I have had a loan with Brookwood Loans for about 12 months. I recently have fallen behind (a month) and called them to work on a lower payment. They really didnt sound interested in taking a lower payment until I get back on my feet. I offered them half of the monthly payment, but I get the impression they would rather just rack up the fees/interest and then go after a judgement against me. They also mentioned trying to go after my wages. Can they actually do that ? If they wont work with me on this and they do get a judgement what happens next ?
Any advice suggestion would be greatly appreciated.
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.