I am not disputing that I borrowed the 30k for my daughters college tuition, however, the loan is now over 53k, and I am being garnished at 15%. I have requested that the amount be reduced to 5% over the next 60 days, so that I can sort out what I owe. They informed me that if they do so, i will be agreeing to the balance due. I just need time to sort this out.
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.