Cash Call....would you do this?

Cash Call sent me a letter offering to lower the interest rate (96%) to 47% and that reduces my payment to 117 dollars a month.

It will also bring my account current.

Would you do this or take chances on court eventually?

First of all the interest was 96% that is outrageous. Okay so that offered to lower the rate and bring your account current. Can you afford to pay them $117 a month? How long do you have to pay them. If you can afford going to court all together, I would take there plan.

I think I can afford this plan. The trick to their offer is they extended the term of the loan. It wouldn't be paid off for another year and half this way. But, I'm also five months behind....I'm guessing that is so that they end up getting the same end amount?

If you can afford the payments, I would take it. If you can pay more to pay down the balance, that would get you paid off quicker. Otherwise, your other option is to do a debt settlement with them.

Take it! That is still high at 47% but it is better than 96%. I would take it and stick to the payments. Please be advised, if you default they will definately sue you immediately

How did you get them to offer you this? I have a loan with them and the payment is 14 days past due. This is primarily becuase they didn't change my checking account number from the fax I sent to them. They got the fax so I am not sure why they didn't change the account number as I put it on the cover letter and sent them a statement. I would love to cut my payment with them as I think I will be able to pay them off in February. Any advice for me?

Well...I don't really have any advice...they sent it to me in a letter form. I guess if you wait it out it will help.

Personally I would tell them to kiss my azz. They aren’t doing you any favors and they are only using math to make you think they are helping you out. You will pay more in interest if they lower your rate to 47% but lengthen your loan by 1.5 years probably. I would need the amount borrowed and the length of the loan to know for sure though. They will make more money off you and you will be in debt to them longer if you take this deal. If you are already 5 months late then the loan is already charged off. They can’t continue to charge fees and penalties. If you wait another couple months then you will get sued and at that point you should default to your state rate which is probably around 10-20% with no penalties.

Where does it say that the loan is extended 1.5 years?

After re-reading this thread I just noticed the extension offer with lower interest rate. This is the same as paying the high interest because they have extended you for a another 1.5 yrs. DollarsandSince is right. That is a crappy deal. These Cash Call jokes are sneaky

The OP said 1.5 year extension in his second post which is the third post on this thread. It is a bad deal. If you take the deal then you will reset that 5 month deliquency giving them the ability to charge you a bunch more late fees, penalties and interest. I stand firm on the fact that they should kiss your petunia. hehe.