I could use some advice. I just sent out a DV letter to Creditors Interchange. They are the second company that LVNV has assigned collection to. The first company stopped contacting me after I requested validation of the debt.
The debt is BoA. The original amount was a little over 5K when they sold it in july 07. Now LVNV wants 7100 and they refuse to tell me how they reached this number.
My plan is to buy some time, save a little money and offer a settlement. Any advice on this idea?
However, I would need about 4-5 months to save some money. They may sue before then - who knows. However, i live in PA so at least they can't garnish my wages. I have no assets for them to take.
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.