"Our program normally lasts twelve months. During that time period you will put aside money each month, into a personal savings account set up for you. You will have one monthly payment (weekly or bi-weekly options available) which will go into your savings account to settle your debts. When you build up enough funds to make a settlement (usually about 50% of the original loan amount), we contact your lenders and negotiate a settlement, getting you out of debt and ending the cycle!"
I was looking into places that could help me consolidate some store front loans here in AZ.
I read the "how it works" thing and this doesnt make much sense to me.
They want me to default for months before they even contact the companies? Doesn't that mean I still have to deal with over drafts and collection calls?
Anyone know of AZ debt consolidation companies that work with legal store front payday lenders? I haven't defaulted yet....but it's only a matter of time.
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.