I had an Amex credit card 20 years ago. I had around $20,000 outstanding balance on my credit card. I have never paid a penny to Amex. Fortunately, Amex has also not bothered to call me or sue me in the last 20 years. They have not sent me a 1099c form also.
Now, I am planning to apply for a new Amex card. Will that be too risky? Can they sue me now? Can they send me a 1099c form now?
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.