I just got through watching the documentary "Maxed Out". This should be required viewing for every American, and especially those struggling with debt, like so many of us on this site. I highly reccomend it. It is available on Netflix for instant viewing or DVD rental.
While the focus is mainly on credit card companies, it is excellent, and yet very sobering - which is a good thing. I'm hoping someone will do a lengthy and in depth investigative documentary on the PDL industry someday, and also spends a great deal of time on the issue of internet PDL's who continually thumb their noses at the new state laws that have been passed, limiting the interest rates they can legally charge. Maybe they can make a field trip to that Indian Reservation in Miami, Oklahoma where some of them hide out, or to England and India where some hide offshore to escape US laws or extort vulnerable consumers. It's long overdue...
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.