Currently have loans with 5 payday loan companies. I have been reading what to do on here but I feel so confused. What is the first thing I need to do? I know I need to close bank account & furnish revocations of ACH to accounts.
Is this correct? Then do I send the letters telling them I'm not going to pay the rest of the ridiculous interest? I am confused and
afraid I will not do things in the order needed. Could someone please post the exact order of steps I need to take?
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.