I am from Oregon and I have five internet loans.
Here is the info:
Think Cash: Borrowed - Borrowed 1750 / Paid 1850
Cash Transfer Centers - Borrowed 1500 / Paid Zero on current loan, but have reloaned with them several times.
Cash Advance Network - Borrowed 400 / Paid 240
PayDay Loan Yes - Borrowed 350 / Paid 210
I have been talking to a woman from Payday Loan Assistance Company (a debt settlement company) who says she can get me a monthly payment of 278 for 18 months to settle all the loans. She mentioned that these companies will most likely work with them because they aren't licensed to loan in Oregon, nor are they following Oregon's laws. My question is, if they aren't licensed to loan in Oregon, couldn't I hold them to Oregon's standards and work with them myself for much less?
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.