CashCall

I commend you on your honor and intent to repay what you owe. Too many today are looking for a quick way out of debt, and will do whatever they can to get there - even if it's not entirely honest. You, at least, realize that this debt was incurred legally, that you're responsible for it, and you intend to pay it. That's a wonderful statement of your character! :-)

They are very difficult to work with - Odds are it will be an uphill battle to get them to agree.

They haven't forgotten about you. What they did with me was this:

I had a loan with them 3 1/2 years or so ago. I defaulted on my payments, and decided to file for BK. I told them this. They never once contacted me again, until about 7 months later. The contact was a summons. They had sued me.

I tell you this because I don't want you to think that no contact means they have forgotten about you.

Really, I haven't heard of them agreeing to reduce the interest like you are wanting. I've heard of them reducing some, but not half. It's worth a shot, but you should have realistic expectations.

BOY>>>can I tell you stories on Cash Call!! From personal experience, of course. As you know, Cash Call does have a VERY HIGH % rate. Even if you tried to pay them what you could every month ( if it would be less than the 'arranged' payment) it would take a LONG time to pay off. I was "foolish to aggree to the % rate", too. Don't feel bad. ALOT of people, on this forum, have been 'tangled up' with Cash Call, and I'm sure a few of them can give you some really good advice on how to handle them. I DO comend you for wanting to take care of your debt, with them. The people on this forum WANT to take care of debt, however,...just need to know 'where to start'. CS, at Cash Call, will tell you 'every story in the book' to get you to make the 'arranged' payment per month. BUT...if you can't, you just can't. Their CS doesn't care about issues and problems that may arise. They just "want their money." Thank goodness Cash Call 'sold' my loan to a CA, for 5%. That's ALOT better than the 99% I was paying at Cash Call. Anyway...I'll quit rambling. LOL If you would like to 'chat more' about the Cash Call 'issue'. Let me know.

[font=Verdana][/font]Believe me, I don't for a moment think they have forgotten about me. Its just a matter of when they will decide to pursue collections and how. :oops:

I am not, however, going to rush into this. But if I wait to long, that is just more interest that is accumulating. Right now my rate with them is 59% I think any reduction will help. I figure to offer a reduction by half on the interest rate to see what they come up with in return (if anything). I know it will be a battle, but if I don't try, the loan will just sit and the balance will continue to increase.

Does anyone have an letters they've used to negotiate reduced interest on a debt in return for re-aging on their credit report that I can use as a template?

I don't have an example letter myself, but have you looked at the DIY letter section here? It may have something you can tailor to your needs:

http://www.debtconsolidationcare.com/diy/

I think it's a good plan to start at half, just be persistant and use strong negotiating skills.

Also, if you can be lucky like SD and get sold off to a collection agency, you will have a much easier time. It's a shame you can't request them to sell you off!

Hi goudah2424, you said you filed BK & then they still sued you after the fact?

No, I had told them I would be filing, and they sued me before I filed.

Thats what they tried to do to me....race me to courthouse before I filed. I guess they don't know/care that a BK filing stops that suit dead in its tracks. Thanks!

Yeah - It's a total waste of money. All it did was speed up my filing.

good stuff.....they are in trouble now with the economy the way it is.....I'm surprised that they can still afford TV commercial air time.

Don't worry, mlmtlnd, no one is as foolish as me ^_^ I loaned with them TWICE. I paid off my first loan in a year, and then was stupid enough to take out another loan with them 10 months later. And this one for a larger amount, too XD

I haven't defaulted yet, but am still slowly bleeding out to them. I really, really, REALLY do commend you as well for your attitude and your good intention to pay back the money you borrowed from them. I just know how hard it can be to get along with them, tho ^_~

They can afford to do the tv commercials because they use has-been actors who are hard up for money and will accept any job they can get. :evil:

It's one has-been actor, right? (Gary Coleman). Glad to hear I'm not the only one dealing with them--and btw, my court date is a week from tomorrow. Wish me luck...

