1. Is there a recommended amount of time to wait before approaching a credit card company for a debt settlement? In other words, if you stop making payments to the credit card company today, is it best to wait 3 months, 6 months, 0 months?
2. Will you be able to ask for a debt settlement if you have assets? I have an RV worth $10K and a second car worth about $3K. Would they insist that I sell these before discussing a credit card debt settlement?
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.