I recently lost my job and subsequently lost my vehicle to repossession. I have nothing else in my name. I rent and have a few couches and TV. My wife has a vehicle in her name (financed) for work and I bought a 500 dollar car to get me to and from my new part time job and to take my 2 year old to daycare. I just received a note that after the bank finished selling my vehicle, I still owe 10K on their loan. I obviously don't have that and am not sure what to do. My credit score is already terrible so im considering just wiping the slate clean and hoping for the best moving forward.
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.