03-01-2011 01:47 PM
They are not a payday loan -- they are backed by a bank. They are monsters. I will double check to make sure a payment won't reset the sol. Thanks!
Got it. Seems like they had an annoying jingle in their commercial, didn't they?
03-01-2011 02:03 PM
Haha yes Gary Coleman was pretty annoying!
Ok quick question -- lets say it DOES reset the SOL. Would it matter, if I'm paying in full anyway?
No. Doesn't matter. In the fixing-credit process, SOL only matters if you don't have the $$$ set aside to PIF if you had to (to avoid a judgment). I sent all of my letters, PFDs, DVs, etc. inside SOL, but I always made sure I had cash on hand if they wanted to be sue-happy.
03-01-2011 02:19 PM
Okay, thanks. What about this -- does it affect the date the account will fall off? Does it "re-age"?
No, it's illegal for them to change the DOFD, which would make it report for longer. They can remove any baddie references and make it report longer as a positive TL, but if they accept a PFD before paying, then it'll no longer report after payment anyway.
04-15-2011 12:31 PM
Okay, so I sent a 623 dispute off to Cashcall and received an immediate response with an itemized statement of all my payments, plus my original loan docs, etc. The compliance director also said that my account has been transferred to a collection agency (Delbert Services Organization). So I want to send CashCall a PFD. I've never sent a PFD to an OC before...so please provide any guidance you can with this below. I want to just pay the amount in full to make sure they don't try to **bleep** me later. Any suggestions are much appreciated!
Dear Compliance Director:
Thank you for your immediate response to my request for verification of the above referenced account.
I am willing to pay the total amount that you claim is owed ($____) via certified funds if you agree to recall this debt from Delbert Services Corporation AND you agree to either remove the entire trade line from my credit files, or you agree to list the account as never late, paid in full, and closed with no charge-off status.
The purpose of this agreement is to satisfy this account in full and remove the negative trade lines from my credit files.
If you agree to the terms and accept this agreement, certified funds for the total amount of $_____ will be sent to CashCall, Inc in exchange for full deletion of either the entire trade line or ALL negative references regarding this account from my credit files and full satisfaction of the debt. As certified funds will be used for payment, there shall be no waiting period regarding the deletion of this account from the credit reporting agencies.
CashCall, Inc agrees to delete the entire trade line or ALL negative information regarding this account from the credit reporting agencies WITHIN TEN CALENDAR (10) DAYS following receipt of payment as specified above and will not discuss the terms of this settlement with anyone. If contacted by any third party, including credit-reporting agencies, CashCall, Inc will not acknowledge that any settlement offer was made, accepted or executed and will, in fact, deny knowledge of any such account.
If you agree to the above terms, please prepare a letter on your company letterhead explicitly agreeing to the terms as the above offer and have it signed by an authorized representative of CashCall, Inc. It will be implied that this letter shall constitute a legally binding contract, enforceable under the laws of my state.
I appreciate your immediate attention and I look forward to closing this matter as soon as possible.
04-16-2011 08:21 AM - last edited on 04-16-2011 08:34 AM by llecs
I like the letter. I'd be curious to hear how this works out. I, too, have several derog TL from payday lenders (got caught in the cycle during the Great Recession). And now I'm prepared to rebuild the credit score again.