Can someone help me with settlement on Cash Call loans?

Welcome to the Community :D I believe Cash Call is licensed, and they are also backed by a bank. Have you tried to work out arrangements with them? I know others have dealt with them, and they seem to be pretty tough to work with. Since you have registered, someone will contact you and discuss options you may have, such as consolidation. In consolidation, you can put all your unsecured debt into one monthly payment. Feel free to ask questions, we are here to help!..Karen

I took a loan out with cash call back in April 2007 for $2500. I called them yesterday to see what was my pay off as of today and they told me $2816. I was stunned to find out that only $12 of my monthly payment of $216 was going towards paying the $2500 and the rest was going to interest. Plus I'm on a 3 year pay back. That doesn't sound right and I'm very dissapointed. I'ts not like I bought a car. Need to know if this is right.

I hate cash call. They are such a rip off. They make their money of fees and outragious interest. Unfortunately, like Bossy said, they are licensed to lend. :-( Calling and attempting to make arrangements might be your best option. They aren't easy to work with, but maybe you'll get lucky. If not, I have heard some say that they let it go to a CA and then worked arrangements. It's a bit risky, but you have to do what you have to do sometimes.

I just got off the phone with Cash Call. I borrowed 2500.00 and I owe 3025.10. How??? I thought paying 210.00 every month would pay it off. I had no idea that only 11 dollars goes to my principal. How can that be? Can we talk to someone about the rate of interest? The agent on the phone told me to call and ask for modifications every month or ask for a settlement amount or ask what is available to me. How does that help if you have been off ill and haven't worked. I am so dissappointed and floored by the amount I owe. I was absoluetely speeckless when I got off of the phone. Is there no legal action we can take?

No, you signed the contract agreeing to those terms.

Cash Call is backed by the First Bank of DE. Federal Law allows them to import any interest rates from their home state. It is perfectly legal. It sucks, but it's legal.

They can charge that interest because they can, and they get away with it because people call them when they are desperate. Just like I did.

I had gotten ahold of someone on the phone and explained my situation. They said if I paid my 215 they'd submit a deferment for me. When I paid it and called to confirm I spoke with a different rep and it never got to the one I spoke with in the first place. They never sent my deferment. Since then I haven't been willing to work with them since they haven't wanted to work with me. I had another notice saying they'd finally give it to me (after I wrote letters about it being 'forgotten' about and further explaining my situation) if I again sent them the 215... But they gave me such short notice that I couldn't get the 215... That was the whole point of me giving to them in August as I knew I wasn't going to be able to afford to give them any money for a while.

So your options are try to get someone to get you a deferment or modification (that is where they lower your rate and so your monthly payments are lowers) depending on your circumstances. But if you do get ahold of someone and they do say they can help you, get it in writing! Get proof that they will do what they say they will if you do what they ask you to.

Your other options are wait to be sued (which gets you a lower rate but you are stuck with all the fees and interest from however long it took them to sue you), or hope they sell you to a collection agency... Which in this case the collection agency I've heard is much easier to deal with than them.

So good luck everyone here that is dealing with cash call....

i am so glad that cash call turned me down :shock:

yes be very very very glad!

Ya know poko i was just thinking as reading this thread... wouldn't it be almost as cheap to let them sue u and pay that??
Wow, what slimeballs! Ashame this is even legal!
:(
Ang

I think people have found that out, that getting sued costs them less, including the laywer fees... Which I noted when I sent them my letter. Saying that giving me the deferment was the best option for them as well as me, because either option, suing or selling, was going to cost them more.....

Sure sounds like it... as atty fees have a cap on them for civil suits and the interest is also capped...
:?:
Maybe she could try to send some sort of letter like u did, sure can't hurt. I just hate seeing people being ripped off! These people are worse than loan sharks!
:(
Ang

Well they did respond with an offer for a deferment, only they wanted more money which I couldn't pay them so I'm out of that option. At the same time they sent me that letter they sent a notice of intent to arbitrate... Which I assume was meant for, here are your two options.... They haven't arbitrated yet, they only notified me that they intend to....

And also let me add this.... 3 years ago i got a call from an atty office, i called them back immediately and tried to settle a debt with them. I offered them what i thought was what i legally owed. They refused... they sued me and got a default judgement (my mistake) SO anyway here recently, 3 years later and 3 court dates, i call them and offer them the EXACT same settlement i did the first time... they accepted this time!
MAJOR CONFUSION HERE,
So now i paid them and they sent me the paperwork to vacate the judgement and have it taken off my credit report.
:?
Ang

This was a cash call debt?

