I currently have a loan with the credit union that I put in a program with Freedom Debt Relief. I've been with FDR for six months and I feel that their fees are outrageous, so I will be getting out of the program soon. My question is whether the Credit Union will negotiate with them and offer them a settlement amount or should I do it myself? I have heard that Credit Unions are not too spiffy on working with the debt settlement companies. I am wondering if I should contact the credit union and negotiate the terms (not immediate payments) on my debt now or wait until I have finished some of the existing settlements that I am presently in the process of making. My credit union loan is 9 months behind.
Comments are appreciated.
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.