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* Disclosures:
- By signing up for 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 pay off 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.
Your debt may also be cancelled if you have an agreement with your lender to do it. Apart from that it may also be cancelled if the business policy of your lender prevents collection activities beyond a specific period of time.
anonymous
There is no Statute Of Limitation period on a cancelled debt. Creditors may cancel a portion of your debt when a) you are unable to make payments on a debt for several months, b) the Sol period on the debt has expired c) you have settled the debt. Creditors will report the cancelled debt amount as their loss to IRS while filing tax return.
rj
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