I got a store front payday loan about 4 months ago in ohio for 900. Well, i couldnt pay back and then i sent the store a 50 dollar money order, they were real nice and accepted. Well, in the mean time that particular store closed and now i get a letter 2 months letter from the corperate office, legal dept. They set me up for 150 every two weeks in which i paid only once because i couldnt afford it..so now 1 month later, they are threating to sue. What should i do..they are saying pay in full or go to court. they said i broke my 150 agreement plan. Believe me if i had the money i would pay..they wont accept any thing lower. Should i go to a credit counselor? What are my options. Experienced people 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.