I am trying to get rid of my payday loans, but I've gotten so deep in the cycle I can't find a way out. Can I negotiate on my own or do I have to go through a debt consolidation company? I live in California. It seem like I'm living paycheck to paycheck. I have the following loans (principle balance):
Ameriloan: $500. Internet
TLCfast cash: $200 Internet
Ace fast cash: $300 Internet
Advance America $300
Check into cash: $300
Cash 1: $300
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.