Right now, we are not in a position to pay anything towards my husband's two tribal loans. In Michigan, I am not sure if they are considered payday loans when it comes to the law, or what they fall under. When I called the proper agency to inquire about it, I was told their being tribal did not make them illegal, but we could file a complaint to find if they are licensed. Another lady looked up their names a different day and said they were not licensed. I am not sure if down the road we will have to file bankruptcy. We stopped ach debits, sent out letters, and my husband is going to have his direct deposit for work go to another acct. I guess credit counseling and debt relief are not options with these so should we let the two tribal loans go to collections and then deal with them or what would be the next step? Thank you.
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.