I sent certified letters to my payday loans agreeing to pay a certain amount each month, however, I cannot pay what I agreed to due to financial hardships. I can pay a lesser amount.
Questions: What can and will they do?
What should I do?
If your lenders are licensed in your state, then they can sue you for this reason. But if they are illegal, then they won???t be able to take any legal action against you.
They are legal in my state, Kansas.
The companies are:
Check-n-Go
Ace Cash
Advance America
EZ Payday Advance
Star Loan
Could I send them a new letter stating the hardship facts (single mom, daycare is $800/mo, just found mold in my apartment and have to move, student loans, etc.) and agree to half of the initial amount?
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.
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Everything depends on the lender. Who is the lender here?
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If your lenders are licensed in your state, then they can sue you for this reason. But if they are illegal, then they won???t be able to take any legal action against you.
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Credits: 282.75 Send message to kendra.1975
They are legal in my state, Kansas.
The companies are:
Check-n-Go
Ace Cash
Advance America
EZ Payday Advance
Star Loan
Could I send them a new letter stating the hardship facts (single mom, daycare is $800/mo, just found mold in my apartment and have to move, student loans, etc.) and agree to half of the initial amount?
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