Do any of the pay day loan consolidation companies really work? I have probably 8 to 10 PDL on the internet right now and financially i can't keep up. I have talked to my bank and they just keep paying them. My account is overdrawn right now so I stopped the direct deposit. They told me they can't stop the ACH payments and that I need to contact the company that is debiting my account.
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.