Western Finance/Western Shamrock loan?
Date: Tue, 03/05/2013 - 11:09
http://www.westernshamrock.com/services
I took a $400 payday loan from the storefront, made a few payments, renewed a couple of times. now I can't make my payments, around $70/month.
Anyone ever dealt with them? Wondering if I can try to deal or if they will come to my home/work for collections (had other storefront PDLs do this to me). I can't remember if they do security agreements or not, or if they are gonna come repo my TV or something!
Update
I called them. They will not negotiate any type of arrangements or payment plan. Regular payment is due, and now I have a $10 late fee on top of that. There IS a security agreement I signed so they have the right to repo the collateral from my home if I don't pay. They are also calling me and all my references multiple times a day. So frustrating.
I called them. They will not
I called them. They will not negotiate any type of arrangements or payment plan. Regular payment is due, and now I have a $10 late fee on top of that. There IS a security agreement I signed so they have the right to repo the collateral from my home if I don't pay. They are also calling me and all my references multiple times a day. So frustrating.
Unless the loan is secured
Unless the loan is secured (which I believe it is not), they will not try to repo your TV if you fail to repay them. At the most, you might get sued after which there would be a lien placed on your property and your bank account(s) are going to be levied. I believe you reside in Texas, so in that case your wages cannot be garnished.
Shamrock is not a CFSA member so I believe that asking for an EPP is out of the question. You have 2 options here: a) You can call them and try to negotiate a lower monthly payment or b) you can revoke ACH in writing, force the account into collections and then try to negotiate on the terms.
What state are you in? Seems
What state are you in? Seems to be a legal company. Payday loan is an unsecured debt. The company can't repossess your TV or any other asset. However, they certainly can send the account collections if payments are not being made.
I am in Texas. I can't
I am in Texas. I can't remember if I signed a security agreement with them (putting up collateral like electronics) or not!
I am in Texas.
I am in Texas.
I can't remember if I signed security agreement with them, putting up collateral like electronics or TV, or not. It was an installment loan with several payments.
Thanks for the advice! I will
Thanks for the advice! I will try calling them and negotiating. I don't mind going into collections if that is what it takes to get something I can afford, but I'm more concerned with if I have a security agreement with them, or them coming by my home or office to collect. I guess all I can do is try calling them and see what I can work out!
If it was an installment loan
If it was an installment loan, then maybe you can call them up and negotiate a lower monthly payment spread over a longer period. The only other option is to go the collection way. There seem to be no other options given the company is licensed and registered in TX.
I think you could give
I think you could give negotiations a shot. Collections might not seem too enticing to you probably, but if negotiations don't work, then you know where you stand.
