My husband co-signed a private student loan for a friend while still in college. The former friend has now defaulted on the loan after never making a payment and deferment status running out. The former friend actually never paid school bills with the loan and instead used it for a new car, electronics, and cloths. Can anything be done since the loan was taken out for school and never used on school expenses?
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.