Hello everyone, unfortunately i found myself in the payday loan trap. I am currently trying to resolve issues with two companies. B.I.G and Cashnetusa. I have actually paid B.I.G over 600.00 on a 250.00 loan that i obtained in dec. of 2007. Last month i borrowed 600.00 from cashnet usa, which "was" registered as a cso until earlier this week when they informed me that i would not be able to get an extension because my state of FL "just" mandated a law that does not allow for rollovers. And then they proceeded to tell me that i would have to pay them 669.00 in FULL on tue. aug 5th 2008, I DEFINITELY CANNOT AFFORD THIS!!! So i decided to call since it has been my intention all along to pay them, to set up an affordable payment plan, well my plan was not good enough and they insisted on trying to force me into a payment plan that was way outside of my budget. Also, if they are starting to go by FL law now, it states that a florida resident can not borrow more than 500.00 and they let me borrow 600.00. I am just lost, should i just close my bank account? thanks in advance for everyone's help!
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.