I live in Illinois and have 5 payday loans from the following companies: (company name â€“ loan amount/ amount paid) Great Plaines â€“ 500 / 767, Ameriloan â€“ 400 / 500, Archway â€“ 300/ 450, Archer Direct â€“ 500 / 650, Integrity â€“ 300/ 180. Are these legal in Illinois? After speaking with a representative from Archer Direct, he said they operate under the e-commerce laws. Do e-commerce laws supersede state laws? If I were to close out my bank account, would this negatively affect my credit score? Iâ€™m in need of help!
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.