I have paid spotloans $950 so far for a loan of $2000, I plan on paying only the principal back as I have sought advice on this forum before, but after contacting spotloans they refuse to agree on this, stating that I must pay the interest & fees as well that have already accumulated.
What are my options? What will happen if I say F U and just stop paying back my principal? I don't take kindly to scammers and from what i've seen they've taken double what people have owed them time and time again. I already know your stance on this behavior, but I am seeking what legal action I am liable to in such a scenario, not for your moral advice.
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.