Here is the text of the letter I just sent them. I decided to go with asked for a reduction to 1/3 on my interest rate as a starting point - the worst they can do is say no or come back with something else. Cross your fingers that they will at least try to work out a reduction with me.

CashCall, Inc.
1600 S. Douglass Road
Anaheim, California 92806
FAX: 949-225-4697

Reference: Account #xyzlmnop

Dear Sir/Madam:

This letter is to inform you that my financial situation has worsened since our previous payment agreement. As you are aware, I have not made a payment on this account since late 2007. At that time, I was seriously considering filing bankruptcy and advised you of same in my Cease and Desist calling letter. Since that time, I have re-examined my finances and decided that filing bankruptcy is not in my best interests. Given my financial situation, I have no choice but to request an amendment to our original payment agreement dated XXXXX YY, 2007.

Based on my current income, the number of other creditors I owe money too and my increased transportation and living expenses, I respectfully request a reduction of my interest rate from 59.94% to 19.98% and a re-aging of this account with all of the major credit reporting bureaus (any references to late payment or charge offs on this account should be deleted from my credit file). I have several other companies to conduct debt negotiations with and have limited funds at my disposal. I will be able to pay only those companies who are willing to meet my terms.

If you would be willing to do this, I can promise to pay $150 each month beginning June 15, 2008. This would allow me to pay my account in full by mid-2012. I have included an amortization schedule showing a breakdown of the loan based on this reduced percentage and payment. The beginning balance was obtained from your website on April 22, 2008 (screen shot also included).

If my financial situation improves and/or the payment in full of other debts allows and I am able to increase my payment, I will contact you immediately. Please send written confirmation of your acceptance or rejection of this offer to my address outlined above. If you have any questions, concerning this matter I can be reached via e-mail at abc123 (@) whohoo.com.

Please be aware that I will not discuss this matter over the telephone and would appreciate your keeping any communication in the form of e-mail or USPS mail.

I thank you for your understanding in this matter and look forward to your favorable consideration.

I have a couple of questions. How did you stop making payments to them since they withdraw out of your account? And if they sue you do they garnish your wages or how does that work? I have a loan with them, I'm not behind and I too want to pay back what I borrowed, I was just curious. Thanks Reny

I withdrew my authorization for them to withdraw from my account and just to be safe, changed banks. I do not give authorization to anyone to do an EFT from my account now because of all the unscrupulous tactics CA's and PDL's are using. I also changed Banks completely in part because I tried to notify Bank of America that I was revoking authorizations and they kept insisting I needed to pay them $30 for a stop payment. Money down the drain when all the "bad" company has to do is send something through $0.01 off from the amount of the stop payment.

Its hard to do, but CashCall does have an address to send revocations to. And you can also call them and make arrangements for MoneyGram payments. There is a fee, but at least you have some control over the payment. And as long as I called and gave them verification information of the payment, it worked out ok. My problems came when I couldn't make the payments and dug myself in deeper with other creditors to boot.

As for Garnishments:

Anyone that sues you and wins a judgment has the right to garnish your wages. In VA, you file suit in the appropriate court. Once the judge awards judgment, the creditor then has to submit paperwork to the court to have a garnishment issued. The paperwork sets a court date which gives you a chance to pay up or make alternate arrangements before the garnishment is issued. Once the judge signs the garnishment, its sent to your employer and is effectively a court order to withhold as much as legally allowed from your check towards the debt and the costs of filing the paperwork. Your employer has to return payment to the court by a certain date (usually 90 days) and if the amount returned is less than what is owed, a new garnishment can be requested and additional costs added to the debt. When I used to do payroll, I would figured out how much could be withheld from the employee's check each period and cut it off about a week before the court date to give me enough time to get a check to the court. I'm the sure the process is basically the same in other states.

Hope that helps.

I'm gonna repeat, abit, what I said above. Yea...Cash Call is nasty to work with. I just couldn't make payments anymore and DID call them up to see if I could work something out. After NOT making payments for so long, CashCall 'sold' my loan to a CA. I hope the people who are 'tangled up' with them can work something out....to get their lives' back on track.' 'Been there-done that'...that's for sure.