Okay, I know I can't make my minimum payment to Amex this month so basically will be defaulting and waiting for collections. I hope collections will work with me on a payment plan. My question is: should I keep sending Amex something each month even though it won't be the whole payment they want? Would that "look" better? I figured it would at least look like I'm not blowing them off completely.
Also, once an account is in collections, do the late fees/overlimit fees stop?
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.