I took out a $2,000 loan from a company named Q Credit and have paid back the initial 2k but I am unable to continue making payments. I reside in FL and wanted to know if anyone else here has dealt with this company and their legitimacy. Before I authorize my bank to stop any future payments to them I was wondering what to do first or what can I expect from them. Any help greatly 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.