Can I get a debt consolidation loan during the pandemic? My credit score is 689. I have a personal loan where the lender is charging 15% interest. I didn't have a good credit score back then. So, I had to go for this loan at a very high-interest. My lender has generously told me that it's okay if I don't make payments in the next 2 months. However, I have to pay the missed payments later. What's my benefit then? So, I want to take out a debt consolidation loan and pay off this personal loan. I will also pay off a few other debts and use the remaining money for covering my expenses.
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.