This forum is great. I am so glad I found it. You all are a wealth of information.
I am current on my bills (well, not 30 days late but a few days--which still counts as late but hopefully not as damaging as 30 days). Anyhow, the time has come where I can't make all the payments. I have decided to do one of two things: 1. Do a dmp with Freedom Debt Mgmt for two cards in my name only (although I would be starting with Amex already 30 days late) 2. Settle on my Amex (again, in my name only) and leave my other personal card alone if permitted
I am trying to not affect my husband's credit score therefore I am choosing to not pay or pay VERY late on my personal Amex instead of our joint accounts or his personal ones.
Anyhow, how do we know if a company is reputable? Like I just posted about State Farms Financial, it looked good on the site but there is a possibility they just copied the proper logos so we would be fooled.
It's bad enough that I am considering settling. But I don't want to get completely screwed either.
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.