After a week of talking with Chase bank, they contacted me today and said that I was approved for the Balance Liquidation Program. The terms were 60 months at 2% interest ($374). They said I need to make the current payment of $1061 before the paperwork could be generated for the 60 month payment. I asked for this in writing and they said it would not happen in writing until I make the account current. Does this sound right? Anybody else experience this?
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.