Woo Hoo!! Maryland has reached agreement with Western Sky Financial, CashCall, Inc. and others regarding loans made to 1,200 Marylanders. Maryland residents who have been victimized are eliIgible to receive restitution of more than $1.7 million based upon prior payments. Those eligible will be contacted within 90 days of the effective date of settlement. Remaining balances on any loans by Western Sky, Great Sky, Payday Financial Red Stone, Red River Management Systems, Webb or any other entity owned or operated by Webb, directly or indirectly, to a Maryland borrower are cancelled and all parties are prohibited from selling, assigning or collecting on any loans going forward made. More than $275,000 in remaining loan balances will be forgiven. The respondents will pay a fine of $80,200 to the Commissioner and pay specific restitution of approximately $20,000 to the 20 identified borrowers who previously filed complaints related to this case with the Commissioner. WAY TO GO!!!
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.