I have a few accounts in Chex that are all coming up on the 5 year mark in 2011. I have a few questions
1) Do these lines automatically get removed after 5 years? If not, what can I do?
2) If there is still a balance, will it be removed?
3) If I am paying off a balance, does it reset set that 5 year clock. IE if I had $300 dollar overdraft with Bank of America and paid it off or worked out a plan, does this mean the 5 year clock is reset
Please advise, I really want to get out of this and have been in Purgatory for a long time. I am not looking to avoid debt either, that's why I have worked with those banks.
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.