Hi, I just joined this community and have about 6 payday loans and am not able to keep up with them....I read where it states that people should close their checking accounts....Does that mean that we shouldn't pay these loans at all? I live in MA and would like to know what the laws are regarding these types of loans. I'm desperate and would love to hear back from someone who can help. Thanks,
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.