I have an original loan with Mobiloans for $1000.00 on November 2016. I made their bi weekly payments then borrowed $600 on January 2017 using their line of credit (I had paid down my original loan to $900). Continued making their biweekly payments and then borrowed two other times for $200 each on April and then June (I had paid down original loan to $1300 both times so when I borrowed again it went back up to $1500). From their last statement I have paid $1238.75 on fees and just recently made a payment for $123 before finding out it is illegal in the state of California. I went through all bank statements and added up all my payments totaling over $2000. I have a credit line of $1500 with them with a balance of $1430. Since all my payments add up to more than my balance I am sending them a ACH revoking letter and asking to consider my loan paid in full. Just wanted to know if the steps I'm taking are the correct ones? I've looked at the posts in the forum and most are from 2013 with the most current one being from 2015. I have been unemployed for 2 months now and having to pay Mobiloans twice a month is killing me. Thanks for all your 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.