Cash Call Question
Date: Mon, 01/07/2008 - 07:49
I will post something that was posted by our member goudah. Also
I will post something that was posted by our member goudah. Also if you do a search in the above search box , you will find lots of info on them. You can read about other members experiences with them. I think they are awful to deal with
Quote:
Cash Call is NOT a payday loan! They are backed by a bank. Federal Law allows them to operate when backed by an FDIC insured bank in any state without a seperate license. Federal law also allows them to import the interest rates from their home state. Since they aren't a pdl, they don't follow the same laws. Cash Call will sue someone if they don't pay, and they will win because they are 100% legal. Since they are backed by an FDIC insured bank, usually First Bank of Deleware, they are allowed to import their interest rates from their home state. So the interest rate of 99.24% is totally 100% LEGAL. This company sucks! They are evil, evil, evil. If you don't pay them, they will sue you. But they won't sue you right away. They will wait a few months so that your balance ballons up, then sue you because they know that once a judgement has been entered against you they will not get their 99.24% interest any longer. |
Here is the thread that post is from: http://www.debtconsolid
Here is the thread that post is from:
http://www.debtconsolidationcare.com/paydayloan/cashcall-info.html
It has some people's experiences with them too. They are awful to deal with.
Has anyone go through Arbitration with Cash Call, or been sued i
Has anyone go through Arbitration with Cash Call, or been sued in court?
Cash Call is all talk they will pester and harass you to no end,
Cash Call is all talk they will pester and harass you to no end, but they will not take legal action or seek arbitration with you. If you can tolerate the harassment then just ride it out.
That is not true . . . There are people that have been sued by t
That is not true . . . There are people that have been sued by them. What they do is wait for a while and then sue you, so that the interest has had time to accrue. Once they get a judgement the interest rate is fixed per your state, so they can't charge what they'd like. That is why they will let you think they've gone away . . . . Then 6 months to a year later you get sued.
Goudah, You are incorrect! If you read the Cash Call contract
Goudah,
You are incorrect! If you read the Cash Call contract with the borrower, both parties waive the right to sue each other in court. Also, the parties waive the right to Class Action Lawsuits, and Discovery. Both parties are in agreement that the dispute will be heard by a 3rd party Arbitrator. In summary, Cash Call is in violation if they state they will take you to court, as they have waived this right in the verbage of their contract. The consumer on the other hand, waives the right to join a large group for class action proceedings. Bottom line, Cash Call can only take you to binding arbitration and can only take you to court if you do not abide by the ruling of the arbitrator.
No, I've personally been sued by Cash Call. So they do sue peop
No, I've personally been sued by Cash Call. So they do sue people that default on their loan. I also know for a fact 4 other people that have been sued by them.
You can say they don't sue all you want, but I have had summons delivered to me, had a court date, and had a judgement against me, all from Cash Call.
In my contract they only make the customer agree to arbitration, they reserve the right to take you to court.
Did you think that maybe the contracts are different, depending
Did you think that maybe the contracts are different, depending on what state you live in?
What may be in your contract may not be what's in all their contracts. Period. Don't make blanket statements that could really screw someone over like that. Telling people they won't get sued could really mess up someone's life.
My experience with them was once you default they bug the hell o
My experience with them was once you default they bug the hell out of you, then after a few months they leave you alone. I didn't hear a peep from them for over 8 months, then one day I get a summons. The cop told me that he had a bunch of other Cash Call summons to deliver, and that they come in bunches every few months. The company will wait until they have a bunch of defaulted loans, then they sue. The amount I owed went from being about $1800 to $4200 in that 8 months because of interest and fees.
Cash Call may vary in states because they are not the "lender" i
Cash Call may vary in states because they are not the "lender" in some states, bank of delaware is. I have read many posts here where they did sue people. They have every right to do so regardless of what John thinks. John, maybe you are a sitting duck and they are just racking up your amount. What has been your experience thus far with them?
