So I sent the letter to BIG, and got a phone call within minutes of sending the email. I am being told i have to follow the laws of the UK and my state laws dont matter. they say I can pay the loan in full or continue with the finance charges. I informed the lady that I already blocked them from my account. She said if the payment is returned they will send me to collections within five days and I can deal wtih that department. If I have to obey UK laws how do deal with these people. I have paid them well over the amount I took out. It was a $200 loan and I have been paying a fee since March 7th 2008. It started as a $80 fee and slowly went down to $40 a pay period. I am freaked out now!
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.