I am currently 57 days past due on my Justice Federal Credit Union personal unsecured loan. I have received about 7 letters, 15 phone calls, and 2 emails from the creditor to which I've returned a phone call once and email once.
Things got interesting today when I received an email from the senior collector stating, "further possible legal pursuit of your account once it goes 60 days past due on May 13th. It is imperative that you contact us and make payment arrangements right away."
This loan has a balance of 26k, and I have no means to pay it nor do I have the funds to pay the minimum monthly payment.
I understand that it says "possible" but WHAT should I do? Bankruptcy is not an option for me.
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.
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The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.