Hello, I have a few questions I'm hoping someone can help me with. I've heard from family/ friends that a creditor/ collection agency can freeze your bank account for money owed. I personally know someone it happened to in Pennsylvania ( i'm in Florida).Typically how does it work? I have some debt that I owe to 1 credit card company for around $4,000 (3 different cards, same company) and I had a repossession for $9,000. I also have medical bills in collection. I had some financial troubles to say the least about 18 months ago. I haven't made any payments on the accounts and they are in collections. I do have Lexington Law Firm and they have done great with getting 23 items removed from my credit reports so far. I now have a business (LLC) bank account in my name and also a personal bank account in my name. Is there any precautions I should take? Not keep money in them? Any help/ answers are much appreciated and thank you in advance.
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.