Cash Call Inc How do they gain anything by suing when you have nothing.... Ripoff Fountain Valley California
I've read several complaints about this company but yet to see anyone talk about being sued. I would like to hear more about these details. Who's been to this point? Why? And how does a court handle it? Are you then liable for the full contract amount? i.e a 5k loan is 25k.
We don't always make the smartest decisions. We don't always make the most responsible decisions either. We come upon hard times and fail to read the fine print. Trust me, I did it too. Though I disagree with how the LO's sell this loan and how we don't actually sign a piece of paper but sign via the internet .. we received the cash therefore we owe them the money.
Now the question is, your in an even further hardship after you've accepted this money - You became disabled, you're out of work, you get a divorce, etc whatever the circumstances that brought you to this point; you can't pay cash call. How do we get these people paid and off our back? We need answers!!!! I've been told by several lawyers that this is a debt that will not go away easily. You cannot claim it in a BK, you cannot just forget about it and hope they charge it off. They won't. They will probably end up suing you.
Consumer education is the only way to stop these people at this point. Explain your story in as many ways as possible and hope that others don't fall victim to these people. Contact the Attorney Generals office and put in a complaint (not the BBB, they are only a 3rd party mediator/resolution service). Protect yourself by writing these people letters. Not too descriptive but explain your situation and tell them how much you are able to pay at this time. Make your payments timely and as you describe/agree in your letter. Always send your letters certified mail. Never talk to them over the phone; it gets you no where.
Now here's my story.
I've been with Cash Call for a little over 2 years. I have the 5k loan at 79%. I paid for a good year and a half at this rate with no issue. Then circumstances beyond my control took over and I started to fall behind. The harassing phone calls started. I've been asked many humiliating questions and was even told at one point if I didn't send them enough to catch up that I would be arrested. I've heard it all. At some point, I just stopped accepting the phone calls because it got me no where. I am at the point where they are talking about taking legal action.
Here's what I have done. I wrote them a letter indicating I was going through a hardship and would only pay $25.00 per month until I was able to get back on my feet. 4 months later, I fell on even harder times and did not make the $25.00 payment for 3 months. I can't say it's right but it's what's happened. Now I'm getting letters stating that I will be sued.
I currently have no assets; live in a charity home, barely have a car, 50.00 in my bank account, have very little to survive on each month. I have Nothing! You can do what you can to get back on your feet but things don't always turn around as fast as you'd like them to. That's me. I wonder what would happen if I were sued. So I ask what can a judge do when you have nothing? If I do get sued I will present my case to the judge and only hope they give me a few more months to catch up and hold off on a judgment. I feel these people should at least listen to our issues and be willing to work with us. Most of us are not trying to bail out of our financial obligations; we are just not in the same situation we were in before receiving a Cash Call loan. Disability, Death, Job change or lay off, Divorce etc. Cash Call seems to be the only debtor unwilling to work with us.
I plan on writing another letter to Cash Call and will do whatever I can to send them something. As I understand it, if we make any effort, even a dollar to a debtor they cannot take legal action. Of course I don't want to be sued. I am still in a horrible financial predicament. What good does it do either of us? In a month or so I expect my situation to finally turn around. Not to sure I have much more time. I hope to pay this entire loan off soon so I not have to ever have to worry about it again.
Boston
Huntington Beach, California
U.S.A.
8 Updates & Rebuttals
Steve
Bradenton,Florida,
U.S.A.
I stand corrected on the rate thing
#9Consumer Comment
Wed, May 09, 2007
Well, something must have changed in the past few years regarding maximum allowable interest rates. I guess what I was talking about only applies to credit cards.
However, it must be legal, as they would be shut down if it was not.
My suggestion is to lobby your lawmakers in the revision of existing usery laws.
This looks like legal loan sharking to me!
Bobby, I hope you accept my apology.
Steve
Bradenton,Florida,
U.S.A.
Not 79%, Guaranteed!
#9Consumer Suggestion
Wed, May 09, 2007
Someone needs to learn how to do basic math. I can absolutely guarantee that loan is not at 79% APR.
I have seen these contracts and they always identify the exact APR as well as the amount the credit will cost you overall. This may be where you are getting 79%. That is NOT the rate. When you talk loan rate, it is always APR.
This is mandated by federal law, and a truth in lending statement must be provided to you to read and sign.
The problem is, people never read what they sign!
My question is, if you didn't like the rate, WHY did you take the loan?
I think you should send your TIL statement to ED here at ROR for him to post. Just black out your last name, address and SS# first.
I can't wait to see this.
ps. This company and others like it pay a team of lawyers to ensure legal compliance. I agree they are unethical and immoral, but not illegal.
When I was in the mortgage business I saw dozens of these contracts that people were trying to get out from under. Even with a high risk mortgage with a subprime lender at 15%, I saved them 50% plus on the payoff of that loan.
Bobby
South Pittsburg,Tennessee,
U.S.A.
Did you say 79%
#9Consumer Comment
Mon, May 07, 2007
You said a 5k loan at 79%... are you referring to the financed rate?...If so thats not legal anywhere in the U.S. Also the finance rate has to be revealed to the consumer or customer BEFORE or during the loan process..
CashCall are predatory lenders, or a better word for it, "scum". And that includes the folks working to get you the loans. I dont pull punches when it comes to so-called lenders that prey on people.
