I've been reading some of the stories her on this very informative website and I have questions. In 2005 my husband purchased a vehicle for me and it eventually went in my name, after the divorce I had a hardship and wasn't no longer able to pay. Unfortunately, in 2008 before I gotten the chance to do anything I was in a car accident. The finance company immediately repossessed the vehicle and picked it up from the collision shop. I am now in debt for $10,000. The original loan was $16,000 @ $360mo. Its been 5 years and I have never heard from them not once concerning the loan but I do know they changed from "Drive Financial" to "Sovereign". I read somewhere to not do anything.
What can I do at this point.
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.