I am in Ohio and I am having major issues with Balancecredit.com (aka SunUp Financial). I have already checked and they are registered as a CSO in Ohio so i'm out of luck there.
I have been making a payment of $50 a month since I defaulted in August. They would not settle with me, but they said they would accept my payments and my account would be fine as long as I made a payment each month. Then today I recieved an e-mail telling me I have to pay $637 by 12/17 or they will accelerate my loan and demand the amount in full. I owe a total of 1138.00 on a $400 loan :(
My question is, since I have been making a payment each month what are the odds they will actually sue me? If they sell it to a collection agency, would I be sued right away or would the collection agency possibly work with me on payments?
I am not concerned with it hurting my credit score, that is already shot!
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.