Its happened to me in the past, and will not happen again. I really feel for those efected by these rip-off artists protected by our government. But if you will contact each person that has filed a report, or spend a little time researching the other good people who have been maliciously preyed upon by this company, file a class action lawsuit as predatory lending, you will find that CashCall willing to deal.
Make a call to CashCall, tell them what you intend to do and follow through,again you will find these scum of the earth willing to deal with you. As far as the legal actions they are willing to take, they have to go to court in order to get any judgement and to be able to garnish wages.
By all means go to court, tell the judge what the percentage is, if indeed it is as high as you say. Give the court your paly by play.. so to speak of the actual loan process. No judge or court will allow a lender to have such high interest rates. You can also contact your states agencies that regulate the rules, laws, and lending practices that govern financial institutions, i live in Tn....so ours is called Tn. Dept. Of Financial Institutions.
Make a complaint on predatory lending, give them your story and they will take it from there, asking you to submit your loan documents and proof. Ask for an investigation of the lenders practices and rates. Its takes a bit of time, but this will also stall any court preceedings, or at least give you some leverage in court, when heard, you can submit the corresponding paperwork between you and the states financial institution.
Also get the press involved, this will better your chances and bring more people forward with complaints just like yours, making your case all the more powerful. From there you will find attorney's jumping to take your case. Be diligent and get as much info as possible.
CashCall is not as big a company as you would like to think. But they have learned how to manipulate the law to make it work. Even a bad attorney couldnt lose if and when a class action lawsuit is presented. Good luck and i hope you find yourself in much better circumstances very soon.
Heather
Beaverton,Oregon,
U.S.A.
YES YOU CAN FILE BANKRUPTCY! DO NOT IGNORE ANY LEGAL ACTION
#9Consumer Suggestion
Fri, May 04, 2007
This is a consumer loan, I am not saying Bk is the right thing for anyone but you can file Bk on any consumer loan. The only thing you can not file on is state, county or city fines and student loans (basically anything to do with the government). I filed BK myself. If you ever have questions about that call a BK attorney.
Now for the court action.....
They can garnish your wages and levy your bank account. If you make them a reasonable offer for repayment (most states is no less than $25.00 per month) most of the time will stop litigation. They cannot however refuse a repayment plan as long as it is reasonable but you have to make the payments on time.
Theresa
Garden Grove,,California,
U.S.A.
IF YOU DO GET SUED ANSWER TO THE COURT
#9Consumer Suggestion
Thu, March 22, 2007
CASH CALL SUES IN LIMITED COURT. YOU CAN SEE WHAT THERE DOING IN YOUR COUNTY. MOST PEOPLE WHO DO GET JUDGMENTS NEVER ANSWER AND GET A JUDGMENT EASILY 6 MONTHS LATER. THE FEW WHO HAVE FOUGHT I HAVE NOTICED NOT ONLY DELAYED FOR A YEAR BUT ALSO DISMISSED. TRY AND PAY PRINICPAL ONLY AND THAT IT. IF YOU HAVE GIVEN THEM THAT THEN FIGHT THE INTERST IN COURT.
Theresa
Garden Grove,,California,
U.S.A.
IF YOU DO GET SUED ANSWER TO THE COURT
#9Consumer Suggestion
Thu, March 22, 2007
CASH CALL SUES IN LIMITED COURT. YOU CAN SEE WHAT THERE DOING IN YOUR COUNTY. MOST PEOPLE WHO DO GET JUDGMENTS NEVER ANSWER AND GET A JUDGMENT EASILY 6 MONTHS LATER. THE FEW WHO HAVE FOUGHT I HAVE NOTICED NOT ONLY DELAYED FOR A YEAR BUT ALSO DISMISSED. TRY AND PAY PRINICPAL ONLY AND THAT IT. IF YOU HAVE GIVEN THEM THAT THEN FIGHT THE INTERST IN COURT.
Theresa
Garden Grove,,California,
U.S.A.
IF YOU DO GET SUED ANSWER TO THE COURT
#9Consumer Suggestion
Thu, March 22, 2007
CASH CALL SUES IN LIMITED COURT. YOU CAN SEE WHAT THERE DOING IN YOUR COUNTY. MOST PEOPLE WHO DO GET JUDGMENTS NEVER ANSWER AND GET A JUDGMENT EASILY 6 MONTHS LATER. THE FEW WHO HAVE FOUGHT I HAVE NOTICED NOT ONLY DELAYED FOR A YEAR BUT ALSO DISMISSED. TRY AND PAY PRINICPAL ONLY AND THAT IT. IF YOU HAVE GIVEN THEM THAT THEN FIGHT THE INTERST IN COURT.
Theresa
Garden Grove,,California,
U.S.A.
IF YOU DO GET SUED ANSWER TO THE COURT
#9Consumer Suggestion
Thu, March 22, 2007
CASH CALL SUES IN LIMITED COURT. YOU CAN SEE WHAT THERE DOING IN YOUR COUNTY. MOST PEOPLE WHO DO GET JUDGMENTS NEVER ANSWER AND GET A JUDGMENT EASILY 6 MONTHS LATER. THE FEW WHO HAVE FOUGHT I HAVE NOTICED NOT ONLY DELAYED FOR A YEAR BUT ALSO DISMISSED. TRY AND PAY PRINICPAL ONLY AND THAT IT. IF YOU HAVE GIVEN THEM THAT THEN FIGHT THE INTERST IN COURT.