I stupidly took out an installment loan with check n go. I, unfortunately, cannot make payments due to job loss. I called the collections department who let me break up my recent past due amount of $314 into 3 payments. However, the next payment of $299 is due on Feb 9th and it was going to bounce. I have revoked ACH as I do not want a return fee with my bank. From what I have read on here, it will default due to me revoking ACH. The collections department said it will take some time to default. Is there anything I can do to speed up the process to be able to make a payment plan for the full amount to avoid further interest attributed to the 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.