I am totally regretting taking out these two payday loans. One is for amplify funding for $700, repaid $199 so far, next payment is due on 07/13 the other one is zoca loans for $400. I have not made a payment yet because they had my paydays wrong and I asked for my paydays to be adjusted. They said they stopped my payment from being processed and that I have 14 days to return the form for ACH withdrawls.
I filled out ACH revoke forms with my bank for both companies and will submit ACH revoke for both companies via email tonight.
I intend to pay back the full principal for both companies. What worries me, is that both companies have it in their contract that they can create remote checks to withdraw the full balance if I default. I am planning on emailing them the sample letter I have found here about them being illegal and willing to pay the principal but at my terms, $50 every two weeks until paid off.
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.