Cash Call settlement offer

Here is a copy of the e-mail I received from Cash Call. Anyone have advice on what to do? Sorry for the length.


[FONT=Times New Roman][LEFT]August 2, 2012
[/LEFT]
[/FONT][FONT=Times New Roman][LEFT]Do you need assistance in bringing your loan current and get a fresh start with
CashCall?
Here’s how you can do it: [/FONT]As you may be aware, your CashCall account is currently
past due. The delinquent account has been reported to the credit reporting agencies
which may negatively affect your credit score.
You’re probably asking yourself, “What is CashCall going to do for me?”
Here is the answer: We’re prepared to defer your past due payments and change the
due date on your loan to October 1, 2012; bringing your loan completely current if you
do the following by [FONT=Times New Roman]August 17, 2012.[/LEFT]
[/FONT][FONT=Symbol][LEFT]• [/FONT]Pay us at least [FONT=Times New Roman][SIZE=4]$ 294.46 [/SIZE][/FONT]in certified funds via MoneyGram™ [FONT=Times New Roman](Code: 3299 City:
Anaheim, CA) MoneyGram fee may apply. No personal checks.[/LEFT]
[/FONT][FONT=Symbol][LEFT]• [/FONT][FONT=Times New Roman]Sign and fax back the attached Deferment Agreement outlining the new terms of your
contract.[/LEFT]
[/FONT][FONT=Symbol][LEFT]• [/FONT]Please Note: Collection activity will not cease during this offer.
Upon completion of the above, we will bring your loan current and give you a fresh start
with CashCall. You won’t have another payment due until October 1, 2012 which should
give you the perfect opportunity to work the CashCall payment back in to your monthly
budget. We will also report your CashCall loan as CURRENT [FONT=Times New Roman]to the credit reporting
agency.
Sincerely,
Safa Elwawi
1-866-899-1844 Ext. 6935
[/LEFT]
[/FONT][FONT=Times New Roman][LEFT][/FONT]“Modification Agreement”) shall confirm the
agreement we have reached to modify the terms of your loan with CashCall (Loan No.
8062036). Please read it carefully and be advised that the terms of this Modification
Agreement will only be effective if you sign, date and return the acknowledgement
below[FONT=Times New Roman][COLOR=#ff0000]. [/COLOR][/FONT][FONT=Times New Roman]If you fail to sign and return the Modification Agreement by August 17, 2012 the
terms and conditions of this Modification Agreement shall be null and void.
You have represented to CashCall that your financial circumstances have changed such
that you are no longer able to meet the full monthly payment obligation (the "Monthly
Payment Amount") under the terms of your CashCall Promissory Note and Disclosure
Statement (the "Note"). Based on this representation and subject to the terms and
conditions set forth, CashCall has agreed to defer 2 payment(s) and extend the maturity
date of your Note from the current contract maturity date to a new maturity date
(“Modified Maturity Date”).
Please see the details of the modifications as follows:[/LEFT]
[/FONT][FONT=Times New Roman][LEFT]Payments Deferred: 2
Current Maturity Date: 4/1/2016 Modified Maturity Date: 6/1/2016[/LEFT]
[/FONT][FONT=Times New Roman][LEFT]As long as CashCall receives your signed and dated acknowledgement and agreement to
this letter by August 17, 2012 the Modified Maturity Date will become effective with
your next monthly payment due on October 1, 2012.
Please be advised that this Modification Agreement will not change the outstanding
balance of your loan, which is currently $2,595.86. This is not a payoff amount.
By signing where indicated below, you agree to the following:
CashCall has the right to take any actions it deems appropriate to determine your ability
to pay your obligation under the Note. Such actions include (without limitation) the right
to: (a) order a credit history from any credit reporting bureau(s); and (b) contact your
employer to verify your employment status and compensation.
No course of dealing between you and CashCall or any delay or failure on the part of
CashCall in exercising its rights under this modification agreement or the Note will be
deemed a waiver of any of CashCall's rights under this modification agreement or the
Note.
Because of the effect of delinquent payments on the accrual of interest (on simple interest
accounts only), the final payment owing under the Note and this modification agreement
may be different from your other monthly payments. (Please refer to your Note should
you have questions as to the method of interest accrual or call our Customer Service
Department.)
Except as provided above, all other terms and conditions of the Note remain unaffected
and unchanged by this modification agreement and all such terms, conditions, and
provisions of the Note are ratified and confirmed in all respects.
Please review the terms of this agreement carefully. You are welcome to consult with
your own financial advisor or attorney before signing this agreement. You may also
contact CashCall at 1-866-899-1844, with any questions.
Please be advised that the execution of this Modification Agreement may have tax
consequences; you should discuss this with your attorney or tax advisor.[/LEFT]
[/FONT][FONT=Times New Roman][LEFT]PLEASE NOTE: This modification will not take effect until (i) you sign and date the
Agreement and Acknowledgement (below); (ii) you make the payment of $ 294.46 as
stated in the cover letter and (iii) CashCall receives an original or faxed copy of the
signed and dated Modification Agreement and Acknowledgement by August 17,
2012. Please keep a copy of this agreement for your records.[/LEFT]
[/FONT][FONT=Times New Roman][LEFT]Return the signed agreement to: CashCall, Inc., attn: Loss Mitigation Team, P.O Box
66007 Anaheim, CA 92816 or fax it to (949) 225-4697.
Sincerely,
CashCall
1-866-899-1844,
[/LEFT]
[/FONT][FONT=Times New Roman][LEFT][/FONT][FONT=Times New Roman] [/LEFT]
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