I want to repay debt with the help of a debt relief company. But, do I have to agree to what they say? I have 4-5 debts but I don;t want to settle every debt. I want to repay the debts in full, which I'm capable of. other debts I can settle if possible. If I opt for help, will I have to opt for settlement each and every debt? Will my credit score be impacted less if I settle some and repay full the others?
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.