I had an $800 loan with Spot Loan and stopped making payments a while back because I was unable. I have already paid them back $924.84 but I have now received a letter from a collection agency - Nationwide Debt Management Solutions - saying I owe $1,209.26. I live in Washington State.
I have been reading through the forum and it appears that I should just go directly to a Cease and Desist letter. Can someone please verify if this is correct? Any advice is very much appreciated!
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.