I am not sure what my next step is with Payday One which is now Rise Credit. In SC they are a licensed supervised lender, which basically is a way around the payday loan laws. They are not bond by the interest rate cap or the money lent out cap. I have emailed them several times. I have gave them my best settlement. I basically gave two options. One was to consider my account PID since over the past 3 years I have paid over $5000 in interest. The other option was to pay them a monthly sum over the next 5 years which would pay for my last loan minus any interest. I explained my finance honestly and explained that was the best I could do. It has been almost 2 weeks since I sent the email. I resent it a week ago. All I have received from them is late on my payment email for not making a payment in July.
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.