I'm in the process of regaining control of my debt. My husband and I have almost $200,000 worth of student loans (thats our combined student loan debt for 5 years of college EACH). We have a $159,000 mortgage. No active credit cards. Pretty much everything but the mortgage is in collections.
We were young and stupid. We over-borrowed and then when we graduated couldn't get jobs in our chosen fields. I lost my job last year and have been searching ever since and my husband makes decent money. We also get a trust fund check every month that pays for some of the bills.
My first PIF isn't a big one. It was an verizon phone debt. As of Thursday morning it will be paid in full. I'm so excited. Even if it is just one tiny little debt, its a start.
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.