I had an experience last week that I'd like to share, to emphasize the importance of closing your bank account if you have PDL's with illegal lenders.
I joined the forum some time ago, and thanks to the advice here, all of the illegal PDL's I had are gone. I did have to tolerate some harassment from some of them, but it does stop eventually. As far as the legal PDL's, I was able to pay most of them off, or reach a settlement. The rest, thanks to Wisconsin Chapter 128, are in the Wisconsin debt payoff program, where you can pay off the lender with no further interest over a three year period.
I can't begin to emphasize how important it is to close your bank account, and do not give any lender your new account information. Although I closed my account back in February, and haven't heard from any of the illegal PDLs in several months, I started getting a surge of calls and emails last week from various lenders that are listed as "illegal" on this forum. Not to mention, several suspicious telemarketing calls from people with foreign accents either offering me a loan or saying i signed up for free products on their website (I have not recently signed up anywhere at all!!)
I am going to take a good guess that my information was shared or sold. There were three hits on my CLOSED bank account from last February, each of them electronic checks ranging from from $9.99 to $39.99.
Thank God I closed that account and listened to the advice on this forum. There is light at the end of the tunnel, and I am almost out of the hole.
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.