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I DESPERATELY NEED help with debt settlement for both I and my husband's Cash Call loans as we just cannot pay them anymore each month due to cutback in our job salaries. PLEASE help us or refer us to someone who can.

Posted: Sat Aug 04, 2007 10:35 am Subject:

Welcome to the Community Very Happy

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

Rose · Posted: Wed Nov 14, 2007 12:05 pm Subject: need help

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.

Posted: Wed Nov 14, 2007 12:09 pm Subject:

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. Sad

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.

DMo · Posted: Wed Nov 14, 2007 4:11 pm Subject: Cash Call

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?

Posted: Wed Nov 14, 2007 4:14 pm Subject:

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.

Posted: Wed Nov 14, 2007 4:28 pm Subject:

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....

Posted: Wed Nov 14, 2007 4:35 pm Subject:

i am so glad that cash call turned me down Shocked

Posted: Wed Nov 14, 2007 4:37 pm Subject:

yes be very very very glad!

Posted: Wed Nov 14, 2007 4:41 pm Subject:

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!
Sad

Ang

Posted: Wed Nov 14, 2007 4:51 pm Subject:

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.....

Posted: Wed Nov 14, 2007 4:53 pm Subject:

Sure sounds like it... as atty fees have a cap on them for civil suits and the interest is also capped...
Question

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!
Sad

Ang

Posted: Wed Nov 14, 2007 4:56 pm Subject:

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....

Posted: Wed Nov 14, 2007 4:56 pm Subject:

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.
Confused