GUYS, THIS IS A BIG ONE...NEED YOUR HELP!! ALL EXPERTS LOOK HERE! I AM GOING TO CRY...PLEASE HELP

[CreditDespair]

I know that many of you have heard of payday loans, etc. Well, I'm sure most of you have heard of CashCall. I made the mistake of obtaining a loan from them in 2005. Big surprise--it's still not paid off (I borrowed $2500).

 

Well, I have several lates with them. 2 90 day lates, to be exact. But that's not the worst part. The worst part is that this company is a true piece of YOU-KNOW-WHAT.

 

Not only do they charge ridiculous interest rates...but they are comprised of a staff that is rude, obnoxious, and money-hungry.

 

The CEO is the same guy that founded Ditech.com. I don't know his name at the moment.

 

Here is the deal with Cashcall:

 

If you don't pay your monthly payment by the due date, they begin calling you the very next day. I'm not joking. And when I mean calling, I mean...BLOWING UP YOUR PHONE!

 

If your due date is on the 1st, the calls begin on the 2nd...and don't STOP!!!!!! You are automatically in collections the very next day if you don't pay them on the due date. Their collections department is internal. And they are BIG TIME JERKS!!!

 

Anyway, CashCall is located in California...very close to my home. I have been to their office. Very huge and nice. They also just opened an office in Vegas. They are making so much money off interest and late fees...it's ridiculous.

 

So, according to the FDCPA, because they are in California and because I am also in California, they have to abide by the FDCPA even though their collections department is internal (if I am incorrect, please correct me!)

 

On December 11, 2006, I wrote a request for them to discontinue all telephone communication with me and to forward any necessary correspondence via USPS. They stopped, and my account was noted.

 

I missed my February 1st payment (I'm planning on paying it this week), and on February 2 the calls began. I have been getting an average of 13 calls per day since then. This is absolutely ridiculous.

 

So here is my question. I want these bastards out of my life. I have paid them more in interest and fees than my entire loan. Do I have enough violations on them? All I want is to pay them the rest of my balance, and either have them remove the entire trade line (yes I hate them that much) or remove my lates.

 

Please take my advice and NEVER EVER get a loan with cash call. I know most of you know better. I was really dumb when I did this. Thank God for CB.

 

Any advice is appreciated.

 

These guys have made my life hell.

 

Please help.

 

Thanks

[TeeSharice]

I need some clarification

 

you have a $2500 payday loan from 2005 that you are STILL making payments on??

 

 

Is this reporting??

[BMac]

I know that many of you have heard of payday loans, etc. Well, I'm sure most of you have heard of CashCall. I made the mistake of obtaining a loan from them in 2005. Big surprise--it's still not paid off (I borrowed $2500).

 

Well, I have several lates with them. 2 90 day lates, to be exact. But that's not the worst part. The worst part is that this company is a true piece of YOU-KNOW-WHAT.

 

Not only do they charge ridiculous interest rates...but they are comprised of a staff that is rude, obnoxious, and money-hungry.

 

The CEO is the same guy that founded Ditech.com. I don't know his name at the moment.

 

Here is the deal with Cashcall:

 

If you don't pay your monthly payment by the due date, they begin calling you the very next day. I'm not joking. And when I mean calling, I mean...BLOWING UP YOUR PHONE!

 

If your due date is on the 1st, the calls begin on the 2nd...and don't STOP!!!!!! You are automatically in collections the very next day if you don't pay them on the due date. Their collections department is internal. And they are BIG TIME JERKS!!!

 

Anyway, CashCall is located in California...very close to my home. I have been to their office. Very huge and nice. They also just opened an office in Vegas. They are making so much money off interest and late fees...it's ridiculous.

 

So, according to the FDCPA, because they are in California and because I am also in California, they have to abide by the FDCPA even though their collections department is internal (if I am incorrect, please correct me!)

 

On December 11, 2006, I wrote a request for them to discontinue all telephone communication with me and to forward any necessary correspondence via USPS. They stopped, and my account was noted.

 

I missed my February 1st payment (I'm planning on paying it this week), and on February 2 the calls began. I have been getting an average of 13 calls per day since then. This is absolutely ridiculous.

 

So here is my question. I want these bastards out of my life. I have paid them more in interest and fees than my entire loan. Do I have enough violations on them? All I want is to pay them the rest of my balance, and either have them remove the entire trade line (yes I hate them that much) or remove my lates.

