Well, I'm getting to being in my debt management plan now for one year. Its been great. I have seen my debt go down, about 3 months after I started the program both of my creditors in the plan sent me nice letters thanking me for entering into the plan and what I can expect on their end now I'm in the plan.
Its been hard, I've skipped a few lunches, had to sell a few things...but I was stupid enough to accumulate the debt in the first place, I should suffer a little to get out of it.
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.