Need assistance in dealing with Cash Call
Date: Thu, 10/26/2006 - 21:54
Last year I was in dire need of money, due to bills, a negative checking account, car insurance, rent, so on and so forth, and my job at the time only paid about seven dollars an hour, and at twenty five hours a week. We were also paid bi-weekly, so that was no fun as well. After seeing many commercials for Cash Call, I decided to give them a try.
They said they can wire the money into your account by the following day, but the whole process took half a month to complete actually, as they said I hadn't qualified the first time. The second time they called, the agent excitedly babbled that I could in fact qualify for a loan, but only up to ten grand. I told him I wanted the lowest loan possible at the time, twenty five hundred, and he insisted I take the five grand one. I did, and faxed over a voided check, a check from work, and my ID, and over the course of emails, I signed for the loan and got the money.
With the money, I paid off bills, debts, rent, managed to fix up my truck so it can run decently, and even spend some on myself. I thought that paying $250 dollars a month for a loan for only five grand was just fine, something theoretically, could be taken care of in twenty months, give or take. On occassion, I would be late with a payment and have to send them a moneygram, and everything was fine, or so I thought.
An emergancy occured in June with my truck, and I used the remaining grand to fix the truck. My parents wished to know where I got the money so quickly, and I told them about the loan. They were stunned, as I had been out of the house for a year and a half now and on my own. They asked to see the contract, so I opened up my email files and presented it to them. When they showed me the finer print... boy did I feel stupid. Very... very... exceedingly... mind numbingly... stupid. Stupid is actually an understatement of how I felt, but I don't wish to swear here. :wink:
The loan, as I saw before and was curious about, had to be paid off in Ten Years. Good I initially thought, if I can't make a payment on one month, perhaps I can make it in a month or two. Wrong. I had to make payments for ten years total, to pay off $25,000 dollars. I was dumbfounded, and my parents were horrified to learn that the reasoning behind paying off so much interest, was because in part, the apr was 60%. I believe in California, 30% interest is the legal limit, though I may be wrong. I thought that in the ten months I had been paying off my loan, I was halfway done. Reasonably, I should have been done. But no... I hadn't even made a dent.
I moved back in with my parents in July, and gave Cash Call an alternate address to a friend of mine, who would burn my letters demanding money from them, as I have not paid them off in three months now, and refuse too. It seems criminal to me that I am forced to pay and pay and pay interest on a loan... without even knocking a dent into the loan itself. I am seeking debt consolidation, and will take these crooks to court if I must. If the judge deems it fit to pay Cash Call a dollar a month if I must, so be it. Personally... I hope the judge will tell them to go to hell and never expect a dime from me. Any advice and output is greatly appreciated. It would be easy to say I fell victim to this predatory lending because I'm young and stupid, but that wasn't the half of it, the other thing is I got greedy.
Well... off to ignore there calls as usual.
Next time, be careful! Understand the contract very carefully be
Next time, be careful! Understand the contract very carefully before you sign anything. Sorry, but your negligence about not understanding the contract could have landed you in more serious troubles. Just think about it.
If the matter is taken to the court, the company will claim that they specified the charges in the contract and you signed for it. So, where did they go wrong? You will have to defend by saying that the company was on the wrong side by charging more than your state allowed legally. That may be a weak defense from you for a while because the judge will assume that you signed the contract in full consciences. The judge won't let the company escape through the narrow way. Are you consulting an attorney?
I've been hearing so much about this company on the forums latel
I've been hearing so much about this company on the forums lately that I decided to check out their website. This seems more like a personal loan company to me rather than a pdl lender. They do require a credit check. I didn't go into a lot of research on their website though.
I am not sure about the courts and where it stands on Cash Call.
I am not sure about the courts and where it stands on Cash Call. But what I do know is that if you make extra payments it is taken from the princabl.
when i took the loan for 2600.00 the minute it hit my bank i called and told them to take 1000.00 back so my 4 year loan went to 1 year.. trust me i am not a fan of cash call but the contract states pay more then the payment otherwise you will pay a lot of intrest. they know they are ripping people off and let you know.. Good Luck
one more thing i am also in CA if you find that the intrest they
one more thing i am also in CA if you find that the intrest they charge is not leagl please place a post...
Quote:This loan carries a very high interest rate. You may be ab
Quote:
This loan carries a very high interest rate. You may be able to obtain credit under more favorable terms elsewhere. Even though the term of the loan is 42 months, we strongly encourage you to pay off the loan as soon as possible. You have the right to pay off all or any |
As i said i have a cash call loan and just looked at my contract...
Quote:
i have read all of the terms and conditions pursuant to the california finance lender law, division 9 (commencing with section 22000) of the financial code. For information, contact the department of corporations, state of california, license no. 603-8780. |
I do not recommend Cashcall or accuring unsecured debt, try usin
I do not recommend Cashcall or accuring unsecured debt, try using cash and maybe getting part time jobs to pay off old debt or daily living expenses. You will haev to pay the cashcall debt off. Good luck