Can someone help me with settlement on Cash Call loans?

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.