I have 5 store front pdl's in AZ here. All legal
I have maybe 50 bucks a paycheck left after paying them, rent or a car payment....and nothing for other bills.
I have decided it's time do something drastic since it's impossible to pay them off completely on my own.
I can see a very low fail rate for my plan...but it completely depends on if my employer isn't slow about putting my payroll changes into action ( they aren't the brightest I tell you ).
I do know that closing an account is the best option, thus throwing everything into default...but what if I kept it open and had my direct deposit sent to another bank? Odd's are my bank would pay all or most of them ( keeping in mind I would keep 2 out and pay them off the right way ). I would then be able to not only pay off the remainder ones, but also pay back my bank and possibly even save that account.
It seems more logical to me to pay one bank, than to deal with 3 ( or less ) collection calls from these lenders as well as save me from some aggrivation.
Has anyone had an experience in this route? Other then my payroll being idiots...are there any other legal ramifications that I'm not seeing?
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.