I receieved a notice of intent to accerlerate letter yesterday from BOA. I was floored.They are telling me I have to send them 2980.00 by May 8th 2010. My montly payment went from 1754.00 to 2000.00 a month. So, with my husband's job hrs being cut, and his work has slowed down, I was sending them 1000.00 every two weeks so I could make the payments. I could not afford to send them the whole 2000 because that is one paycheck and we would not have any money to pay bills and buy groceries till his next paycheck. I've always called them to make my payments and they have worked with me and even got me on a repayment plan to help catch up the payments i was behind. So, now I'm sending them 1125.00 every two weeks on this repayment plan to equal my payment of 2250.00. My plan ends in June, but now I get this intent to accelerate. I've called them and told them Im on the repayment plan and all they tell me is that if I'm adhearing to the repayment plan than I should have nothing to worry about and they the letter would become void. Should I be concerned? I was very greatful that they even helped me with this repayment plan. I've even applied for Home Modifcation but havent heard squat back about that. I have no plans on skipping my payments while Im on the repayment program, but it just really scares me that they can send this letter knowing i'm on the repayment program.
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.