they don't

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Speaker 1: have to worry about kind of like the household chore.

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Speaker 1: So that's what I wou suggest, Keia, But your parents

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Speaker 1: are grown and they're gonna do grown things.

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Speaker 3: Yeah, let us know.

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Speaker 4: How that goes. I want you to sit down and

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Speaker 4: say so mommy and daddy, and I tell you what

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Speaker 4: my friend's Mandy and Tiffany think you should do with

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Speaker 4: your money.

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Speaker 3: She's gonna be like press play.

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Speaker 1: No, disrespect mister and missus Kia.

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Speaker 3: First of all, they're gonna be like, why are you

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Speaker 3: tell my business? Right?

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Speaker 4: Oh no, they don't want any of their any of

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Speaker 4: theirs out there. But I think this they've given you

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Speaker 4: a gift, which sounds like they're gonna be okay. So, yeah,

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Speaker 4: how is your finances? Yes?

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Speaker 3: Her the house, you focus on mom and dad.

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Speaker 2: You good girl.

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Speaker 1: I can only see her mom being like, meanwhile, me

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Speaker 1: and your daddy's good.

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Speaker 3: Me and daddy good. But you're over here asking to

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Speaker 3: borrow five hundred dollars.

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Speaker 1: You worry about me and my retirement your parents.

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Speaker 4: I was just like, hell, why why do you worry?

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Speaker 3: Kia?

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Speaker 1: But honestly, k you being an awesome daughter, These questions

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Speaker 1: were awesome. I hope you like this ba QA.

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Speaker 4: I like this format right, mind you too. I'm glad

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Speaker 4: we switched it in.

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Speaker 1: Yeah yeah see so yes, we'll be doing the b

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Speaker 1: A QA every week.

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Speaker 3: So if you have some QA for the b A

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Speaker 3: what you gotta do?

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Speaker 4: Andy ask us? Oh my boy, my bad, you served it.

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Speaker 4: I dropped the ball picking it back up. You can

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Speaker 4: go to Brannivision podcast dot com, dot ask us anything,

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Speaker 4: or hit us up on I G. I check my

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Speaker 4: ig quite often Brand Ambition Podcast. I probably will respond

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Speaker 4: to your message if you send us one just saying

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Speaker 4: send us your question there or email us Brandonbission Podcast

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Speaker 4: at gmail dot com.

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Speaker 1: And one last favor poor for war That means please

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Speaker 1: in Spanish. If you love the baqa, and especially if

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00:18:19,280 --> 00:18:21,400
Speaker 1: you have a friend that could quite obviously use the advice,

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00:18:21,880 --> 00:18:25,800
Speaker 1: please share the link to this podcast with at least

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Speaker 1: three friends coworkers, mom, dad, cousin, Auntie and them, because

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00:18:29,400 --> 00:18:34,280
Speaker 1: we would really love to share our delicious brown ambitiousness

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Speaker 1: with the world.

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Speaker 3: Yeah, you guys seem to be enjoying.

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Speaker 1: The way we're doing the podcast now, so we would

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Speaker 1: just love even more people to listen and to help

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Speaker 1: more people. So share with at least three different people.

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Speaker 1: I promise you you won't regret it. We're gonna treat

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Speaker 1: them good, real good.

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Speaker 4: To Superman just open the door and slam it.

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Speaker 3: Yes, I like bruh, I told you, mondays, Well.

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Speaker 1: The good thing is we ain't got to worry about

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Speaker 1: that because we're gonna be taping early. I'm doing the

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Speaker 1: own what is this called the bogel like that? You

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Speaker 1: know that I don't know it's like, you know, think.

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Speaker 3: About shall me and Madia both doing it?

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Speaker 4: Like?

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Speaker 2: I don't know what it is like.

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Speaker 3: Let me find a many got a little little rhythm.

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Speaker 4: Okay, you haven't seen you came to my wedding way,

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Speaker 4: I know, but you entire But.

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Speaker 3: Yes, I'm saying you didn't like that dancing like you.

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Speaker 4: Know, yes I dance, you should say me in Rio

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Speaker 4: we cut at with.

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Speaker 3: A little two step rhythm.

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Speaker 4: Now I thought you knew where I was from and

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Speaker 4: who I am.

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Speaker 3: That's a person.

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Speaker 4: Got a little bit of money. I could still move, all.

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Speaker 3: Right, Jenny from the block, all right, until next time.

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Speaker 3: The a q A is out out by