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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.
It's true that all charged off debts will have similar effect on your credit report. Debts that are being sold off to a collection agency may trigger fresh collection efforts from their side.
anonymous
Any debt that has been charged off will have a negative effect on your credit report. Thus, you should take care of all the accounts irrespective of whether or not the debts has been sold off to a collection agency. You should contact the lenders/creditors and request them to withdraw the account from collections. Then you should negotiate with them so that you can get an affordable payment plan as per your financial situation and pay off the debts.
Anna Sweeting
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