I need some clarification on this loan rehab program that DCS offers. My husband has been in the payment process. he paid their 1%, he has paid 4 months into this program, and 5 left to pay. they assured him that it will be removed from his history and that a loaner will purchase this old student loan where he can set up payments (some 12 payments) to pay off this old student loan that is a major lien on this credit report. My question is, is this program LIGIT? we are trying to buy a new home, we have asked them if there is any way he can just PAY these people in one lump sum and get it over with, and they have said that he can pay it, but that means it will void the program and that they will notify the credit bureu that the lien was PAID but it wont be removed from him credit history. I need to know if there is any other way we can solve this, the quick and efficient way (paying it and getting it removed from his credit history) I want to know if this rehab program is ligit, because WHO WOULDNT WANT THEIR MONIES UPFRONT!!... its all very confusing. Can anyone please help. We need to buy a home, we are expecting a baby and we need these issues resolved pronto!
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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.