I'm in a really bad situation right now and it's going to be terrible. I lost my job due to the recession and I'm struggling to find a new one. I wasn't able to make payments including monthly debts of credit cards and mortgages due to the job loss. I have heard that the debt consolidation process involves combining several high-interest loans into a single debt with a lower and affordable interest rate.
I doubt whether I'm eligible for a consolidation. I have heard about a few professionals in Brampton offering consultation on debt consolidation. I don't have any experience working with them. Which all factors can help us get a better interest rate, other than the credit score and income? What are the documents required for consolidating debts? If you know something related to this, please let me know. Thank you in advance!
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.