I have 8 different credits. 4 business and 4 personal cards. The business failed, can't pay back cards. I was able to negotiate with American Express to pay monthly payment at 6%. Chase Business credit card, on the other hand, played hardball and didn't' want to reduce the interest rate. They didn't want to give me hardship program either. They told me to go to credit counseling.
I am thinking to stop paying to Chase business credit card for 3 months and then negotiate. What do you think?
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.