I am in some big trouble. I have three pay day loans to the tune of $900 in service fees a month and I can no longer afford to keep paying them. My only option is to close my checking account and let the defaulted loans go on my credit report. A friend of mine told me he had to do the same thing a few years back. I am stuck in the constant circle of payday loan hell. Over the past 3 months I have shelled out over $2700 in service fees alone. I really need some advice on this issue. Thank you for time.
Cash Advance-Principal-$650-Service fee-$150
Ace Advance-Principal (same as the others)
I am now behind in my rent due to the payment on these loans and do can not keep up with them.
Can they get me for fraud since I have been making payments and my accounts are currently in good standing?
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.