We have over 140,000 in lines and credit card debt. If we can scrap by and pay our mortgage but not the CC debt, should we do that, or get a mortgage forbearance on the mortgage to help us get things under control. the mortgages are about 21 days late right now. Will the forbearance show up/ hurt our credit report and score?
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.