I am one of the ex-Sifxpert victims now trying to handle my accounts on my own. I have some general questions and am hoping someone can help me:
1. I have heard that it is better to wait till the end of the month to settle because the cc companies are more "desperate". Is this really true? Have I broken some golden rule by attempting to settle these accounts in the first two weeks of the month?
2. Has anyone ever settled an account and had a creditor remove derogatory remarks from the trade line? I realize that settling in itself will leave "settled" on my report, but am not sure how much worse that will be perceived as opposed to "paid in full". Should I have held out for some sort of agreement that addressed the credit report issues?
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.