So I have several payday loans, I totally now know they are not the answer. So I got to a pay where I have been making payments but just wasn't caught up. I found this company Progressive Debt Relief who said they were able to assist with payday loans. Mind you I am not trying to stiff them I just want to pay what I owe in ONE payment per month over a year. So I talked to two individuals in the company who sold me on this plan for $256 out right they would have a negotiator work with my payday loan companies. They weren't guaranteeing settlements, but they had stated that they had prviously worked with my payday loan companies and they didn't see where there would be any problems. My expected monthly payment for the payday loans would be $160 monthly and for $59.50 the negoiator would deal with the payday loan companies. I was told if I got any communication from the PDL to forward or direct them to my negotiator. I was told that I would also be sent a dvd and kit that would show me how to handle them myself and I would receive acesses to a website which would detail my information, creditor info, and communication with the pdl lenders. They advised me to get a prepaid visa to load money as my bank, Chase stated they did not do ACH Hard holds on automatic debits and that I would have to close my acccount. Mind you until I signed up with this company I was current on all my day day loans but with their advice i rerouted my paycheck to prepaid mastercard, and bought a prepaid visa so that they could I pay them and the PDL companies of. So I am slightly concerned that my negotiator is doing nothing. When I was finally able to log into the site to view communication there was nothing other than my name and zip code. None of the email communication that I forwarded to Natasha, my negotiator was posted, nor was there any evidence that she had communicated with any of the companies. I had recently informed here that I had been contacted twice by Paycheck Today at my place of work after informing them to call me on my cellphone and any further calls at my place of business would result in my contact my state attorney general. That same day they sent me an email stating they would offer a settlement on my account. I forwarded her the email this past saturday asking her to follow up. I have heard nothing back her response was there wasn't much she could do about them calling me but to direct them to her direct line. She had not even addressed the settlement. It occured to me that she's proably just skimmin emails or selectively reading. So I'm thinking that either she's jsut pretty lazy, or that Im being scammed by this company. So I'm just wondering if anyone has found this typical of their dealings with this company. I think I am better off dealing with the PDLs myself as they are not licensed in my state and from my understanding all I have to do is payback the princpal amounts owed not the fees. Is this correct...I live in New York state... Let me know what you all think.
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.