Like many other people, I got trapped in the payday loan debaucle. I currently have 6 payday loans outstanding and this is what I owe:
1 - 400
2 - 400
3 - 480
4 - 510
5 - 405
6 - 1857.01
These are all approximate amounts. The first 5 I paid on every 2 weeks for at least the last 8 months until about a month and a half ago $90.00 every 2 weeks on 4 of them and $120.00 every 2 weeks on the 5th one and $94.27 every other week for the last 2 months. I closed my account because I couldn't afford to pay them anymore and they wouldn't work with me to reduce the amounts to allow me to pay them.
What can I do to get rid of these??
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.