FOR IMMEDIATE RELEASE:
May 26, 2006 CONTACT:
STATE ORDERS MORE PAYDAY LENDERS TO CEASE ACTIVITY IN MASSACHUSETTS
Unlicensed lenders typically charge illegal fees and interest rates
The Office of Consumer Affairs' Division of Banks this week issued 48 cease activity orders against out-of-state payday lenders who are marketing illegal loans to Massachusetts consumers via the Boston Craigslist website and most recently in the Boston Herald. Commissioner of Banks Steven L. Antonakes has also asked the website and newspaper to cease accepting advertising from these companies. Massachusetts Consumer Affairs Director Janice S. Tatarka warned consumers of the multiple dangers these loans pose.
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.