Irs debt relief services
Q.Once or twice a week, I see advertising for Irs debt relief services. They help you get back on your feet and stop your creditors from hounding you. They all claim to be a non-profit entity. I find them annoying. Since they advertise so much: What's in it for them? Are they publicly funded? What do they allegedly do for you? What are the long-term ramifications? i.e. - Does it leave some kind of mark on one's credit history?
A.I'd think they skim off a small amount of the payments you make to them, becore passing them along to your creditors. Some of them (maybe all?) are actually affiliated with (owned by?) the big credit card companies as I understand it. So they get the advantage of placing their agent in your finances, so to speak, to encourage you to pay them back (but not to pay them back so quickly that they don't reap lots of interest charges.) At least that's what I've heard, I can't vouch for it personally. The dirty little secret is a lot of those organizations are run by the credit card companies themselves. They figure this way they'll get their money (and probably get a tax break by forming it as a non profit organization). As I understand it they basically help you spread out your payments to make it easier for you to make them. how can they do that? They are the same company you are paying. I am sure they effect your credit rating poorly but have no cite.
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