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Cash Call loan negotiation - you won't believe this!

Submitted by on Thu, 01/29/2009 - 02:16
Posts: 202330
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Well in addition to working on my PDL's I decided to deal with Cash Call as well.
They did not receive their December payment drafted from my bank account because I closed the account to deal with the PDL's. I didn't call to give them the new account information.

At first I got the standard e-mails and calls about sending them a Money Gram for the payment. I finally told them I couldn't pay it and I didn't have a new checking account for them to debit anything from (I do but I am not giving them the account #).

So, this went on for a few weeks. They offered me a deferrment of 2 payments to bring me current...I told them I couldn't do that. They offered to lower my interest rate to 47% bringing my $216 payment to $117 for the reamining 3 years of the loan. I told them I would consider that but then I just decided to try something...

I sent them a letter offering a settlement on the account, my outstanding balance is $2400 (I borrowed $2500 and have paid $3100 in payments at $216 a month for the past 14 months). I told them I could not continue to pay their exessive inerest and would consider bankruptcy if they would not agree to a settlement. (I can't file bankruptcy, I filed 5 years ago).

Anyway, a phone rep said last night they they could not accept my offer unless I could pay the $2400 immediately. I had asked in my offer for them to accept $240 a month for the next 10 months....

Today I received an e-mail that they were "offering" me exactly the terms that I offered them! They are going to settle my account for 10 payments of $240 each! That is just a little more than I was already paying and it will ALL go toward principal!!!! In 10 months I will be completely free and clear of these sharks! Granted they have collected over $3000 in interest on this loan but that is better than collecting $6600 (the original terms of the loan).

I know we all take these out thinking "I'll pay it off quickly and put extra toward the principal each month" but lets face it if we were really that disciplined with our money most of us wouldn't be in this situation. This way at least I see an end to this nightmare loan!

By the way, most if not all of the reps I spoke with were extremely fairl, nice and helpful. I am completely astounded as I had read such horror stories here.

Anyway, I think they must be in trouble if they are settling debts and reducing interest...try asking...you never know!