I recently discovered most of my payday loans are illegal and they have been charging me really really high interest fees. I just joined a debt consolidation program so that I can pay these loans off. I had so much to happen to me in the last past year and I needed some extra cash in between pay periods. I make good money but since these payday loans fees have been coming out of my check and overcharging me I have little or no paycheck at all. I couldnt close my bank account because I had a negative balance. I had to have my payroll check deposited on a prepaid card so that these companys will not get my money like they have been but I want to keep my current account. I plan on playing this payday loans off but Im not going to pay them more that what I owe. Can you please give me some advice on how to handle this situation. I plan on going to my bank and putting and no debit status on my account so these companys cannot keep debiting my account. I once got a threatened call saying that they were about to garnish my check is that at all possible. Can someone please give me some more information and/or advice on what it is that I need to from here on out.
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.