I feel like such a failure. I took out one hiil(high interest installment loan), which led to another and another. These are worse than payday loans as they do not offer extended payment plans. I’m sick with worry and ashamed of myself. I signed up with a debt settlement company and they took 4 months of my money and disappeared. Now I’m behind and one is already in collections. What can I do? I live in Kansas and earn good money. This is getting so out of control and now my credit has been affected. Please, can anyone offer any advice?
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.