I have recently started to receive calls from a collection agency about an old defaulted loan with Spotloan. I don’t even remember taking out the loan, not saying I didn’t.
I know payday loans are illegal in NC. However, Spotloan now states they are an installment loan company. Are they legal? They are talking about suing me. I really can’t afford to pay them, I’m not working and I can’t afford for them to sue me either.
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.