Just got off the phone with Cap One hoping to negotiate a settlement-no luck. The person I was speaking to was urged me to make a payment large enough to take me out of collections and put me back into Cap 1. She assured me that by doing this, Cap 1 would lift my already bad credit history with them of 177 days late and replace it with paid on time. Could this be true? If so, it might be worth it to try and resume paying these people off if I can swing it?
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.