I received notice on my door about an impending lawsuit filed by a company called lvnv funding. I do owe a debt to sears from 3 years ago. i cannot pay the $3000 so I know there will be judgement against me. does this mean my whole check will be garnished and what else can they take to satisfy the debt. If a collection company buys a debt for pennies on the dollar do you pay them for the original debt or the amount they paid for it.
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.