 

Please take my advice and NEVER EVER get a loan with cash call. I know most of you know better. I was really dumb when I did this. Thank God for CB.

 

Any advice is appreciated.

 

These guys have made my life hell.

 

Please help.

 

Thanks

 

I cannot speak to whether or not the FDCPA applies d/t the fact that you are in CA.

 

However, assuming that it does, and assuming that you sent them a c&d by certified mail, then it would appear that each telephone call after they received that notice would be a violation.

 

Now, here's the rub. You can only file for $1,000 in damages PER ACTION. So you can't try to hit them for $1,000 per phone call in one law suit. You could only sue for $1,000 in a single suit. In order to get more, I would think that you would have to file a separate cause of action for each phone call. That's my take on it.

[gweedoh]

What violations do you think you have on them? They are not a CA so they don't have to abide by the FDCPA. If they aren't reporting inaccurate info on your credit report, there are no FCRA violations either.

 

I'm not an FCB(billing)A expert, but you may take a look through that to see if there are any limitations on harassment from an original creditor, but so far I don't see any violations.

 

ETA: I just looked through FCBA and there's nothing at all regarding an OC's own collection attempts.

Edited February 21, 2007 by gweedoh

[Guest picantel]

Unless you can find a cali civil statute that covers phone harassment. HSBC does the same thing. My wife's co-worker missed a payment and they have called over 600 times in the last 2-3 months with a record being 26 times in 1 day.

[wendyd27]

Unless you can find a cali civil statute that covers phone harassment. HSBC does the same thing. My wife's co-worker missed a payment and they have called over 600 times in the last 2-3 months with a record being 26 times in 1 day.

 

 

Holy cow, that is insane.

 

OP, I don't have any advice for you, but I hope you are able to get these people to leave you alone.

[nyrfann]

In all honesty, before visiting going for a pay day loan, you should visit you're local loan shark. Probably get better rates!

 

These places should all be shut down!

Edited February 21, 2007 by nyrfann

[ss101]

Sounds like they would like to get paid.

[CreditDespair]

I know, I know!! Yes, I am STILL making payments on it!!! What I didn't know is that my monthly payment of $107 is going to INTEREST only and not the principal! STUPID STUPID STUPID CreditDespair!!

 

Yes, it is reporting on my credit.

 

Here's another f'd up thing--they are so screwy, they don't have an online statement system and don't send bills or anything. They just expect you to pay every month (either by automatic payment, moneygram, or walking in the payment) and in order to get your statement balance you have to fax in a request with a copy of your DL!!!!

 

I didn't have a checking account for a long time (mine was closed, refer to my ER Solutions threads for clarification). Anyway I have a new one now but before I had been paying through MoneyGram...so I have to call them and have THEM send me a statement to see when I paid and if they are reporting accurately.

 

Oh..PLUS...I forgot to add this one in my original post-

 

Last August Cashcall called my father's house in ATLANTA, GA...looking for me and discussed my debt! How's that for a violation!

 

Anyway...here's California State Law for collections...and references original creditors:

 

Article 3.1 California Debt Collection Practices Act The California Fair Debt Collection Practices Act, adopted by the California Legislature in 1977, regulates the form and content of communications by a collector to the debtor and others, and prohibits a variety of dishonest, deceptive, unreasonable and unfair debt collection practices. 181 The scope of the California statute includes the debt collection practices of both original creditors and debt collection agencies. 1. Debt collectors subject to California statute. The California statute regulates persons and legal entities that are ?debt collectors.? A ?debt collector? is ?any person who, in the ordinary course of business, regularly, on behalf of himself or others, engages in debt collection.? 182 Hence, the statute only covers those collectors that regularly engage in the collection of debts, including both original creditors and debt collection agencies. (By contrast, the federal statute, discussed in Article 3.2 below, generally applies only to debt collection agencies.) The California statute also applies to persons who compose and sell, or offer to compose and sell, forms, letters and other collection materials used or intended to be used for debt collection. 183 The California statute does not apply to attorneys engaged in debt collection, 184 but another California law requires attorneys to comply with those standards. (See Article 3.4, page 27, below.) Directors and officers of a corporation are not personally merely because of their position, but may be liable if they directly order, authorize or participate in the unlawful conduct. 185

 

So I believe state law takes precedence, no??

 

Anyway, I don't want to sue them in order to make money. What I really want is to pay off the rest of my balance (I've significantly lowered it) and have the lates or entire trade line removed. Do you think they would agree to this and do I have any leverage??

