CashCall Loan Settlement?

Date: Wed, 04/22/2009 - 18:56

Submitted by philvelasco
on Wed, 04/22/2009 - 18:56

Posts: 3 Credits: [Donate]

Total Replies: 5

Anyone have any experience with getting a cashcall loan? I got suckered into one 2 years ago in time of need. I borrowed $5075 and have made 24 payments of $254(almost as much as my car note!) and today's payoff amount is $5071! Loan is 59% interest. I know it was a huge mistake getting this loan. Wish I never would have seen there ad on late night TV(stupid Gary Coleman) It was my only option at the time( filed BK back in '04 - stupid college kid mismanaging debt) Does anyone know if debt settlement or management woud help at all? I also have about 5k in CC debt and my DTI is through the roof at the moment. My hours have been severely cut back at the steel mill and my wife stays home with my 2 boys and is currently pregnant. I haven't tried for a personal loan yet because I think my current DTI and credit score would disqualify me. And I don't own a home so those evil home equity products aren't an option either. If I could just cut my payment in half it would help turn around my financial situation. Any thoughts or advice would be greatly appreciated. This place so far looks like its a good place to get information and people seem to generally care and want to help one another.

They will offer settlements, but you have to go past due first.

They will offer settlements, but you have to go past due first. Which is a PAIN as they will call you a million times every day....After I went about 6 month past due they offered me a 60% settlement paid over I think 5-6 months. I could not do it at the time. But I know they will act like monsters but i just ignored their calls. I've told them that we are filing Chapter 13 and I've not heard a peek out of them in a LONG time.

lrhall41

Submitted by lmale on Wed, 04/22/2009 - 19:03

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Thanks for the info. I think I'm going to just close out the ba

Thanks for the info. I think I'm going to just close out the bank account they are taking my money from. After a few months, hopefully they will be willing to give me an offer. After all, I've already paid them over 6 grand to borrow 5 grand....

lrhall41

Submitted by philvelasco on Fri, 04/24/2009 - 16:55

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cash call

do they detroy your credit by reporting you late etc...??

lrhall41

Submitted by on Fri, 04/24/2009 - 17:00

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yes my credit will take a hit, but i'd rather deal with that ins

yes my credit will take a hit, but i'd rather deal with that instead of having to worry about being able to put food on the table or pay my utilities.

lrhall41

Submitted by philvelasco on Fri, 04/24/2009 - 17:37

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Please be careful with Cash Call. They are a LEGAL loan company

Please be careful with Cash Call. They are a LEGAL loan company and they have the rights to take you to small claims court for nonpayment.

I suggest if you are considering defaulting, then you need to stay in communication with them throughout the process. A settlement is not gauranteed, but I understand your fustration and financial position. Best of luck to you in whatever you decide :wink:

Here is MORE information about Cash Call.

lrhall41

Submitted by Cool_Abyss on Sat, 04/25/2009 - 08:30

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