I'm so glad I found this website. For the last 2-3 months I've been educating myself about all the options I have out there and decided to go with a debt settlement company. But when I I found this forum/web I built the confidence on settling my debt myself. I'm currently up to date with my unsecured debts but wont be able to pay any ofmy credit cards this month. I wanted to ask you all when is the best time to call and try to settle my debt with the credit card companies? I depleted all my savings so I have nothing at this moment but should I let the companies marinate and miss my payment for 3-4 months or should I make contact with them now and let them know my situation. I'm projecting that I'll have 40% of the equivalent of my total debt saved up in 4-5 months. What should I do?
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.