Has anyone heard anything about the line of credit that Advance America has started to offer? From what I understand, the line of credit is up to $750 and you make monthly payments to pay it off. There is supposedly no interest charge, which I find hard to believe. I know that Virginia did have some new payday loan laws go into effect on January 1. Anyone have any info on this?
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.