How do I go about negotiating debt settlement when my credit status is still in good standing? I have spoken with several credit card companies and they all specify that since I am in good standing there are no settlement options available. I have limited funds set aside to payoff my cc debt and a large amount of unsecured debt that I want to resolve and close my accts. Paying the monthly minimum is not an option, since I am looking to close the loop on the revolving debt and limit the negative credit impact if possible.
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.