Leaning toward debt settlement. A question regarding FICO score and dropping/raising:
*Auto loans paid off in November. I am a joint account holder.
*Will continue to pay on joint credit cards and not put them into settlement (only my personal ones).
Will either of these things help offset the damage my settlement will do?
(I know some of you told me to put all our cards into settlement if I go that route but I don't want to damage both our scores. I can continue to pay down the other ones. I just can't make monthly payments on all the accounts anymore so am sacrificing mine---does that make sense?)
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.