This is my first time posting...i live in Louisiana, and we currently have 6 online payday loans out. The biggest one, and my main concern, is through Magnum Cash Advance. We are paying them 1300 a month on this loan, and we keep have to re-advance every month just to make ends meet. I called a few different places that claim to help with payday loans, and all of them have told me that the online pdl places cannot report to the credit bureau. We are considering closing our checking account just to stop all the debits from these places. We have tried to get our payments lowered, and they will not work with us. I am just wondering if these places can sue us for closing our account? I dont know if there is a law in my state saying they can do that or not. I don't dispute the fact that we owe these places, I just can't pay so much at one time. Any advice would be apprecitated..thanks so much
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.