I have several payday loans that I took out and now cannot pay back. With the bi- monthly payments I am never paying the principal and cannot pay them all as well as my rent, utilities, etc. After they ACH my payments this week I need to close my bank account or have the bank return/revoke their ACH. What are the consequences I face? Will they contact my employer? I would risk being fired and/or great embarrassment with my boss and associates. I want to pay them back, but need the interest to stop so that I can pay them the principal over the next 6 months or so. HELP!! Also, will this be reported on my credit? A couple were tribal. (Discount Advances, Everest, Zip19, Lakota Cash, Ameriloan & Sandpoint)
By signing up for 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 pay off 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.