Do not I repeat do not utilize the help of a debt consolidation company. What they gloss over is that they will Ruin your credit in the process and rebuilding it will be harder than just buckling down and paying it off.
Here is the long and short of there method. You start paying them monthly all while changing the billing and contact information on the cards to there’s. They do not pay a dime to anyone and you do not receive calls or notices because they are going straight to the consolidation company. Once you are so far past due that the credit card companies have closed your account and are ready to charge it off they call on your behalf and offer to settle the balance for a fraction of the original balance.
Not to mention all of the balances forgiven are taxable as income and the creditors will send
A 1099 to you and the IRS
Here is the long and short of there method. You start paying them monthly all while changing the billing and contact information on the cards to there’s. They do not pay a dime to anyone and you do not receive calls or notices because they are going straight to the consolidation company. Once you are so far past due that the credit card companies have closed your account and are ready to charge it off they call on your behalf and offer to settle the balance for a fraction of the original balance.
Not to mention all of the balances forgiven are taxable as income and the creditors will send
A 1099 to you and the IRS
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