BEWARE CashCall "lower interest offer"

i do not have experience with them (thankfully!) but please keep us posted.

Do not let this go to court!!! Unless you are self employed, we all run the risk of losing our job in this economy. If you let this go to court, the judgment will show up on your credit report and should you need to seek new employment, the perspective employer may run a credit check. There are many more candidates than jobs out there and this allows for employers to be more selective and deny your employment due to your credit report. It does happen and will become more frequent as unemployment numbers maintain the current level.

Why do people want to default? I also have a stupid loan with cashcall and just came to the conclusion that I got myself in-I'll get myself out. If you call them and make extra payment,specifying that you want it to go to principle-you can get it paid off. I don't see defaulting as a option for me. I'm trying to clean things up...not make things worse.

i agree that you should default with them if it is not necessary - they are a legal company and will likely be able to pursue (civil) legal action.
however, i do not know the original poster's situation - many people have told me not to declare bankruptcy for the same reasons listed and i have not regretted it once. it was my only option, sometimes you do what you have to do.

When it comes to employment, a bankruptcy is not nearly as detremental as a judgment. There are many posters on here that I would recommend filing a BK, but would get flamed for doing it.

thanks for the understanding, pdl owner - your advice is always so valuable, many of us really appreciate you here. :)
also, i meant to say in my post that i agree that you should NOT default with them if is not 100% necessary, i just did not want to cause any confusion :)

No problem, that more of a general FYI.

Another forum suggest to default-the only way to pay cashcall off. Confused thats the best advice to pay them off. What about working hard and paying off early? Extra payment will go towards principle-just have to call and make that arrangement. Im trying to make things better not worse. Defaulting will just create a headache for me-

Yeah, you don't want to default on Cash Call. When you first got the loan, you received the Federally mandated full disclosure. Full disclosure is required for an offer of credit, I do not believe it to be required for a voluntary assistance program that they may offer to help you catch up - at least on the Federal level. There may be tighter laws in your state. But, as Cash Call is a legally operating business, they would have the upper hand against you in court.

All I'm saying is this: if you want to go for a debt settlement, fine. But DON'T let it go to court! Judgments stay on your credit report as long as a bankruptcy (10 years), and it would be *far* better to file bankruptcy rather than let debts go to court. Only if the collector is *clearly* violating the FDCPA, and in that case, let them drag you in to court, it's cheaper than suing them (obviously I am talking about 3rd party collectors in this statement).

If I were to hazard a guess as to their intentions, I would say that they intend for you to pay the loan exactly as stated on your loan agreement. If they lower your interest for a time, all that extra interest would accrue - again, according to your original loan agreement.

I hear you, PDL Owner. Even though I am strongly against PDLs, the ones that operate legally are fine. If someone wants to get a loan at 56% interest, more power to them. It's the poor training their collection agents get that concerns me, especially completely illegal and unethical behavior.

As far as bankruptcy goes, I cannot understand for the life of me the strong negative attitude towards it. I understand that creditors hate bankruptcy. And I can understand a debt settlement company playing on bankruptcy fears in order to extract fees and enrich themselves (even though I find such deception to be unethical it is not presently regulated, except in 11 states). But I cannot understand why an ordinary citizen of these United States would not get down on their knees and be thankful that they even CAN file for such a thing as bankruptcy.

According to "Mercy, Rehabilitation, and Quid Pro Quo: A Radical Reassessment of Individual Bankruptcy" by Jason L. Kilborn (Ohio State Law Journal, Vol 64, page 858), our bankruptcy law was the first debtor protection law in world history, in 1841. It overturned a history of Western jurisprudence that began in 451 BC with the "Twelve Tables", the code of the Law of Ancient Rome. (Even worse, Roman law allowed the debtor to be sold into slavery after only 60 days in debtor's prison.)

So, feel free to recommend bankruptcy to anyone, if you honestly feel that is their best option. We only give advice here, and if that is the advice you would give the person if you were talking to them, then why not here?