I was doing a great job at Athens (Alabama) for several years. The pay scale was good. I lost my job a year back. As a result, it became very difficult for me to meet my expenses. I have a federal student loan. The outstanding loan amount is $10,000. I have tried to set up a repayment plan several times. Nothing has worked out yet. Rather, my checking account has been garnished. I don't even have money to pay the rent.
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.