 

I know I sound like a complete salamander...but I am being completely honest. I know it was stupid of me to take this loan. I am almost 25 now...I was 22 when I took this. I've learned a lot from CB and would really appreciate your help. I'm not sue-happy ... I've never sued anyone in my life and would like to avoid doing so. I just want these people off my back and I want the trade line gone. I just feel like any form of harassment is illegal. Calling someone 13 times in a day is harassment.

 

 

 

Thanks guys...I appreciate your help.

Edited February 21, 2007 by CreditDespair

[CreditDespair]

P.S. If you want to see how many complaints there have been about cashcall just check out the ripoff site. They do this to thousands of people.

 

I am not trying to shy away from my debt...just so you guys know. I am responsible for the contract and for what I owe...this I understand. What I don't understand is why they have to go to such extreme lengths to get their money...and why they resort to harassment.

[NAN101]

Not only do they charge ridiculous interest rates...but they are comprised of a staff that is rude, obnoxious, and money-hungry.

 

You may not like what I'm going to say, but I'm going to say it. Cashcall is a TEMPORARY solution. Yes, the interest rates are "outrageous," BUT you were aware of that when you signed your promisary note. If you look at the note, it says in BIG LETERS - This is a high interest loan and you should make every attempt to pay this off ASAP. It is based on simple interest, so if you are only paying the minimal payment, you are only paying interest, not even touching the principal. This is not deceptive - you are told and reminded up front before you agree to accept the funds wired into your account. If you've been paying on this loan since 2005, you probably should not have taken it out. Compared to the "norm" payday lenders, Cashcall is cheaper.

 

I had an occasion to borrow from Cashcall about 18 months ago - I borrowed $5000. The promisory note is for 7 years, BUT you are strongly encouraged to pay it off in a few months - exactly what I did - At the time I had absolutely no choice, but when faced with this or the other payday loans out there, it was a better solution. I paid the interest payment each month, PLUS 1/5 OF THE PRINCIPAL - it was paid off in five months.

 

I found their customer service reps to be extremely pleasant, even too pleasant at times (if that's possible?).

 

As far as violations, they are an original creditor so you're not approaching them as a CA - as for them calling, I didn't have that problem because I knew exactly what I was getting into and made the required payment - I was in a jam and this was a quick solution and "saved the day" so to speak.

 

Your best bet is to get is current and start pumping some $$ towards the principal - go back and read your primisory note - there is absolutely no deception in their terms. They ask you like five times before the transfer - are you sure you can handle this, the interest is high.

 

I wish you luck - I was a "victim" of payday loans many years ago and wouldn't walk that walk ever again. To someone in a jam, Cashcall I suppose is a viable option, but know what it is your signing and not just focusing on the $$ and certainly don't cry foul when you can't afford it and probably knew this when you signed on the dotted lign - everything was spelled out up front with this company - they are different than the average payday lender, but, yes, it's a high cost borrowing situation. As far as them calling, they want their money - just as any creditor would when you go late and aren't holding up your end of the bargain.

 

I really don't mean to sound rude, but I just don't see how you can claim deceptive practices with Cashcall when they are extremely upfront about the interest rate and fees (late fees).

 

At this point, you need to attack the principal payment - either beg, borrow, etc to come up with the principal owing (have you paid anything towards the principal in the two years?). If you can't borrow it, you need to figure how much extra per month you can throw at it and add that to the current payment because the payment amounts are only covering the interest - For example, if you paid any extra $250 month, you could have had this paid off in ten months, an extra $500 a month, would have paid it off in five months. These payments would be in addition to the interest payments - sort of just like how your mortgage would work.

Edited February 21, 2007 by NAN101

[CreditDespair]

NAN, I completely understand where you're coming from. Yes, Cashcall is a temporary solution. I made a mistake. A HUGE one.

 

But I am not trying to dispute the fact that I owe them money. I'm angry and upset about their collection practices. I'm upset about the fact that they called my father's house in another state and discussed my debt. And I'm upset that they threatened to garnish my wages once (sorry, forgot to put that in earlier.) I'm upset that they begin the phone calls less than 24 hours after the payment due date. And I'm upset that I have to fax in a request for my statement when I should be able to get it immediately (they don't even send bills.)

 

I want to know if I have leverage or not. Like I said, I am NOT trying to shy away from my debt. I made some huge mistakes and was irresponsible with payments last year.

