In December, I took out 2 internet payday loans from CMG Group LLC and Paragon, each for $200. They each took out $90 every two weeks from my checking account. The second time they went to withdraw, I was short and their attempts to take money out caused me to incure overdraw charges from my bank. They continued to attempt the withdrawal up to 3 times a day causing 3 more charges from my bank. As you can imagine, this spiralled out of control leaving me $1180 in the negative in my account. My only resource was to close my account. I have been receiving phone calls and emails at my work from people who say they are going to pursue a lawsuit, take me to court, prosecute me either civil or criminal because of these 2 loans if I don't pay back an ungodly amount! First- are these two companies licensed in the state of Florida. Second- can they do anything to me if I fail to pay them now. They have cost me a fortune in bank fees!
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.