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Update with my ordeal with Cash Call

Date: Fri, 08/31/2012 - 14:35

Submitted by BellaLisa2120
on Fri, 08/31/2012 - 14:35

Posts: 89 Credits: [Donate]

Total Replies: 4


So Cash Call offered me a $700 settlement or reduced interest when I filed my complaint with the Nevada Financial Institutions Division. Heck no! I have already paid beyond the principle of this loan that was funded through Western Sky. With that being said, I spoke with a representative from the FTC today, and she stated that I send Cash Call another letter stating that they need to send me documentation that I got this loan through Cash Call, and no other company. Cash Call can't do that because they admitted in writing that the loan was with Western Sky. They also admitted that they have not been able to fund loans in Nevada since 2006.

The only thing I'm worried about is that in the contract with Western Sky, is sais by signing the paperwork I know that I am subject to the laws of the reservation and not the laws of the state. The rep from the FTC did say they can't sue over a loan that Cash Call did not fund, and that if Western Sky isn't licensed in NV, they are in the wrong....


So I did a little more digging, and I found this regarding installment loans in Nevada... from what this is saying, Installment lenders are supposed to be licensed in Nevada, if not, they are not allowed to lend. So Western Sky and Cash Call, as has been stated in many posts, is full of crap...


NRS 675.060 Unlicensed dealing in loans prohibited; license required for each office or other place of business.
1. No person may engage in the business of lending in this State without first having obtained a license from the Commissioner pursuant to this chapter for each office or other place of business at which the person engages in such business, except that if a person intends to engage in the business of lending in this State as a deferred deposit loan service, high-interest loan service or title loan service, as those terms are defined in [URL="http://www.leg.state.nv.us/NRS/NRS-604A.html#NRS604A"]chapter 604A[/URL] of NRS, the person must obtain a license from the Commissioner pursuant to [URL="http://www.leg.state.nv.us/NRS/NRS-604A.html#NRS604A"]chapter 604A[/URL] of NRS before the person may engage in any such business.
2. For the purpose of this section, a person engages in the business of lending in this State if he or she:
(a) Solicits loans in this State or makes loans to persons in this State, unless these are isolated, incidental or occasional transactions; or
(b) Is located in this State and solicits loans outside of this State or makes loans to persons located outside of this State, unless these are isolated, incidental or occasional transactions.
(Added to NRS by 1959, 228; A 1971, 1366; 1973, 1515; 1983, 1313, 1806; 1987, 178, 1987; 1993, 2045; [URL="http://www.leg.state.nv.us/Statutes/71st/Stats200114.html#Stats200114page2047"]2001, 2047[/URL]; [URL="http://www.leg.state.nv.us/Statutes/73rd/Stats200517.html#Stats200517page1714"]2005, 1714[/URL]; [URL="http://www.leg.state.nv.us/Statutes/74th/Stats200708.html#Stats200708page946"]2007, 946[/URL])

So now its just a matter of writing letters to the CRA's in hopes of this helping to remove it from my Credit Report....

Any thoughts?


lrhall41

Submitted by BellaLisa2120 on Mon, 09/03/2012 - 09:08

( Posts: 89 | Credits: )