 

I know now that I should never have gotten a loan from them.

 

For anyone else who is reading this...please take this as a valuable lesson and don't respond to Gary Coleman's ad.

[gweedoh]

If you want them off your back, make your payments.

 

It does appear that the Cali. laws do include OC's in their description of "debt collector". What is the remedy for violations of that section of the Cali. law? Usually there is no civil liability and all you can do is complain to the state licensing agency.

[NAN101]

And I'm upset that I have to fax in a request for my statement when I should be able to get it immediately (they don't even send bills.)

 

This, too, is explained in your promissory note - Everything you've described is explained and addressed in there - Did you even read it before accepting the funds?

 

As far as calling your father, etc., you were required to give them the alternate numbers and permission to contact them - again, in the note and terms of the agreement.

 

Also, you most likely signed the arbitration clause -

 

You hold the ball in what you want them to do - Make your payments and the phone calls, etc. stop. It's really quite simple. I don't really see that you have any other options.

 

I want to know if I have leverage or not.

 

Leverage to do what? Stop the calls and attempted collection? Sure, you have leverage - make your payments and the calls won't be an issue anymore.

Edited February 21, 2007 by NAN101

[CreditDespair]

Thanks for the advice. Like I said, I AM planning on making my payments. Yes, I fell behind this month but will make my payment tomorrow.

 

As for calling my father, I was never required to give anyone else's phone number other than my employer. When my step-mother picked up the phone when they called, she asked them how they got this phone number. She asked the lady 3 times. The lady kept repeating that she was "doing an investigation" and that's how she got their number.

 

As for getting my statements, that's not as big of a deal. I can definitely forget about that.

 

The promissory not did not state that I would be receiving tons of phone calls a day if I didn't make my payment by the due date.

 

I don't know how much clearer I can make this--I AM paying this back. I have NO intention of shying away from it. I feel like you guys keep making it seem like I don't want to pay them.

 

Let me rephrase my question. Are ANY of the following violations? And if so, will I be able to use this as leverage to get my lates or trade line removed?

 

1. Calling me 13 times a day, beginning with the day after my payment is due.

2. Calling my father in another state and discussing my debt.

3. Calling me regarding my debt even though I sent them a letter requesting that all communication be made via USPS (sent back in December.)

4. Threatening to garnish my wages when I'm not even 30 days late.

 

Yes, I was irresponsible. Yes, I want my lates removed. I'm not even sure if they are reporting correctly but I am contacting MoneyGram today to get them to send me a statement of all my payments. So they may (and probably are) reporting innacurately.

 

I know I am not the only one on this forum who has been irresponsible with payments in the past. This is why we are here--to learn, to help each other, and to become responsible.

 

Please let me know what else I can do. Like I said, I AM paying my debt. I want to know HOW I can get the lates (or the entire trade line) removed.

 

P.S. They only report to EX and EQ.

[TeeSharice]

the payday loan folks are NOT bound by the FDCPA

 

they can call ya 56 times a day whether ya late or not until they assign or sell the debt elsewhere

 

 

 

Are they reporting this with rolling lates?? ( late every month)

 

What kind of account is it being reported as?

 

 

you can save the keystrokes telling us how bad of scum the payday loan folks are.... WE know

[NAN101]

Are they reporting this with rolling lates?? ( late every month)

 

What kind of account is it being reported as?

 

That's what I was thinking - if it's actually reporting as a rolling late.

 

OP - You might consider a goodwill letter after you get a few more on time payments under you belt.

[TeeSharice]

Are they reporting this with rolling lates?? ( late every month)

 

What kind of account is it being reported as?

 

That's what I was thinking - if it's actually reporting as a rolling late.

 

OP - You might consider a goodwill letter after you get a few more on time payments under you belt.

 

 

 

I wouldnt do that.... if it were ME, Id default completely and let em send it to collections knowing they will violate the law in That capacity...

 

Its a big risk but aint no way Id be making payments for this long on such a small debt and its still hurting my credit regardless

[Jen23514]

have you phoned your state AG's office?

 

let them know, exactly what you have said here. You know you need to pay it back and you know you're late, but you feel harassed by 13 calls a day.

 

See what their advice is.

[Jen23514]

Are they reporting this with rolling lates?? ( late every month)

 

What kind of account is it being reported as?

 

That's what I was thinking - if it's actually reporting as a rolling late.