Oh NO poko sorry for hijacking this thread! Just angers me when i see soemone being totally ripped off!
:evil:
Again sorry, this had nothing to do with cash call just another slimey CA, (CACH)
Ang

Don't worry about hijacking, it happens. We've done taken over and the people who first posted about it haven't said a word otherwise. But any information is good information, so feel free to vent about collection agencies... Just remember that people might be better off with them than with cash call!

MY advice (because of personal experience with them).................I stopped paying CashCall bacause I just couldn't make the high payments any longer. Their % rate is VERY horrible!! I haven't made a payment, to them, since Febuary, of this year. I finally had to default on my loan. HOWEVER.......I did try, several times to make arrangements with them. All was getting was people hanging up on me. SOO....I stopped calling them. Ok.....this is what I did. I 'defaulted' on the loan. CC 'sold' my loan to a Collection Agency. My % rate wentvfrom 99% to 5%. IF CC DOES sue ( and I HIGHLY dubt they will,cuz they were threating to sue me, too) you probably go to court.IF you DO go to court, you would pay the % rate, that is 'set' in the state where you live. They are backed by a bank, yes..that part is true. HOWEVER..........they can be backed by a ZILLION banks!....but, the % rate is illegal!! Find that out from a lawyer friend of mine. Cash Call is in trouble, AGAIN, financially. They are 'selling' alot of their loans again. Just thought I would tell ya what my experiences were with them. If you are having paymnets taking out of a bank account, I would change the account. Yes..Cash Call would be on your credit, BUT, it wouldn't say, on your credit what % rate they are charging. Hope this advice helps.

Garcia, what state are you in?

so you just stopped paying them? And all that happened was they turned it over to a collections agency? hummmmm I have a loan with them too, but I'm just trying to pay them, and work on the actualy PDLS, but this sure makes a person think!!

I've tried like heck to get them paid too. But when they screwed me over by promising something and not delivering, I figured they weren't going to make it easy on me and gave up. I've gotten the notice of intent to arbitrate, but if you are right sd then hopefully I'll get sold too!

what is arbirtrate?

I'm not sure, it is something about sitting down and working out a deal... before they sue you. But right now I just got this. Of course the deadline I can't make as usual but it is a nice idea... Hopefully more of you will receive something similar soon...

So sd was right. They are in finacial trouble again. Hence the making a deal to get at least some money out of people. It is better than none. I guess they are realizing that you can't make a boat load of cash if everyone defaults because your rates are too high....

WOW, interesting, how long have you had this loan?

I got it sometime in the summer or spring, and my last payment to them was in August, which they tricked out of me by saying they'd give me a deferment.

Too bad I can't come up with 125... I've got more important stuff to pay, plus with the holidays coming up and travel and all that. They are really desperate for their money though to let it go to 47%!

yep.......Cash Call is trying EVERYTHING to get money out of people. I stopped paying them in Feb of this year. They made 'threats', etc. Never heard from them again. And you're right,Pokogeo...there are MORE important things to pay. I don't care how many times Cash Call says "they will help you out, by doing this,"..don't believe them!! Cash Call is horrible!! Eventally they will 'sell' the loans that aren't paid. They are terrible to work with.

how did you stop paying them? They take the monthly payment out of my checking?

PLEASE SIGN PETITON REGARDING CASHCALL HARASSMENT GOES TO COURT DECEMBER 10

GO TO IPETITION DOT COM/CASHCALL

Well...'ren0318'.......I talked to my bank and I had a 'stop payment' on ALL of Cash Call attempts of taking anything out of my account. Now......when you do that, and if Cash Call DOES Call you ( they may a few times), they will tell you "because of the 'stop payments', you have to start sending Moneygrams now." You will probably gt a ZILLION e-mails to " call them because of an important matter." Don't answer the e-mails. If you do, they will know that is STILL your e-mail address. Follow?? They will do ANYTHING to get money from you. Oh..you may consider changing your bank account, too. Hope this helps.

I had to close my account because of my internet PDL mess, so that is how they ended up not getting their money. I told them that too, and so they tried to persuade me to give them my new account numbers, but my money flow was really not stable at all and I told them no. Then they offered the deferment, which they crewed me over on. I wrote them a letter and they offered me another one, but I didn't have the money for it (that was at the full % rate if I gave them a usual payment), and when I never responded, they recently came out with the lowered % and the new lowered payment..... I'm thinking I won't take them up on it since I know now they will probably sell my account.

and if they sell you account, what will happen then?

