Types of hardship plans - 3 Benefits and 2 drawbacks
Date: Sun, 08/03/2008 14:20
Has anyone ever been offered a hardship plan from their credit card company? If so, how long did it take for an offer to be made? IE: how many months of non-payment? I am thinking specifically about American Express so if you've experienced offers from them, I would appreciate it if you'd share the info.
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.