I was working for a multinational company in GTA. I lost my job recently due to the recession. I bought my home by securing a mortgage from a nearby credit union. Now, I'm really struggling to pay the monthly bill. Recently, I noticed an article on debt consolidation. The debt consolidation process could help in combining several unsecured debts including credit cards, bills and other mortgages.
Managing one payment instead of several is much easier and more sustainable in the long term. I think this plan could help me get back on the track. What are the documents required for consolidating debts? I have heard about a few professionals and bankruptcy trustees i offering consultation on debt consolidation. Help me find the right choice. Please don't hesitate to share your suggestions.
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.