I had paid the interest rate on a payday loan as I could not repay it on time. Later I found out that it was illegal payday laon. What do I need to do to claim the refund. I have read I can send any kind of letter. Is the Cease and Desist Letter the same thing? Is the lender bound to repay the amount? can I file a lawsuit to claim the amount?
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.