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Predatory loan with Cash Call

Date: Wed, 10/31/2012 - 13:35

Submitted by anonymous
on Wed, 10/31/2012 - 13:35

Posts: 202330 Credits: [Donate]

Total Replies: 2


I have a loan with Cash Call that I took out in 2005. It was for $5,000 and was $332.15 a month. When my car died I thought I would find out how many more payments I had so I can buy a car. They told me I would be paid off in 30 more payments. (That's $10,054 ) This is my balance after paying $27,900 over the last 7 years. according to them I will pay almost $39,000 to pay off $5,000. Can I stop this payment ( as legally paid) ? Do I need to contact the DA's office or file suit?


I'm no expert but I think that in 2005 Cash Call loans were funded by First Bank & Trust in Milbank SD. I had a loan with them that was funded in 12/06 and that what the loan contact stated. I sent a complaint to the FDIC regarding this loan and was told by them that it was a legal and binding contract. I paid from 12/01/2006 until 05/01/2011 and still owed a crap load. I originally borrowed 5000.0 but the pay back was 21,000 appx. The lenght of loan was for 84 months at appx 250.00 per month. I finally settled with cash call for 1200.00. I paid it back in 12 payments of 100.00. Thank goodness I don't have them to deal with anymore.

Like I said I am surely not an expert but I think the loan you have since it was made in 2005 will be legal. I would default on it and try to work out a settlement with them. Western Sky only came around into the Cash Call deal a few years ago.

Someone with more knowledge will likely respond to you.

I wish for you the best.


lrhall41

Submitted by anonymous on Wed, 10/31/2012 - 13:52

( Posts: 202330 | Credits: )