I am currently trying to help a family member that got in a bad way and took out some very high interest loans. This individual has been paying on them for quite some time and from looking at what they owe vs what they paid it seems like they are getting no where.
These lenders are Mobiloans and Plain Green loans. I've tried searching information regarding them and the state we live in but all I'm finding is old posts from the early 2010's or the recent court cases where they went bankrupt and got sued.
We are located in Indiana and I have put in a request with the state department of finance but who knows how long it will take for them to get back with us. I've searched the states online licensed lenders and can't find either company, but I'm not sure if maybe they're hiding under a different name or a parent company.
Can anyone help as to whether these 2 companies are legal in Indiana? As I understand it if not then they only have to pay back the principal amount correct?
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.