First, thanks for the great information I've found on this forum! I've been able to take care of loans I had with Plain Green and Mobiloans using advice on here.
I borrowed $700 from Blue King and have paid $630. I emailed them, revoked my ACH, and have taken care of it with my bank. However, they've emailed me back saying they'd settle for $250 and if I didn't pay by Oct. 30th, I would owe $857 (original loan + interest). How should I respond to them? Any suggestions of how to word the email? I'm worried if I decline their offer,they'll come after me for the $857. Thanks for your help!
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.