I've been lurking round this site for some time, and simply taking some of the advice I have been reading. Really good advice, I might add.
I defaulted on a Citibank account years ago. This account is outside of the statutes of limitations (checked that thanks to this site), and had been purchased by LVNV Financial LLC. I was actually kinda shocked that Citibank did not sue before the statute of limitations, as I've always heard Citibank is one of those companies that has a reputation for suing (after reading stuff here, I'm actually surprised that LVNV didn't sue). Looking on my credit report last month, Citibank was still on there. I did not see LVNV, but I did get some credit card thing in the mail saying that I was approved for a credit card to cover the debt that LVNV had for Citibank (the company was Resurgent). I sent out a letter requesting validation of the debt a couple of weeks ago to LVNV, which they received on 9/12 (that is what the green card indicates). I checked my credit report this morning, and there is no sign of the Citibank debt, and still no sign of LVNV!!! Does this mean they opted to delete it, rather than validate it?
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.