I owe @ 2200 dollars on a vehicle purchase which I only had 2 payments left on my contract, the month before my final payment i re ceived a final payment notice for an amount of 2200 dollars. my monthly payments were only $400, upon inquiring about the debt owed they said it was acrued interest, and had just now added it to the final payment. I didnt have that kind of cash and they stressed the importance of paying in lump sum because the account would soon be charged off. being in the military I attempted to use the soldiers sailors and servicemembers relief act to have them adjust the interest from 23% to 6% over the course of the last 2 years i had been in the military, they refused and said because i was not the primary but the co-signer that they were not required to meet those demands, but all of this has shown up on my credit, they hold me just as responsible as the primary, so why won't they acknowledge my request. If they were to apply the interest over the time specified they would most likely owe me money but thats not even the case i just dont see why I should pay them interest on something that doesnt make any sense. now they have a collection agency threatening action against me and the primary unless i pay a settlement of $1700 5 days from now. Ive already dealt with one agancy and this is the second one that is now making threats, its already charged off and on my Credit report as of DEC06, so whats thepoint the delinquency is there. I'm stuck I feel as though they should acknowledge my request for the SSCRA by law they should but I doubt they have even thought twice about it. am i wrong should i pay or should they acknowledge the SSCRA.
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.