I received a letter from mcm that they purchased my debt from citibank and trying to collect it from me. But the letter said that they are offering a 40% discount of the original debt amount and ask me to pay the rest.
I talked to citibank and confirmed that citibank actually sold the account to mcm.
I checked my experian credit report and its not yet listed.
The original amount listed by mcm is little higher but I understand that they might have added some fee etc.
Now, I had tough time and recovering now. I am the owner of the debt and I would like to pay off.
By signing up for 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 pay off 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.