I am in the state of Alabama. I currently have 4 payday loans with the following companies:
easy money $500
complete cash $500
advance america $500
check depot $500
I have read several of the posts on this forum, and I am not for sure how the letters will help me out of my payday loan cycle hell. I can not close my account, I read the Alabama Payday loan laws, and it says can only be prosecuted if the account is closed, so I don't want to be in any legal trouble possibly go to jail. I don't think the payday loan consolidation thing will do anything but keep me in the same cycle I am in. Please help!!!
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.