[COLOR=black]I currently have 10 outstanding payday loans totaling around $4613.00. Although my Driver's License is issued in Florida I am a resident of Arizona. I took these loans out using my Florida license and former address therefore all documents are written for a Florida resident. I travel 7 days a week and truly do not have a home base however my mail goes to a family memberâ€™s house in AZ.[/COLOR]
[COLOR=black]I have already contacted two different PDL consolidators and of course they are willing to take on my situation. After doing research tonight I'm not sure that is the direction I should go.[/COLOR]
[COLOR=black]I have already opened another checking account however I have not closed the current one "yet."[/COLOR]
[COLOR=black]I have so many questions however I need to narrow down not to overwhelm you:[/COLOR]
[COLOR=black]1) Since PDL are illegal in AZ can I use that as an excuse since I signed that I live in FL?[/COLOR]
[COLOR=black]2) What legal ramificat[/COLOR][COLOR=black]ions can these 10 companies take on me if I close my account?[/COLOR]
[COLOR=black]3) Can these 10 companies contact my employer and discuss my financial situation?[/COLOR]
[COLOR=black]4) Should I try to do this on my own or would you suggest I move forward with the consolidation company. My time is very limited.[/COLOR]
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.