Happened to see a commercial this weekend on behalf of our "friendly payday lenders," all about how they help people to get money when they need it, encourage responsible finances, etc., etc. PDLs' are prohibited here in Maryland, but our TV stations also serve DC and Virginia where PDls' are legal. After what I've been thru with PDL's, seeing this commercial made me want to "do an Elvis," and destroy my TV set!
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.