A payday loan is a check and you can be charged with a crime
Wed, 01/30/2008 07:12
Thinking of defaulting on your pay day loan? I suggest you don't do it, because you will be guilty of passing a worthless check. Unless you are looking forward to being arrested at work and doing the perp walk, you best send that money you owe in right away. My company will prosecute you and send you to jail.
You signed a contract. Meet your obligations. Jail isn't fun.
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.