I live in Massachusetts and it looks like neither of these companies are licensed to lend in my state (can't find them on the NMLS either).
In reading through the forums it appears that the loans are in violation of MA usury laws and otherwise unenforceable due to the lack of lending license in MA. Do I have any recourse to either get these interest rates lowered or get out from under these loans? I'm not one to not repay debts, but these are killing me.
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.