OK - I just got back from being out of town for two weeks and was so excited to find a large envelope from the NY State AG office Internet Division. To refresh everyone's memory I was instructed to refile with them because the Consumer Fraud Division said they could not help me - What I received was a form letter duplicated for each of my 14 payday loans and one for this site (how they figured I filed a complaint for here is anyone's guess) Each form stated they were forwarding my complaint to the Consumer Fraud Division! I guess I will be making some phone calls to them tomorrow - what a disappointment, I had such high hopes that I had cracked the bureaucracy level and reached someone that would help me. While I was gone I did get a form letter from ameriloan offering a form letter settlement of $980 on a loan that I owe $480 in principle on - I ignored it thinking the AG would help me, so much for that idea.
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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.