I am a pensioner and accumulated 15,000 pound on my Lloyds credit card. I have always honored my direct debits. I have paid Lloyds for about twenty years.
I am now unable to pay the required minimum monthly payments. I think credit card companies are irresponsible and contribute to misery of people like me.
In my case, I never requested any increase in my limit but they kept on increasing my limit to sky high knowing that I was struggling to make the required minimum monthly payments and now here I am. A pensioner with so much credit card debt.
My question is if my credit card could accept a solution, if there is any, to my problem and stop my direct debit or there is no other way. I was surprised when checked the Internet and the kind of help they offer is (Use a direct debit to make your payments).
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.