Their website says their office in Washington, D.C., but I talk to someone out of Irvine, California. We have been working with them for a couple of weeks and trying to decide if we want to use them to settle our tremendous debt. We had a business that failed, and are unable to pay our credit cards without some type of debt settlement by us or another company.
I am just nervous from all the stories I read that they are a scam.
How can I tell if they are legit, and what happens if they don't pay my creditors?
Many of our cards are close to taking legal action against us, and I am not sure what that would mean if we are in a debt settlement program.
Also, we have bank accounts with Wachovia, which has just been bought by Wells Fargo. We owe Wells Fargo money, and I am wondering if they would be able to seize our money from our Wachovia accounts? It makes me a little uneasy to leave it there, but I'm not sure how long the ''transition'' to one bank will take.
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.