Have about $45k of CC debt on mostly Chase consumer cards, a few Citi consumer, one Amex consumer, and two business (Chase and Amex). Credit score is mid 600s due to high utilization. Stopped using all cards back in January and have been making minimum payments until last month when I was finally able to start an avalanche. I'm considering a DMP because of the promise of lower total interest payments.
Does anyone have any recent (within the past 12 months) experience being on a DMP with Chase, Citi, and/or Amex as creditors? What got reported on your credit report? Did all of the creditors accept the terms or did some push back? Which company did you use for your DMP?
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.