I am three months past due on 2 credit cards. I opted out of a debt settlement program and am receiving my money back next week that I put into the account because I realized that this company will take fees from me and I will end up paying more. Can I just settle the debt myself after about 6 months of not paying the cards? My credit has dropped 60 points in two months. I was over a 700 credit score. Any advice would be helpful on what I should do in this situation. I only have one delinquency in the 18 years I have had credit.
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.