I sent ACH revocation letters to my lenders today. I assumed they were all "payday loans" because my credit isn't good enough to qualify for anything else! I had one company (lion loans) say they'd honor the revocation but that I still needed to pay per the agreement. Then I had another company (total loan company) call and say I was very mistaken and they are NOT a payday lender, they are an installment lender and that this loan is NOT illegal and they are definitely licensed to lend this amount (it was 800) in my state, SC. Is there any way this is true? That I could be accusing someone of being an "illegal payday lender" and they're really not?? How do I know???
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.