Hey all- I was talking with a friend at work about financial problems, and my co-worker stated that one of the things she was going to do with her tax rebate check was "catch up on her car payment" because she was two months behind. I asked her if she meant she hadn't paid for 2 whole months, and she said no, her monthly payment is $320, but she has only paid $100 the past two months that it has been due. She said that as long as she pays even a portion each due date, they can't report her as late to the credit bureaus, and they aren't calling or harassing her about it, either.
My question is- does anyone know this to be true? Or maybe it's just the policies of her particular creditor that she has her car financed through? My car payment of $350 is due, but my second income check and my tax rebate check won't show up for another 2 weeks. But I am loathe to take out a payday loan to make the car payment, as I am trying to get OUT of the PDL cycle. However, I'm afraid if I wait until two weeks to make my car payment, they'll report me late, and I have NEVER had a late on my credit report before. What about her method? Could I pay, say, the $100 I have to put towards my car payment now, and possibly pay the rest plus the new past due balance next month? I'm afraid that if I call my creditor that finances my car and ask, they won't give me a truthful answer, as of course, they would rather me pay my full payment on time.
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.