I am new to this forum and could use some help.
After a stretch of unemployment and wife's medical issues, i have fallen behind on my CC payments. This all started 2 years ago and i have yet to pay one bill since. I would like to start the process of at least negotiating. I have received collection letters of up to 70% off some balances.
Here are my questions:
Is it possible to deal with only one agency during the process or do i have to work with all of them?
Should i call the credit card company directly and ask if they can offer the same or did they already charge-off?
Like i said, this is new to me, so any help is appreciated.
Of course, the easy way out and the cheapest route is BK, which i really dont want to 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.