I've been reading a lot on your site and it has given me hope but I'm still scared! It's been hard for me to sleep at night. I have paid out thousands in interest and realize my mistake in payday loans. It's a vicious cycle I can't get out of. I live in Delaware and from what I understand, loan companies have to be licensed to loan.
I have loans with the following companies:
Cashnet.usa (licensed in Delaware)
Responsible Loan (I can't see where they are licensed but have already told me they will not debit my account within minutes of getting my email). They said they are not bound by state laws. Is this true?
Ace (licensed in Delaware). They want to convert my payday loan to an installment but will deduct the full amount which I can't afford. I want to revoke my ACH debit and make payment arrangements.
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.