Here is one I started contemplating, if someone purchases a debt most states allow continued accruing of interest, however with financial accounts where credit is extended (i.e. credit cards) FDIC statutes state that after 180 days of delinquency the account must be charged off. How would this effect the transferal of ownership in the case of debt buyers? At the very least I'm sure that it would keep additional fees such as over limit and late fees from being accessed.
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.