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world finance loan

Date: Tue, 04/21/2009 - 11:12

Submitted by anonymous
on Tue, 04/21/2009 - 11:12

Posts: 202330 Credits: [Donate]

Total Replies: 19


i live in texas and i have a "secured" loan through world finance... i lost my job and now had to move to try to get stable and find a job thats gunna pay decent, i told them i have no ways of paying the loan at the moment and that i would pay them when i get my first check, im actively seeking employment and they are now threating me with court papers and garnishing my account. Being that its secured i know they can take what was collateral but is it possible going to jail for not being able to pay a secured loan back when they want the money not the items?

ps- i know that its not considered a payday loan but i was thinking maybe some of you would know how these work as well..


so i went in and tried to pay 20$ on each account just untill my wife gets her first check, they refused and wont take anything less then 150$ for each account and said if i dont pay by tomorrow they will get a judgement on us for both of our accounts, if thats the case what all happens in court?


lrhall41

Submitted by on Wed, 04/29/2009 - 08:36

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I think the only judgement they can get is against your bank accounts. They can not garnish wages.

What you can do is look on the internet for your city and see if they have civil court online. If so you could search and see if they have cases where they have taken people to court. It may all be a scare tactic.

Threating to do it and actually doing it are two different things.


lrhall41

Submitted by nohiogal on Wed, 04/29/2009 - 13:00

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Quote:


yeah its a secured loan with some items but they want the cash not the items. they said they were going to take me to court for a judgement for the cash


If this is an secured loan then the financer can get a judgment or lein as well as take the collateral. They will seize the collateral first and sell it to recover monies on the loan. If the collateral does not cover the full balance then they will press for a judgment to recover the rest. But hopefully this is the last case scenario :?

If this does go to court being that you have no way of paying them I suggest pleading a hardship case to the judge. If you are unemployed most likely they will not get far with levying your bank account. I am no expert, but I believe Texas in a non-garnishment state also the companies action may be dictated by your state laws on debt collection.

Are your assets/collateral value more than the loan amount borrowed??

Here is an article on Secured Loan information I found.

Read here for more info on a secured loan. Hopefully DebtCruncher or Nascar_D will be along to offer more alternatives in dealing with this debt. Best of luck to you.


lrhall41

Submitted by Cool_Abyss on Thu, 04/30/2009 - 06:39

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