I'm in the payday loan trap. I took out one and that lead me to take out another one and so one. I have five that have unlimited refinancing and I contacted my bank to do stop payments. I tried to contact a lawyer and was basically told you took them out you pay them. What do I do? I can't close my account based on a negetive balance.
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.