"How do you qualify for the loan? You need to have a good credit score" The problem as I see it is, I have a good income and its my outstanding balances, which result in a LOW CREDIT SCORE so how am I supposed to get a debt consolidation loan to pay off and manage debt in order to raise my credit score when I need a "good credit score" to begin with? Catch 22!
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.