I have a credit card that has a balance of 17,500.00. About a year ago my ex husband stop paying child support and I could not pay the monthly bill. In addition, I was paying 25% interest. In short, I have not paid for a year now. I am going to be cominig into some money from some stocks I have so that I could give the credit card about 10,000 dollars. Since my credit is already ruined, what would be the advantage of settling this account for 10,000? What would happen if I never paid them anything at all?
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.