My friend has borrowed $7500 from me to settle his credit card debt. I have given him the money in January 2013. He has not returned any money till date. He is a very good friend of mine. This is why I’m unable to take strong steps against him. I really need the money for my daughter’s school fees. My daughter is studying in Carmel Valley High School. I need to pay her school fees urgently. What should I do now?
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.