First of all, thanks to everyone who posts on here. The amount of info I've come across is amazing.
I live in Tennessee and have made the terrible mistake of taking out multiple tribal installment loans with the following lenders:
Sky Trail Cash
American Web Loan
Big Pic Loans
Blue Trust Loans
Rise Credit (I believe t his is legal)
Elastic - I believe this is legal)
I have paid various amounts to each but as you can imagine, still owe a fair amount to each. Questions I had:
- Are these legal in TN? I've seen conflicting info and I do plan on calling my State AGs office to try and confirm
- if they are legal, Do any of the above send to collections? If so, based on experience how quickly and do they report to credit bureaus?
I've already revoked ACH for all of the above loans as well
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.