Should I wait or pay off debt before the 7 year period?
Fri, 08/02/2013 17:30
I have 5 unpaid medical bills. I haven't made any payments on the bills for the past 5 years. The bills have been assigned to a debt collection agency based in SELMA, Alabama. Strangely, the accounts have not been reported to my credit report. I don't know the exact reasons. Should I start making payments at this juncture, considering only 2 years are left to complete the 7 year period?
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.