Starting Jan 1, 2010 all internet payday loans are considered illegal. The Kentucky department of financial institutions does not issue licenses to internet lenders so there is no such thing as a legal online payday loan.
As an added bonus, all loans made prior to 2010 are considered invalid and are not collectable. This would include any fees AND the principle of the loan.
I look at this as more of a class action settlement since kentucky realizes that going after the lenders individually is nearly impossible.
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.