Hello, I have some Payday installment loan debt that is drowning me financially and I cannot keep up with them any longer. I am trying to get enrolled in the Debt settlement program that is offered from the law group that the chat on this website directs me to, but I can't afford to do that until I can get these loans to stop debiting my monthly payments.
Long story short, can't yet close the bank account I have (that these loans take payments out of) because I paid my rent for two months with a personal check, and have to wait for those checks to be cashed before I can close the account.
My question is, has anyone had success in only revoking the ACH from these companies by mail? Or, should I expect them to use a name like "CashNetUSA2" to try and debit my bank account for the full amount after sending them a revoke ach letter? I approached my bank, and they told me that even stopping payment/blocking them after revoking the ACH they might still try to debit the account with a slightly alternate name. I can't afford to have my rent check bounce due to that happening.
Any input on personal experience with this is appreciated.
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.