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Cash Call settlement?

Date: Wed, 08/13/2008 - 07:41
Submitted by kelliv on Wed, 08/13/2008 - 07:41
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I have recently joined this website and have found a lot of great information. I have joined my local CCCS office to get rid of my payday loans all of them have excepted CashCall (no surprise there). I called them today and they were rude and nasty...nothing new...and I told them that I joined CCCS and they said we don't deal with 3rd party at all. So I said well I would like to do a settlement and they said we don't do that...and I said really I have read that you do..so she says I will transfer you to that department. She comes back and says that if I have a settlement to offer them she can give it to upper management and have them review it. So my question is does anyone have any advice on this. I don't have the money to settle, but I know my parents would loan me the money to get out of this one. I know they probably would of given me all the money to get out of this hell, but I needed to learn my lesson and get some counseling about money. I have always lived beyond my means. My dad used to be in the legislature and he is running again and he says if he's elected he is going to make it his mission to get rid of payday loans and their crazy interest charges. I understand that I signed the papers and read everything, but these company's pray on people in hard times.
I originally borrowed $2525.00 at 99.24% in May 2008 and have made $544.03 in payments. Any suggestions would be greatly appreciated - and I live in SD!


Seeing as it is a new loan and only 2 payments have been made, CashCall may not be so quick to settle at a deep discount. Also, keep in mind that if you settle for less than the amount owed, you will get a 1099C (if the difference of settlement is more than $600) and a negative notation on your credit report.

That said, IMHO, offer them 50% of the balance. Hopefully they'll take it and go away. :)


Submitted by desperatelyseekingsanity on Wed, 08/13/2008 - 08:04

desperatelyseekingsanity

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Well I don't think my credit can get any worse right now - so I'm not to worried about that. My only focus right now is getting rid of all my bills and paying in cash for everything. I only have a savings account so nobody has access to it. I had to close my checking. Well thank you for the info - I was just going to see if they would settle for $2000.00 - that would ruffly be what I borrowed. But who knows if they would go for that...the worst they could say is no.


Submitted by kelliv on Wed, 08/13/2008 - 08:12

kelliv

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