Well...my biggest worry about the remaining cc debt is gone. Bank of America settled with me at 35%. Maybe I could have gotten lower, maybe not, but I'm glad to be done with that one. They were really firm on not settling until now and it came through. After this, it's only Discover and they have begun settlement discussions as opposed to brushing me off as they had originally done.
So far about $95K in cc debt settled for somewhere in the neighborhood of 30-35% overall (have to put in all of the numbers in my spreadsheet to see). NOW I have to worry about the next tax season and the 1099C's that will come spilling in. Oh, well...still getting off cheaper than paying everything off. It's frightening to consider how much interest I've actually paid over the years on this debt as it's built up. No more!
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.