I received half of my father's estate few months back. The other half went to my brother. I owe around $40,000 on credit cards. The debt is around 4 years old. Actually, I had forgotten about the debt also. Last week, I received a call from a debt collection agency. They threatened me that they will take my inheritance if I don't repay the debt. Can they really do that?
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.