I am drowning in payday loans and everything has suffered because of it. If I stop paying them what can happen? I know they banned all instore ones in arizona 2 years ago. I need to pay my other bills but i can't because of these loans that are drowning me. I need to pay my auto loan so that I don't get repoed. If I stop paying can I close my account and start over.
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.