I have a couple of installment and lines of credit with extremely high interest rates and outrageous terms, similar to PDL's. The company is Advance Financial. Are these type lenders treated like PDL's in that I can stop their collection activities by sending a cease and desist letter? Are these companies treated the same way legal way as PDL's?
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.