I took out a Check n Go installment loan and have made two payments of $246. It's becoming too much for me to sustain and I want to work with them perhaps an EPP or try and get a fee reduction but do I have to let it default into collections in order to get that to happen? I've got around $2500 left on the loan. Really trying to get out of the installment loan trap that I created for myself :(
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.