So I had a credit card in college that I never paid off. I've let it ride for three years now with a total of $3500 unpaid. I just got a copy of my credit report that states that a company by the name of Cach LLC has the debt. This is apparently the notorious Collect America outfit and their branches of lawyer hooligans scattered about. I have not received any formal correspondence from them, that I know of. I have been reading about what to do and it seems that I have a few options but I don't know what will work. I want to pay this off, over time, but I don't want to get wrapped up with legal actions or a bogus company that will not take payments from me. Also, I don't know if they bought the debt or if they are "holding" it for Chase. I did have papers served to me back in '05 directly from Chase about the debt. Never responded. Now what to do? Contact this bogus company with a DV? I have read that once people have done that they have been taken to court immediately. Do I contact Chase first and try to make arrangements? Do I just keep my mouth shut and hope this goes away? I really could use some help here. Very confused..... Thanks for anything you could help with
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.