On 10/03 this letter was sent to me:
This is your opportunity to save hundreds and even thousands of dollars on your CashCall loan. We want to resolve this matter as quickly as possible and avoid future action, so we are proposing the following settlement offer.
* One lump sum of $ 1,391.57, due and payable on or before October 16.
This is a 40% reduction of the outstanding principal balance.
Or:
* Six payments of $ 270.58, beginning (no later than) October 16 and continuing on the 16th of each succeeding month. This is a 30% reduction of the outstanding principal balance.
If you do not call our office on or before October 16 to accept this one time deal, this offer will become null and void. If you need additional information or want to inquire about other payment plans, please contact this department (866) 899-1844
I called before October 16th to confirm this and was assured that after making 6 monthly payments of 270.58 my obligations with cashcall were met.
I have sent in my first payment of $ 270.58 on October 15th at 17:30.
And this is what I received on October 16th through my e-mail:
P.O. Box 66007 Anaheim, CA 92618 (866) 899-1844
October 16
xxxxxxx
xxxxxxx
san fernando, CA 91340
Re: Loan ID. Xxxxx
Want some assistance in bringing your loan current? Want to wipe the slate clean
and get a fresh start with CashCall? Here is how you can do so:
As you may be aware, your account is currently delinquent at this time. Along with the
delinquency comes credit reporting that may negatively affect your credit score. You are probably asking yourself, What is CashCall going to do for me?
You asked and here is the answer: Due to the fact that you have already made a payment this month, we will defer your past due payments giving you an extension until December 1 if you do the following by Friday, October 24.
All you have to do is Sign and fax back the attached Deferment Agreement outlining
the new terms of your contract.
Please Note: Collection activity will not cease during this offer.
Upon completion of the above, we will wipe the slate clean and you get a fresh start with CashCall. We will report your CashCall loan as CURRENT to the credit reporting
agency.
Sincerely,
Kelley Olry
1-866-899-1844 Ext. Xxxx
Return the signed agreement to: CashCall, Attn: Loss Mitigation Team, P.O. Box
66007 Anaheim, CA 92618 or fax it to (949) 225-4697.
This communication is an attempt to collect a debt and any information obtained will be used for that purpose. As required by law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations.
P.O. Box 66007 Anaheim, CA 92618 (866) 899-1844
xxxxxxxxx
xxxxxxxxxxxxxx
san fernando, CA 91340
Re: Loan Modification Agreement - Deferment
CashCall Acct. No. Xxxxx
Dear xxxxxxxxxxx:
This modification agreement (the Modification Agreement) shall confirm the agreement we have reached to modify the terms of your loan with CashCall (Loan No.
54975). Please read it carefully and be advised that the terms of this Modification Agreement will only be effective if you sign, date and return the acknowledgement below. If you fail to sign and return the Modification Agreement by October 24 the terms and conditions of this Modification Agreement shall be null and void.
You have represented to CashCall that your financial circumstances have changed such that you are no longer able to meet the full monthly payment obligation (the "Monthly Payment Amount") under the terms of your CashCall Promissory Note and Disclosure Statement (the "Note"). Based on this representation and subject to the terms and conditions set forth, CashCall has agreed to defer 3 payment (s) and extend the maturity
date of your Note from the current contract maturity date to a new maturity date (Modified Maturity Date).
Please see the details of the modifications as follows:
Payments Deferred: 3
Current Maturity Date: 4/1
Modified Maturity Date: 7/1
As long as CashCall receives your signed and dated acknowledgement and agreement to this letter by October 24 the Modified Maturity Date will become effective with your next monthly payment due on December 1.
Please be advised that this Modification Agreement will not change the outstanding balance of your loan, which is currently $2,247.99.
By signing where indicated below, you agree to the following:
CashCall has the right to take any actions it deems appropriate to determine your ability to pay your obligation under the Note. Such actions include (without limitation) the right
to: (a) order a credit history from any credit reporting bureau (s); and (b) contact your
employer to verify your employment status and compensation.
No course of dealing between you and CashCall or any delay or failure on the part of
CashCall in exercising its rights under this modification agreement or the Note will be
deemed a waiver of any of CashCall's rights under this modification agreement or the
Note.
Because of the affect of delinquent payments on the accrual of interest (on simple interest
accounts only), the final payment owing under the Note and this modification agreement may be different from your other monthly payments. (Please refer to your Note should you have questions as to the method of interest accrual or call our Customer Service Department.)
Except as provided above, all other terms and conditions of the Note remain unaffected and unchanged by this modification agreement and all such terms, conditions, and provisions of the Note are ratified and confirmed in all respects.
Please review the terms of this agreement carefully. You are welcome to consult with your own financial advisor or attorney before signing this agreement. You may also
contact CashCall at 1-866-899-1844, with any questions.
Please be advised that the execution of this Modification Agreement may have tax consequences; you should discuss this with your attorney or tax advisor.
PLEASE NOTE: This modification will not take effect until (i) you sign and date the
Agreement and Acknowledgement (below); and (ii) CashCall receives an original or faxed copy of the signed and dated Modification Agreement and Acknowledgement by October 24. Please keep a copy of this agreement for your records.
Return the signed agreement to: CashCall, Inc., attn: Loss Mitigation Team, P.O. Box
66007 Anaheim, CA 92618 or fax it to (949) 225-4697.
Sincerely,
CashCall
1-866-899-1844,
Loan # xxxxx
This communication is an attempt to collect a debt and any information obtained will be used for that purpose. As required by law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if
you fail to fulfill the terms of your credit obligations.
AGREEMENT AND ACKNOWLEDGEMENT
I have carefully read the foregoing Modification Agreement. I understand the terms and conditions of the Modification Agreement and I agree to be bound by the terms and conditions. I acknowledge that we have retained a copy of this agreement for our records.
Dated: %
Loan ID: xxxxx
If I am offered a settlement and after making my first payment as per agreement (by mail and than confirmed by phone as instructed), I am receiving a letter that I still have a Debt obligation of $ 2,247.99, what is the settlement for.
Don't forget the numerous daily phone calls to co-workers (even after advising Cashcall that I may not receive this type of phone calls at work), anywhere between 7:00 AM to 9:00 pm. There were times I have made payments but still received collection calls 3-5 times a day, the day after a payment was made, etc..
Oh, the best I almost forgot, I think in May or June I was sent to Small Claims Court - I received a call to make a payment, I agreed and paid, but the day after I made the payment, I received Small Claims Court Papers HAND delivered to my place of work, I called CashCall why I was served those papers after I made payment as agreed, I was told that I will have to go to court and explain the judge. I asked for his supervisor. That supervisor told me that I would have the option to pay (I believe it was in the $ 360.00 Range) to have their Legal team revoke the notice or something like that, or I could go to court and explain the judge and the case might be dismissed. Of course I refused to make that "Legal Team Payment" and I went to court! Surprise, I wasted Hours of lost work to appear at court and the case was dismissed because no CashCall Representative ever showed up.
What a shame!
What can I do about this dilemma after making my first payment as agreed at settlement, I am receiving this second letter. Is there anyone that can help me, what should I do?
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