Reading about a scam with company I have loan with...
Date: Sun, 07/06/2008 19:04
So, I'm doing research on the current company I have an internet pdl out with. I'm an IL resident and am trying to determine if they're licensed... ,in doing research on the internet, I'm seeing bunches of complaints about how they lure in the customers and then never deposit the money. Well, they deposited my money and haven't faulted on the contract to me yet... but the more I've learned on here, the more I want to see if this contract is even legal in the state of IL.
I borrowed $200 and have paid $48 in finance fees so far. I can roll-over my loan each time and have the $48 deducted from my account instead of the full amount owed.
I also have an internet pdl out with Power Funding. I borrowed $300 and have paid $90 in roll-over/finance fees. Wondering if they're licensed, too.
If these companies are NOT licensed, what's the next step I should take?
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.