Great Plains Lending, Spotloan, and 123cashdepot. I live in Kentucky, the Department of Finance told me that these loans are illegal and aren't licensed in my state. I was unable to make any payments to either of them, I get 20 calls a day from them and now they are threating with lawyers. If they are indeed illegal and not licensed, than should I worry or should I consult an attorney???
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.