Like so many folks who come through here, i'm exhausted AND confused.
I have about 48k in debt, though almost half is fed student loans I'm not worried about. It's the 8k of unsecured loans and credit cards that are stringing me out right now. I'm probably spent HALF of the debt I'm carrying right now.
I almost got trapped in payday loans, but got out relatively unscathed, just a bit poorer.
I went for credit counseling through one of the non-profs that you pay a fee monthly for paying all your bills; they weren't able to really negotiate anything down. I'm still considering that because having 20 some small payments a month means I always miss something, and always get late fees.
I talked to someone from a settlement agency from signing up here. I understand how it works but it just seems so frightening and I'm not positive I'm in the worst situation ever. I'm at the edge.
Are there any companies out there that actually pay your creditors directly but ALSO can negotiate the interest rates down more? The consolidation company I talked to would only save me $100 over Three Years!
Also, anyone have any experience dealing with creditors that have automatic dialers like CIT? I paid a partial payment two days ago and am still on their dial as I owe $90 more. I keep talking to reps there but their system doesn't register it. Do I have any rights?
By signing up for 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 pay off 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.