I was $65,000 in credit debt a year ago. I went to Provanta, a debt consolidater, and they were able to put in on a 2 year plan where I pay $515 per month plus I've paid down my debt to be about $11,000 by taking loans against my retirement and withdrawing retirement money. I'm very happy I went to Provanata. My question then is how do I restore my credit standing once all is paid off? I have documents from creditors saying my debt is resolved. Thanks
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.