After about 1.5 years of not being able to pay my student loans, I've begun the process of ting to repair my credit. I called NES regarding one of my accounts today and offered them a settlement of approximately 60%. Based on some of the other threads I've read, I've learned I may have offered too much.
I have a few questions, did I offer too much? Are there any things I should keep in mind while attempting to settle this? Any best practices or advice?
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.