So I have a $8,000 credit card debt. URG is trying to collect and we settle for $2,000 with 12 month payments.
I asked for the terms to be disclosed and they only tell me the terms over the phone. URG sent me a letter and it only shows the amount broken down to 12 payments. Should I refuse to proceed unless I have the terms on paper? Meaning if the payment was late that they can cancel the settlement, etc.
I really think that a 25% settlement is pretty good and just wondering if it's too good to be true meaning after 12 months will URG keep their word and zero out the account and settled showed on the creditor end.
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.