Got a loan with Cash Call in Dec. 2006 made all pa

Got a loan with Cash Call in Dec. 2006 made all payments on time until May 2011. Borrowed 5000.00 and still owe 4100.00. I contacted them to see about a reduced interest rate and got a lot of bull so I reported them to BBB, FTC, and Dept of corporations. That got their attention. I offered them 1200.00 to settle account in payments of 100.00 monthly, without anymore interest. They have agreed and I am waiting on documents to sign, that is after I read every line 2 times!!! If they list it on my credit report as settled in full will that be a negative remark to a lender???

4 Answers

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Okay got a response from Cash Call.  It simply states that they are willing to accept my offer of $1200.00 to settle in full.  They outlined the dates of the payments which is simply 1 payment being due on or before June 15 and 11 remaining payments due monthly on the 15th until paid.  Once all payments are made then it would be reported to credit bureau as "Settled in Full". 

Looks like my best bet to put this thing behind me and get out of the mess.

 

Comments?????


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I am waiting on them to email me the documents.  What they have stated they would do is to accept $1200.00 in monthly payments of $100.00.  The $1200.00 would pay it in full even though they say my balance is some 4500.00.  The agent stated that if at all possible she would have them not report to the credit bureau that I did not make a payment in May.  She said that the report to the credit bureau would show "settled" once I made all payments of 100.00 for 12 months.  That leads me to beleive that it could be negative.  Anyway, I'm still waiting to see the documents.  She said it would most likely be today, the 10th, before she emailed them to me.  At this point if I can get out of this mess with paying them 1200.00 and not 4500.00 the mark on my credit might be worth it.  I paid them around 13000.00 for a loan of 5000.00 and with 1200.00 more I will be looking at 14200.00 instead of 21336.00, so this might be my best bet.  Their first offer was to take 3500.00 in a lump sum but I offered 1200.00 in payments and she said that sounded fair and agreed on the phone.  I just hope that they are going to do what they said and I can get past this mess. 


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Settled in full shouldn't be considered as a negative remark indeed. Have they agreed to your offer over the phone?


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If the debt has been settled in full, then it will be considered as a positive mark by the lender. The lender will understand that you have paid of the debt in full though you have faced hardships in doing so.


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