I am in desperate need with these pay day loans. There were 4 in total (one of which i have paid off) The other three are killing me and i cant afford anything at this rate. 1 out of the three companies want even authorized as i signed no contract. I have been looking into getting with these pay day debt consolidation loan companies but i am unsure if that is a scam as well. Can you tell me if they are? I have also been reading through your site and saw that some of these companies may not be legal to lend in certain states. can you help me advise me of the very next steps i should take IF they are illegal?
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.