I have been doing a lot of research on this site and reading people's stories. It seems as if there is no white knight in a black industry. I read a lot of people talk about how they need loans for medical expenses but the fees are too high... on the flip side I also read about people defaulting left and right forcing these companies to charge this high of a fee to become profitable like all companies try to be. I was wondering what the people on this message board see as an alternative to this 'desperately' needed loans.
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.