First of all let me say that I am so glad I came upon this site. I have learned a lot and I'm feeling more confident that I will be able to get out of this payday loan trap I'm in. I have 3 internet loans. They are:
CashnetUsa: Principal $650; Interest $118; paid so far in extension fees $266
Cashadvancenetwork: Principal $300; refinance amount $90, paid so far in refinance fees $180
BahamaMarketingGroup (BMG) Principal $200; fee $60, paid so far in fees $180.
I can no longer afford to have over $500 in fees debited from my account each month. I have all intention to payback my loans, but need to do it in reseaonable terms. Any advice is appreciated. Thank you.
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.