09.26.22 Illegal Nursing Home Debt Collection / Bad Investment Advice Is Everywhere

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 26 September 2022

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

A completely illegal practice is going on by nursing homes and their collectors. Under federal law - The Nursing Home Reform Act - it’s illegal to go after family members for nursing home debt. What to do if you’re contacted for this type of collection. Meanwhile, bad investment advice is being peddled to young would-be investors on TikTok and other social media channels. There are 225 professional designations people are using to pitch commission based financial advice! That’s why you must know the basics, know the pay-for-play dubious pitch when you hear it, and know how to find a legitimate, fiduciary financial advisor. Illegal Nursing Home Collections: Segment 1 Ask Clark: Segment 2 Ethics In Investing: Segment 3 Ask Clark: Segment 4 Mentioned on the show: Regulators try to stop unlawful nursing home debt collection The 1987 Nursing Home Reform Act - AARP 4 Things To Know About Hulu's Live TV Streaming Service Clark.com - Streaming TV Rule of 78 Definition - Investopedia Simple Interest Definition: Who Benefits, With Formula and Example Why Investing And Insurance Shouldn't Mix (Despite What TikTok Says) Will the Real Financial Planners Please Stand Up? What Is a Fiduciary Financial Advisor and Do I Need One? Best Investment Companies for Investors in 2022 Trust Pilot - Worthy Here Are 100+ Brands That Are Made in the USA Clark.com resources Episode transcripts Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	It's my pleasure to welcome you to the Clark Howard Show.
0:08.6	Our mission is to serve you and empower you to make better financial decisions in your
0:14.3	life.
0:15.3	In today's show, need for you to know that nursing care homes are various types.
0:22.3	Are illegally going after patients' relatives for debts?
0:27.2	I'm going to talk about that.
0:29.7	And later, another practice you need to know that's hitting the younger side of our nation,
0:37.4	bad investment advice on TikTok and other social media channels, want you to get legitimate
0:47.5	financial advice to keep your wallet safe.
0:50.2	We're going to talk about that.
0:51.8	Should I start out with the question here?
0:54.5	Sure.
0:55.5	Go ahead.
0:56.5	In California, I said, I read an article about how care homes and convalescent homes are
1:00.3	suing caregivers for debts that they do not owe on their loved one.
1:04.7	And they panic and sometimes pay or get harassed forever by a third party debt collector.
1:09.8	Can you tell us how to stop collections or debt collectors from this kind of thing?
1:13.8	Thanks for in advance from all the children and relatives who have their parents in a
1:17.8	care home.
1:18.8	So this is crazy.
1:20.1	So Chris just wrote in about.
1:22.5	Mm-hmm.
	...

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