I was contacted yesterday by an agency hired by a payday loan company (my cash now) to sue me in court if I don't cough up $1100 by this Friday. I have learned a hard lesson about payday loans, and had several. All of these companies except for this particular one were willing to negotiate a settlement/payment of sorts. They are now threatening to have my wages garnished. I found out since I originally took out the loan that my state (Louisiana) limits loans to $350, yet I was able to get $500 from them. Will that give me any leverage in court? I am pretty freaked out right now about this because this just couldn't come at a worse time for me financially.
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.