What will the collection agency do after the debt is forgiven?
Fri, 08/23/2013 16:48
I'm hoping that my credit card will be charged-off and forgiven. What will happen to the collection agency in Winfield after the debt is assigned to them? Will they still contact me if the debt is within the SOL period? Will I have to pay tax on the debt?
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.