topic Re: Help with CashCall Settlement - Need Advice! in Rebuilding Your Credit

Help with CashCall Settlement - Need Advice!

Anonymous — Thu, 09 Dec 2010 18:38:40 GMT

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!

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Fri, 10 Dec 2010 17:43:24 GMT

Any help guys?

Re: Help with CashCall Settlement - Need Advice!

llecs — Fri, 10 Dec 2010 23:21:56 GMT

Try sending a PFD for their settlement amount offer.

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Fri, 10 Dec 2010 23:24:21 GMT

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?

Re: Help with CashCall Settlement - Need Advice!

llecs — Fri, 10 Dec 2010 23:46:35 GMT

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.

Re: Help with CashCall Settlement - Need Advice!

piersonj1 — Sat, 11 Dec 2010 01:35:48 GMT

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!

Re: Help with CashCall Settlement - Need Advice!

RobertEG — Sat, 11 Dec 2010 06:09:49 GMT

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,

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Tue, 14 Dec 2010 00:27:49 GMT

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.

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Tue, 01 Mar 2011 21:33:33 GMT

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.

Re: Help with CashCall Settlement - Need Advice!

llecs — Tue, 01 Mar 2011 21:40:44 GMT

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.

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Tue, 01 Mar 2011 21:42:52 GMT

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!

Re: Help with CashCall Settlement - Need Advice!

llecs — Tue, 01 Mar 2011 21:47:05 GMT

@Anonymous wrote:
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?

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Tue, 01 Mar 2011 21:52:34 GMT

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?

Re: Help with CashCall Settlement - Need Advice!

llecs — Tue, 01 Mar 2011 22:03:30 GMT

@Anonymous wrote:
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.

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Tue, 01 Mar 2011 22:10:40 GMT

Okay, thanks. What about this -- does it affect the date the account will fall off? Does it "re-age"?

Re: Help with CashCall Settlement - Need Advice!

llecs — Tue, 01 Mar 2011 22:19:41 GMT

@Anonymous wrote:
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.

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Tue, 01 Mar 2011 22:32:58 GMT

Got it - thanks!

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Fri, 15 Apr 2011 19:31:31 GMT

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.

Re: Help with CashCall Settlement - Need Advice!

PayYouNever — Sat, 16 Apr 2011 15:34:35 GMT

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.

Re: Help with CashCall Settlement - Need Advice!

Anonymous — Mon, 18 Apr 2011 20:58:54 GMT

Does anyone think I should NOT try the PFD? I'm a little anxious about it - should I try any other methods first?