I have a car which automobile loan company made a collateral when I purchsed. I have been paying monthly payment on time so far and I will be able to continue to pay. I still owe $15,000 to this automobile loan company, but current actual value of this car is $12,000 according to market research. Therefore, my car has no equity, but minus value. Meantime,I have unsecured debt amounting to $30,000 from credit card company. One of credit card company sued me and it is going to get court order to garnish my assets. However, I have no asset exscept this car.
In such a case, unsecured creditors can garnish my car with an cort order?
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.