Western Sky loan transferred to cash call

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In November of last year I took out a loan with Western Sky. They immediately transferred the not to Cash Call without informing me first. I understand Western Sky is not licensed to operate in my state but Cash Call is a legitimate lender. What are my obligations at this point. Since the loan was originated with an unlicensed lender am I obligated to pay. They are phoning relentlessly.




Something is wrong with this picture. I am not sure about this but I am going to refer this to someone else, please keep checking back for replies.

Sub: #1 posted on Tue, 03/29/2011 - 15:05

Shazzers Shazzers
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Im in the same situation so i am very curious.

Sub: #2 posted on Tue, 03/29/2011 - 15:20

Unregistered


Thanks, I confirmed this information by asking Cash Call to send me the original loan documents. The original lender was indeed Western Sky. The annual percentage rate was 139%, the finance charge to borrow $2525 was $8392 for a total payment amount of $10,917.57. There were to be 35 equal payments of $298 and an initial payment of $156. I believe I made the initial payment to Western Sky and shortly thereafter, the loan was sold to Cash Call

Sub: #3 posted on Tue, 03/29/2011 - 15:57

a1handy07156 a1handy07156

(Posts: 9 | Credits: 10.75)

Something is definitely not right at all....for one...OMG a finance charge that is over 3 times the original amount??? A $2525 debt turning into $10917 is just ridiculous.

But good news! It is just like when debt purchasers or collection agencies buy up or attempt to collect on illegal loans...the loan itself was illegal...doesn't matter if a legal entity bought it...they basically bought an illegal loan. You are liable for the initial amount of the loan and nothing more. Make sure you get proof of any payments already made, deduct that from the loan amount ($2525) and then just pay it off, making sure to keep copies of these payments.

There is nothing Cash Call can do..it is an illegal loan and if they don't like it and keep harassing you, then send them a cease & desist letter....from that point on, if you are making monthly payments to pay off the loan, start sending it certified mail to show proof of delivery.....wonderful thing is since they bought the loan, they are not the original creditor and have to abide by a cease & desist.

But as I said, there are others much more knowledgeable about payday loans and cash call....hopefully they will chime in.

Sub: #4 posted on Wed, 03/30/2011 - 04:50

goldenbast goldenbast
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well it depends on what state you are in to an extent as there are only three states cash call does actual business.UT,CA,AND TX.that's it.now goldenbast is right on the money.it doesn't matter if cash call is legal they bought an illegal debt.btw western sky is a tribal loan and this might be a dodge they are using to avoid a consumer taking action against the loan.disturbing to say the least.even if you are in one of these three states cash call still can't do a thing as again the loan was illegal.pay the principle and send cash call a C&D when that is met.

Sub: #5 posted on Wed, 03/30/2011 - 05:54

paulmergel paulmergel
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(Posts: 15503 | Credits: 1356.26)

I am located in South Carolina and as far as I can determine, neither Cash Call or Western Sky are licensed in my state.

Sub: #6 posted on Wed, 03/30/2011 - 06:45

a1handy07156 a1handy07156

(Posts: 9 | Credits: 10.75)

yep you are right.time to file AG,AND FTC complaints against both parties.that way you can pay the principle.without dealing with alot of BS from either side.

Sub: #7 posted on Wed, 03/30/2011 - 06:51

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15503 | Credits: 1356.26)

I just received the following email from Cash Call. Please let me know your opinions.

[COLOR=#1F497D]Thank you for your correspondence. Your loan was funded by Western Sky Financial (???Western Sky???) on November 15, 2010, in the amount of $2,525.00, which is the loan amount of $2,600.00 minus the $75.00 Prepaid Finance Charge/Origination Fee. Western Sky is a wholly Cheyenne River Sioux Tribal Member owned business and is located and operates within the exterior boundaries of the Cheyenne River Indian Reservation. Western Sky loans are initiated, approved, issued and disbursed within the confines of the Cheyenne River Indian Reservation. Western Sky is licensed with the Cheyenne River Sioux Tribe, CRST Business License # 5412. Western Sky does not have any physical presence in your state or any other State of the Union. As a result, Western Sky is not obligated to obtain a license from South Carolina or any other state.[/COLOR]
[COLOR=#1F497D] [/COLOR]
[COLOR=#1F497D]These facts were explained to you when you applied and again when you signed your Promissory Note. As a courtesy, please find attached an additional copy of your loan Note for your records.[/COLOR]
[COLOR=#1F497D] [/COLOR]
[COLOR=#1F497D]Please also be advised that on November 18, 2010, per the NOTICE OF ASSIGNMENT, SALE OR TRANSFER OF SERVICING RIGHTS e-mail sent to the e-mail address you provided, your loan was sold to WS Funding, LLC, and is currently being serviced by CashCall. If you have any questions regarding your loan, current balance, or payoff amount, you may call our Customer Service department at 1-877-525-2274. Our hours of operation are 8 a.m. to 9 p.m. Pacific time Monday through Friday; 8 a.m. to 5 p.m. Pacific time Saturday and Sunday. If you are unhappy with Western Sky, WS Funding, or your loan in any respect, we would advise you to pay it off now without penalty.[/COLOR]
[COLOR=#1F497D] [/COLOR]
[COLOR=#1F497D]We hope that this response has answered your questions. Please do not hesitate to contact me if we can be of further assistance.[/COLOR]
[COLOR=#1F497D] [/COLOR]
[COLOR=#1F497D]Sincerely,[/COLOR]
[COLOR=#1F497D] [/COLOR]
[COLOR=#1F497D]Elissa Chavez[/COLOR]
[COLOR=#1F497D]Director of Fraud Prevention[/COLOR]
[COLOR=#1F497D] [/COLOR]
[COLOR=#1F497D]CashCall, Inc.[/COLOR]
[COLOR=#1F497D](949) 752-4630- Direct[/COLOR]
[COLOR=#1F497D](866) 590-2274, ext. 4630- Toll-Free[/COLOR]
[COLOR=#1F497D](949) 225-4630- Fax[/COLOR]
[COLOR=#1F497D]elissa.chavez@cashcall.com< /span>[/COLOR]

Sub: #8 posted on Wed, 03/30/2011 - 08:50

a1handy07156 a1handy07156

(Posts: 9 | Credits: 10.75)

tell them the fact they are on "tribal ground"is confirmation of their illegality,and you will pay what is left on the 2525.00 and nothing else.not suprised that cash call is not only buying illegal debt acting like a bottomfeeder to collect it.

Sub: #9 posted on Wed, 03/30/2011 - 08:59

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15503 | Credits: 1356.26)

It sounds like they are going to be jerks about it. You should send them a certified letter, demanding that since the loan was illegal and that they too are illegal in your state, that you will be paying off the principle balance and nothing more. Also inform them that you wish to not be harassed by them any further and that should they continue to harass you, you will be forced to order them to cease & desist from further contact and that you will then pay the balance at your leisure.

If they continue to harass you...send the cease & desist.

Sub: #10 posted on Wed, 03/30/2011 - 15:10

goldenbast goldenbast
Moderators Cum Industry Expert
(Posts: 2885 | Credits: 380.48)

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