I am a california resident have an installment loan (not a payday loan) through Plain Green Loans. Originally $1300 I've paid over $2400 in payments so far. I am being laid off from my job & will not be able to make any further payments for who knows how long! They debit payments from my bank account. Last time I missed a payment they debited my account a couple weeks later without warning & caused me financial chaos. What happens when I have to close my bank account & i am unable to pay them.?
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.