No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi guys,
I have an old loan with Cashcall (I know, stupid move) that was charged off in July 2007. DOFD is March 2007. It is still within SOL (4 years in my state). I have been receiving several emails from them for the past year attempting to settle the loan with me for $650. I am now coming into some money and would like to take care of this but wanted some advice.
Has anyone had experience settling with Cashcall? I want to offer them a settlement and in return have them remove the charged off status and hopefully remove my lates as well.
I know that it will officially be out of SOL in a few months but I am planning on buying a new car (current car's transmission is shot) and need to get this cleared up asap.
Any advice?? I appreciate your help guys!
Any help guys?
Try sending a PFD for their settlement amount offer.
I was definitely wanting to go down that route but my only concern is that they will sue me since my SOL is almost up. I'm in southern CA and they have sued a ton of people in small claims court down here. Thoughts?
Doing anything before March will wake them up. Your only other alternative is to wait it out. BTW, SOL is unimportant if you have the $$$ to PIF set aside. If they sued, you could always pay and stop a judgment.
CashCall is not fun to work with. They told us that they would not remove and then sued my husband, not so sure the best way you should deal with them but they are known to go back on settlement offers, so I've been told. Good luck!
I agree with llecs. Communicating with them now, such as by offering a PFD, might awaken them to consider legal action.
Your risk, should they do it, might only be the hassle of negotiating a pre-trial settlement with them. They will ;probably ask for the full amount of the debt, and also for legal fees associated with the suit., If you then reach an agreement with them, it will never go to trial, and no judgment will thus be renderd,
So the importance of attempting CR deletion now in risk of potential legal hassle is something only you can answer.
As an aside, as part of this decision, I would look at the potential FICO benefit. If this is the only major derog on your CR, the improvement could be substantial.
However, if other accounts are reporting muliple or major derogs, deletion of this one derog wont have the same FICO score boost,
Thanks guys, you have given me a lot to consider. I get an email from them at least once a month offering a settlement. It's all via email. I just hope that they don't decide to sue if I don't respond by March.
Hi everyone...it is now March 1st. When will this account officially be out of SOL? Also -- what is my best course of action once it is fully out of SOL? PFD? And what would I do - request the removal of the entire tradeline, or just the late notations? I'm willing to pay them in full as long as they comply with my request.
I would first check, recheck, and recheck once more the exact date you took out the loan and look at any payment dates if a payment can reset SOL in your state. If you are clearly out of SOL, then a PFD would be the best option since they are a payday loan.