Then you have to deal with a Collection Agency. But from what sd_chargers has said, they are easier to deal with and will work with you a lot better than Cash Call will.

i took out a loan for 2500 last june 2006. at first my payments were 215/month, but i wasnt able to keep up with the payments. i was behind two months, and i was able to get a modification which lowers my interest rate to 70% (still so high) so that made my payments 165/month. i have been paying them that for the past 8 months, and to my surprised, my principal hasnt gone down. i actually owe more than what i started with. that was ridiculus. so i stop making payments...i havent paid them in 3 months..now i received a settlement offer to pay just 1700 on a 3000 loan. is that good or bad? i dont know if they are fo real. my other option is to pay them 290/month for the next 6 months and i am done. has anyone ever got a settlement offer like this??

That is because only about $12-15 each month are going to the principal. When you look at the balance just before you pay again, the interest brings it up to above that so when your payment comes in, once again it only lowers it about $12....

You are getting a settlement offer now because they are financially in trouble again. You can either wait until they sell of your account or just get it paid and done and over with. Personally if I had the money I'd just get it done and over with, but I can't even afford the $140 something a month they are offering me.... and the 47% would be nice, but just can't give them anything right now.....

You could wait it out and see if they'll lower it anymore....but they might just sell it. Which then that'd go on your credit report.

And anything you agree to, if you send them money have proof that the money is supposed to do what they said it would... Get a document, anything in writing....

Please be careful with Cash Call. They are very bad at record keeping. Keep whatever they send you and make them put things in writing and if you talk to them harrass them about making notations to your account. I have asked them to read back to me what they notated. Also remember that not all customers get sent to collections. There are several people who have posted they were sent to collections and things are better for them however, there are several who have posted that they were taken to court and never made it to collections. From all the posting there appears to be no clear guidelines regarding who gets sent to collections and who gets to go to court. Whatever you decide, please be sure to research your options throuroughly and be aware that there could be legal implications.

I think we were going on the optimism brought on my sd's comment about them being in financial trouble and how they'll probably get out of it quicker by selling a bunch of accounts rather than spending the money to take them to court. It is optimism, but yes they can sue the pants off of you. I've already recieved a notice of intent to arbitrate, but that was before my latest "please come back to us and pay us we'll lower your rate" letter.....

I am paying 216 a month but it's hard for me now to pay. Will they harass me with my employer even if send them a notice to settle or arbitrate. I don't want them to call my employer.I am willing to be sued and pay a lower monthly payment

I took a loan with them in 8/2005 by 12/05 I paid them off..In 4/06 I received a letter saying that I miss my payments..I just recently check my credit report and found that I have 2 account with them. I have to borrow money from this other loan company..which I had to call them see if they could make me a copy of the check that they had paid off..i got the proof also a letter that they sent in 3/06 paid in full..I know I didn't open another account with them...Now this attorney works for Naional Recovery is call me and threaten me..You know any one that could help me...I can't afford a lawyer. Need advice..am doging them..

how long of not paying does it take for cash call to send you to collections

they won't.they will let the interest accumulate then sue for the whole amount.

My husband took out a loan with CC about 1 1/2 yrs ago. Never late on a payment, but just got credit report and only shows that $147 in principle has been pd. I am wondering if he stops paying if they will maybe send it to collection. He is a disabled veteran and his money is protected from garnishment. Anyone have any advice in this situation. Even if they did get a court judgement they couldn't get a dime. We would be happy to settle a reasonable amount.

how did you guys stop cash call from debiting your account? the bank said they will accept the debit; you have to get them to stop. I am considering letting it go to a CA too...help!

You would have to close the bank account.

hello,
i have loan at cash call, never made anypayment at all and now they filed a law suit for me which is due soon. i asked an advice already from some of credit counseling and too bad for me they cant deal with cash call ( because cash call doesnt want to deal with anybody). someone advice me just to go ahead and go to my court date with them. i called cash call to make a settlement with my past due balance that they wanted for me to send i will still need to pay them more beside those balance. i am trying to find answer if its good idea to go to court and settle it there. at least at court i can ask fo rpayment plan or claim of exemption as far as from all previous post.

I want to help my mother settle her account with CashCall. I have no idea how to begin.