i had some problems with payday loans and closed my account and got a new bank account. somehow the collection agencies for these loan companies got a hold of my bank account and have been trying to debit different amounts. i called them and tehy stated they are allowed to debit my account. tehy stated when i signed my contract with pay day loan company i authorized this, i was even told by one for a loan i had in 2001 that by federal law they can do this, i was never contacted by these collections agencies so how it is that they can do this. what are my rights? where can i find information on collection procedures. i have even been threatned by some of teh places telling me i will go to jail. what can i do ? any help would be appreciated.
By signing up a debt 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 payoff 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.