I received a call from Bank of America to update my and my husbands income status. I have never been late on any of my credit cards and always pay more than minimum. The person I talked to talked down to me, asked a lot of questions and reduced my husband's and my credit limits a lot. Then the person said that perhaps I should use a credit settlement company. When I said I have a plan to settle my debit in two years, he sort of laughed. This person did not want to hear that. I think he was getting points for getting someone to use the FIA CSNA debt settlement company. I am about to appeal the drastic lowering of our credit limits, and oh yes, pull out our business checking and savings accounts from Bank of America. We have another bank that we can put them in that treats us right. Then see how they like 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.