Cash Call Advise

Hi all,
I took a loan out with Cash Call in 2007 out of sheer desperation. I borrowed $2600 and never missed a payment (up until 9/09) To date, I have repaid them $6,683.57

My bank sold my account and in the ensuing confusion of the account transfer, Cash Call did not get paid. I decided that now might be a good time to start paying them via a money order or something, rather than give them my new bank info. I immediately sent them a decease letter (I am in PA, where state law extends the same protection to consumers against a 1st party collector as the federal law does against collection agencies). They have miraculously confirmed that they had rec’d it and have honored it so far.

Here is my conundrum. I am thinking that I may be better off taking a chance of possible litigation and stopping sending any further payments to them. Before I get accused of being a deadbeat, let me say that I do believe in paying my bills. I have had a lot of debt issues over the past few years and I have dealt with them as honestly and ethically as I could. However, I am still recovering from a very hard financial period. The $216 per month that I send to these sharks could go to other bills, to other companies/people that I owe. I have already paid Cash Call more than twice what I borrowed and the pay off amount that they recently sent to me was still over $2000. I know I may legally have an obligation, but morally, I can honestly say that my conscious will be clear if I never send them another dime. I know it was my own fault for taking the loan, but when you are desperate for cash, it is hard to turn down.

I’d like some opinions here, about whether anyone else is in this situation, and what they would do /have done. Thanks!

hello, welcome. you are in a tough situation for sure.. i do not think you are a dead beat at all and understand your frustration. however as i am pretty sure that cash call is a legal loan i am not quite sure exactly how to advise you on this (i am sorry). i am sure someone else will come along who will be able to help you more, i just wanted to let you know that people are listening.

Funny I was thinking the same thing. I also have a loan with them and at the point that I cant do it any longer. My dad passed away this year and Ive been trying to help my mom since now she is living on my dad's social security and she is disabled. I really dont know what to do. If there is anyone that could give some advice to myself and the person above...please do so....thanks.

Hi,
I defaulted on my CashCall account a few months ago. I decided my funds were better spent paying my other creditors rather than these scumbags. Anyway, my thoughts are that if they offer me a reasonable settlement, I'll take it. Otherwise, they can sue me and I'll elect binding arbitration with NAF or AAA as allowed for in the contract. If you've been following the binding arbitration issue as of late, you'll know that NAF is out of business and AAA is no longer accepting consumer debt issues. This will put me in a better position to negotiate a reasonable settlement, in my humble opinion, as CashCall will be stuck in mandatory arbitration with forums that no longer handle consumer issues and can not take this through the courts, per their own contract.

Pickles,
How have the calls been since you defaulted? I know that they are not allowed to harrass people any longer. Just wanted to know since I will be dealing with them soon. And I dont want my references to be taunted by them.

Hi: I had Cash Call at one time and when I lost my job, I called and told them and they lowered my payment from $216 to $126. Maybe try that. It looks like you way overpaid them though, so maybe an offer in compromise might be in order. Let us know how you do. Good luck

keep us posted, i hope everything works out for you

Thanks all! I wrote the original post and I have decided - I am going to default and see if they offer a settlement. I would pay it all off if I could, but I can't, and that money is better spent elsewhere. I probably wouldn't feel this way if I hadn't already paid them so much. Good luck all!

Sulma: I am not sure what state you are in and what the laws are there, but I can tell you that they have acknowledged my demand to not conatct me (other than by mail) or anyone that I knwo regarding this matter. I was proactive, and did not wait for the harassment to even start.

Nicksauntie,
Im in CT. So, you sent them a letter notifying them that you were sending payments via money order and for them not to contact you except via email? Have they tried to contact your references even though you sent them the demand? I am really scared that they spread my business with any of my friends or family. I too need to close my account and have decided that after the November payment I am going to stop. I wish I could do it before because I need the money but I have other payments pending and wont be able to until then. And for the same reasons as yours Nicksauntie I could use the money for paying other bills and helping my mom that really needs me right now. Thanks for listening.

sulma, please keep us posted - i understand 100% that bill, groceries, whatever come first. you have to live. from what i understand cash call is legal, so be prepared for further collection activity (i might be wrong or outdated about this information, so someone please correct me if i am wrong).
there is a thread on our payday board about them if you need more information.

http://www.debtconsolidationcare.com...call-info.html

Believe me bea2ls I am well aware how Cash Call works. I have been following up on updates on this through these forums. Thank for your help. I already sent them a certified letter just hoping everything turns out ok.

At first they were pretty constant, but I was able to ignore them. Now, no calls, but a few e-mails and letters. Got a letter offering me a settlement of $XXXX.XX, a 40 percent reduction of the balance. Of course, I'm not stupid enough to fall for that. The letter is lacking in detail and says nothing about the proposed settlement amount actually settling the account. From they way I read it, it's a sneaky way for me to simply reduce the balance by 40 percent. No thanks. I'll continue to wait them out for something reasonable.

Pickles

Thanks Pickles,
Like I said, I already sent them a certified letter. Now is just sit and wait til they make me an offer I cant refuse. That way I will be done with them once and for all. Thank God for emails, snail mail and caller ID!!

Has anyone been able to use debt consilidation program to work with Cashcall?

Wow, how scary. I just looked at their website and their rates... borrow 2600, get $2525...
A loan fee of $75 and APR of 139.34% ... 36 payments of $298.94 = $10,761.84 you have to pay them back when you only got $2,525.00? WOW! no wonder CA sued and got a permannet injunction against them.... At least they post their rates online now; hopefully no one will do business with them anymore.