I want to approach Capitol One about settling a five year old credit card debt. The original credit line was $500. With penalties and fees they are showing the balance to be $1900! I'm not sure how to even begin the process or how much should i offer to get the ball rolling. Has anyone had any experience settling with them? Thanks for your Assistance.
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.