I have a serious problem. I have an account with Washington Mutual that went into collections (Because of payday loans). The collection agency, ERS Solutions bought the account. I had set up a payment arrangement with them to take out 197.00 every month until it was paid off. I have paid two payments so far (there was only 2 payments left). The third payment was returned because I didn't have enough money in my account. I called them to try to explain what happened and if there was any way that I could work out a further arrangement with them. She told me I could settle for $197.00 and the payment had to be received by 9/28. I don't get paid until 10/1. I explained that to her and she pretty much said tough crap and that she wouldn't do anything with me. She said that it would stay on my credit for 7-10 years. What are my options at this point? I don't have the money to pay until 10/1. I am so upset right now. Someone help!
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.