I owe $60,000 in charge cards from renovating my house. Because of my income to debt ratio being on the flipside, I am unable to secure a personal loan, home equity loan from my own bank. I have seeked another lender who does not follow guidelines and still cannot get a loan. I pay evrything on time and was only late on one mortgage payment but otherwise everything is good and my credit is good. I just need to secure a loan to consolidate my debt so I make one big payment a month and know I can pay this off within 5 years!
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.