I got a call this morning from a collector for my American Express Account that is currently past due in the amount of 12,000 and I was telling him that I wanted to make arrangements with AE to stop the interest so that I could pay it off monthly but he said that they won't deal with me and that they won't even talk to a credit counseling or Management company should I use one. Does anyone know if this is true??? I really need some help here and don't know what to do...any suggestions is greatly appreciated. Thankyou...
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.