How do you know if a debt consolidation company is good?
Sat, 05/14/2005 06:55
....if a debt consolidation company is good and reputable? Is there somewhere to check on them? Also, is there any place in the forums that gives sort of an outline of good questions to ask when speaking with a counselor of a debt consolidation place? I'm really considering it....
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.