I have a personal loan with citi-financial (local branch). I have about 1400 left to pay. For the past few months our income has been cut dramaticly. We continue to pay, but late. In the past when we got behind they would threaten us with small claims court. Can they threaten you with court? If they are serious, how do you know they are serious or pulling your chain?
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.