im a little confused since i started the debt reconciliation process. i have an old account with the old mbna before it was bought out by someone. well they sold it to someone else who apparently sold it to someone else. this debt is originally from like 1998 and i cant figure out for the life of me how it keeps staying active. it seems like everytime someone buys it the thing gets a new lease on life. not to mention its gone from being 1800 to almost 5000$.
everytime one of these junk collectors buys a debt does it renew itself or something? i live in pennsylvania and according to the law here this thing should have been done with a couple years ago. sorry if its a dumb question im just confused and overwhelmed by all of 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.