 

OP - You might consider a goodwill letter after you get a few more on time payments under you belt.

 

 

 

I wouldnt do that.... if it were ME, Id default completely and let em send it to collections knowing they will violate the law in That capacity...

 

Its a big risk but aint no way Id be making payments for this long on such a small debt and its still hurting my credit regardless

 

would the interest stop?

if it would, in that case, I'd be inclined to let it go to collections as well.

[CreditDespair]

Ok, just checked my CRs for verification.

 

Here is what it shows:

 

Two Year Payment History:

 

Nov. 05 - 30 Days Late

Dec. 05 - 60 Days Late

 

Jun. 06 - 30 Days Late

Jul. 06 - 60 Days Late

Aug. 06 - 90 Days Late

 

Oct. 06 - 30 Days Late

Nov. 06 - 60 Days Late

 

Sorry for my original post, I had the lates wrong.

 

Also, here is the link to the California FDCPA Statute:

 

http://www.dca.ca.gov/legal/dc_2.pdf

 

Check out this paragraph and let me know what you think:

 

While the federal statute is written to only cover debt collection agencies and not original creditors, the practical effect of the federal statute changed on January 1, 2000. From and after that date, all creditors and debt collection agencies that are subject to the California statute are

also subject to most of the standards of the federal statute. That means that businesses covered by the California statute (that is, both original creditors and debt collection agencies) must comply with the standards expressed in both the California statute and (with some exceptions) the

federal statute, and, in case of violations, are subject to the remedies in both statutes.12

 

 

P.S. I really appreciate all your help with this.

Edited February 21, 2007 by CreditDespair

[Tiny Tim]

Loan Product Interest Rate Annual Percentage Rate Number of Payments Payment Amount

$20,000 Loan 24% 24.19% 120 $440.96

$10,000 Loan 21% 21.30% 120 $199.93

$10,000 Loan 34% 34.30% 120 $293.61

$10,000 Loan 39% 39.35% 120 $332.15

$10,000 Loan 44% 44.38% 120 $371.60

$5,075 Loan 59% 59.95% 84 $254.03

$2,600 Loan 96% 99.25% 42 $216.55

 

Ouch. 100% Interest rate? That's 9k for a 2600 dollar loan. I would get a credit card and pay the loan off in full if that is an option. My fiance did the same thing (200 dollars here and there) and I ended up putting them on my credit card to get rid of them. Internet loans are by far the worst decision ever. Good luck.

Edited February 21, 2007 by Tiny Tim

[gweedoh]

I'm not passing judgment on you for having problems in the past, but what you're describing are current events. The reason we keep emphasizing that you make your payments is because you keep complaining that they are trying to collect the money you owe them and you are *currently* past due. The fastest way to make them stop harassing you is to pay them money you acknowledge you owe them. The best way to keep them from harassing you in the future is to not go past due with them.

 

The "due date" is when you payment is due. If you go past due, they are entitled to collect their money. They can default your loan and charge it off at 12:01am the day after your due date if they want to.

[CreditDespair]

Ok, got it. Yes, I missed my Feb 1st payment. I will be making it tomorrow. I am not going to write about my excuses/reasons for this. I am happy to say that this is the only account in which I have had recent troubles with (in regards to payments).

 

Now, what can I do about the lates? I see that a goodwill letter was suggested. I had thought about this too. I want to know the best route to go, and which steps to take first. Dispute first? Goodwill second? Goodwill first, dispute second? Beg for a pfd (Please please please mr. cashcall man...if I pay my balance in full RIGHT NOW will you remove my late payments?)

 

Haha...thanks guys...you are the best.

[Jen23514]

I'm not passing judgment on you for having problems in the past, but what you're describing are current events. The reason we keep emphasizing that you make your payments is because you keep complaining that they are trying to collect the money you owe them and you are *currently* past due. The fastest way to make them stop harassing you is to pay them money you acknowledge you owe them. The best way to keep them from harassing you in the future is to not go past due with them.

 

The "due date" is when you payment is due. If you go past due, they are entitled to collect their money. They can default your loan and charge it off at 12:01am the day after your due date if they want to.

 

I think that point has been made over and over.

 

I'm pretty sure she knows she's late.

I'm pretty sure she's trying to pay it back.

 

I'm pretty sure 13 calls a day doesn't make her pull money out of her flowers faster. I think what she is wanting is help making the calls STOP when she doesn't need a reminder 13 times a day, everyday to make a payment.