Have a few questions for you all. I understand that government and credit card companies are doing a lot for us during the pandemic. They have allowed us to skip payments for so many months. But I have a question. Do I need to pay the entire deficit amount in one month? Suppose, the forbearance is lifted in December 2020. Does that mean we have to pay the total amount we missed in the last 7-8 months in January 2021 together with the interest rate. I mean that would be a huge amount.
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.