There are a few terms in the PDL contracts that I could use some clarification on if anyone can help on it. I'd appreciate it.
First .. "You also authorize us to verify all of the information that you have provided, including past and/or current information. If there is any missing or erroneous information in or with your application regarding your bank, bank routing and transit number, or account number, then you authorize us to verify and correct such information. You acknowledge that the origination of this ACH transaction to your account must comply with the provisions of U.S. law."
Second .. "You cannot be arrested for passing a worthless check in connection with a deferred presentment transaction unless due to a closed account."
I ask for clarification on this because I have closed the checking account that the check was written out for to the loan storefront but have also opened another checking account at the same bank. The new account has a new/different routing # and checking account #. Will non-payment of the PDL and the above terms mean they can access my new checking account information and get the information and be able to present the check or an ACH/electronic transaction on the new account? My bank said that a submission under the old account will not affect the new account. But, wanted to be sure.
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.