I owe 29,000 for a student loan and have been talking with a DCS rep for the past couple days about a rehab plan. I also owe 7000 for a Sallie Mae loan that I just learned was in default. I have not been contacted by a CA for the Sallie Mae yet.
Im wondering in a situation like this is it better to consilidate the loans instead of enterinr rehab with DCS aand still having to deal with the Sallie Mae loan
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.