I have three outstanding payday loans. (cashnetUSA,paydayone and brighton fnl) I have been reading about the blocks you can put on your account to stop the ach debits. Yesterday I received several calls from "payday solution" companies. I did sign up with one called Blue ridge law group. They settle with my payday loan lenders and I make smaller payments over 6 months to pay them all off. Did I make a bad decision, it seems too good to be true. It was the only way I knew to get help. My loans total almost $2000.00 to payback after fees and interest.
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.