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.
In a debt validation letter, a debt collection agency validates the debt. They must prove with supporting documents that you owe this debt. The documents should include how much you owe, the name of the original creditor, the name of the debtor, the license no of the collection agency,
A debt validation letter is sent by a collection agency. A debt verification letter is sent by the consumer or debtor. In a debt verification letter, a consumer or debtor asks a collection agency to verify the debt.
The debtor has to send a debt verification letter within 30 days. If you (the debtor) don't take care of it within a month, the debt may be assumed to be valid again, and efforts to collect it may continue. The debt collector has to reply within five days. If they don't do that, it doesn't mean you don't owe the money, but you could sue the collection agency.
Sub: #1 posted on Sun, 01/01/2023 - 23:44David Martin
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