After constant attempts & payment plan w/ BOA a few yrs ago I couldn't manage to lower my debt on the card below 1,500. They were constantly imposing hidden & late fees so I just gave-up. Now they hit me w/ this court summons & a balance of 2,200 + thru their alleged lawyers (Lacy Katzen LLP). Talked to one of them (which was so rude) & according to them, FIA would accept a one time payment of 1/2 the total to be paid within 30 days. I'm still frustrated w/ their services and methods but I just wann'a get them off my back & hopefully repair the damage to my credit. My question is: Is this Attorney firm & thier practices administered to me legit ? Should I trust them and send the payment? ( which I had to borrow as I'm still in another hardship situation). Is the payment agreement fair ? and can I get a receipt when I pay them ? Oh, she also is sending me a form 1099 for what she calls the "waiver" of half the amount they said I owed. :rolleyes:
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.