I am from Ohio and currently have a $2600 loan with Cash Call. I am a commission only sales rep, and my sales have been bad. My bank account is short this month, so I know I am going to default. Since I know this is coming, can I contact them and let them know that I am aware and see if they can give me a lower monthly payment? Basically I just need to know what my next step will be since I'm sure their ACH will be rejected.
Contact with Ohio Division of Financial Institutions and try to find out whether or not Cash Call is licensed in your state. You owe both principal and interest, if they are licensed. Try to negotiate with them and set up a payment arrangement with them.
Their ACH will be rejected but you will be charged for the failed transaction. What you need to do is talk to CashCall immediately. Was this a Plain Green/CashCall loan or just CashCall. In the later case, things look a little grim since CashCall itself is pretty much legal.
Posts: 4159
Credits: 44179.863946819 Send message to kscornell
You do need to speak with CashCall, but be very careful. Have a small notebook by your phone. Be sure and document names of anyone you speak with and dates, times. If they say they will do something and don't do it, this will give you ammunition.
You can also revoke your ACH with your bank if needed.
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Credits: 251.4 Send message to yrtit
if the loan originated with Western Sky or any other tribal type loan.
Posts: 13
Credits: 321.85 Send message to rbg
This loan was originated by Western Sky and they sold it to Cashcall
Debt Samaritan
Posts: 5223
Credits: 71490.716580171 Send message to OhioGal1
Then it's illegal and you should only repay the principal balance. And, you can repay it on your own terms. Follow the steps for illegal lenders in the link in my signature line.
How many payments have you made so far?
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
Posts: 13
Credits: 321.85 Send message to rbg
Thank you ohiogal I will check out the steps. I have only made 3 payments so far
Posts: 13
Credits: 321.85 Send message to rbg
I forgot to mention that I did sign documents with Cashcall when the loan transferred from Western Sky, does this make their loan legal?
I have made a total of $852.17 in payments so far.
a first payment of $263.25, then 2 additional payments of $294.46 each.
Debt Samaritan
Posts: 5223
Credits: 71490.716580171 Send message to OhioGal1
They can't "buy" an illegal loan. No. Your loan was initiated with an illegal, tribal lender. It's not valid.
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
Posts: 13
Credits: 321.85 Send message to rbg
I copied and pasted the illegal lender (changing some details) and offering to pay $100/month and principal only, as well as revoking the ACH withdrawals. Here is what they said back:
Dear *****,
This letter is being sent in response to your inquiry of July 05, 2012 in regards to the interest rate charged in conjunction with your loan.
Your loan was funded by Western Sky Financial ("Western Sky") on April 04, 2012, in the amount of $2,525.00, which is the loan amount of $2,600.00 minus the $75.00 Prepaid Finance Charge/Origination Fee. Western Sky is a wholly Cheyenne River Sioux Tribal Member owned business and is located and operates within the exterior boundaries of the Cheyenne River Indian Reservation. Western Sky loans are initiated, approved, issued and disbursed within the confines of the Cheyenne River Indian Reservation. Western Sky is licensed with the Cheyenne River Sioux Tribe. Western Sky does not have any physical presence in your state or any other State of the Union. The laws of the Cheyenne River Sioux Tribe apply exclusively to the terms and conditions of your loan, and you further accepted this choice of law and jurisdiction by executing your loan document. These facts were explained to you when you applied and again when you signed your Promissory Note. As a courtesy, please find attached an additional copy of your loan Note for your records.
Please also be advised that on April 07, 2012,per the NOTICE OF ASSIGNMENT, SALE OR TRANSFER OF SERVICING RIGHTS e-mail sent to the e-mail address you provided, your loan was sold to WS Funding, LLC, and is currently being serviced by CashCall. If you have any questions regarding your loan, current balance, or payoff amount, you may call our Customer Service department at 1-877-525-2274. Our hours of operation are 6 a.m. to 8 p.m. Pacific time Monday through Friday; 8 a.m. to 12 p.m. Pacific time Saturday. If you are unhappy with Western Sky, WS Funding, or your loan in any respect, we would advise you to pay it off now without penalty.
We hope that this response has answered your questions. Please do not hesitate to contact me if we can be of further assistance.
Sincerely,
Jean Kohles
Customer Service Manager
CashCall, Inc.
(877) 525-2274 ext 5844
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