I just read that the California Department of Corporations took 500FastCash and some other companies to court in California ( Agoura Hills ) saying they were illegal and the court decided state laws don't apply because they are on an indian reservation. Is that true? Everywhere I looked on this site it said they were illegal and I should close my bank account and not pay them anymore since I had paid more than what I borrowed. So I did that. Am I going to get in trouble now?
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.