Hi, Thanks again to everyone here who are so helpful. OK, I'm just starting debt settlement and I was just told I needed all of my unsecured debts added to my debt settlement, which I understand and I got good advice on my other post.
Now to my question. At this time I'm still financing a vehicle which I'm current right now and I have it in a budget I can afford. Is having a 21,000 secured debt going to affect my settlement in regards to settling an $80,000 unsecured debt settlement? Do the creditors look at someone who is paying a secured debt and not offer the best settlements for unsecured debts (credit cards debts)? If it is recommended I turn it in, I will get no money out of it and will not be able to buy a car for my family.
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.