Wilshire Credit Corporation Excessive Payment Processing Time ripoff Atlanta Georgia

I would like to reply to Miguel's replay on 8/27/07. First of all when I did a refi of my HELOC to a second mortgage, it was to be serviced by Wilshire Credit Corporation's Atlanta, Georgia processing - it's in my contract.

When I received my first billing from Wilshire, it had a California address on it. I called and ask what was going on because of the two different addresses. I was told that the payment could be sent to either address. If the Atlanta address is a lock box, then the payment should be treated as the day it's delivered to the lock box.

I also pay Wilshire online through my bank, and I noticed that the payment information was suddenly changed from the Georgia address to the California address which adds 2 to 3 additional days when delivered by SNAIL MAIL. So if you send your payment out on the 31st, and if it's going to Georgia, then it should be expected to reach there by no later than the 2nd or 3rd at the latest. Since it's going across country to California, you can expect an additional 3 or even 4 days travel time.

What Miguel failed to tell you is that if your payment arrives before the 1st (my payment is considered late if not received by the 15th), you are not paying the full amount of interest on that payment for the month you are paying - which means more going to the principal and less going to interest.

If Wilshire really wants to be consumer friendly, they should get rid of the $5.00 fee that they charge for using the website to make a payment. I have never understood why someone would want to charge you a fee to make a payment directly to them on or before the date in which it would be late. What Wilshire should do is to start charging the $5.00 fee when you are late making the payment (in addition to any other late fees outlined in your mortgage contract).

HEY ANDY, IF YOU WOULD HAVE BEEN READING YOUR STATEMENT SINCE FEB/MARCH 07 YOU WOULD NOTICE A CALI LOCATATION TO HAVE YOUR BANK BILLPAY SERVICE MAIL THE PAYMENTS TO. WHILE THE GA LOCATION IS STILL A PLACE THAT YOUR PAYMENT WILL PROCESS, IT'S NOT THE PROCESSING TIME THATS POSTING YER PAYMENT LATE IT'S 1 OF THE 10 USPS LOCATIONS THATS FILTERING YOUR PAYMENT TO THE CORRECT P.O BOX. AND REGARDS TO THE 10 DAY'S AND BEING REPORTED LAE TO THE CREDIT REPORTING COMP'S , WELL IM GUNNA GOE OUT ON A LIMB HERE AND SAY YOUR MORTGAGE PAYMENT COMES DUE ON THE 1ST OF THE MONTH AND WITH 10 DAY GRACE PERIOD SO INTURN YOUR PAYMENT HAS TO BE POSTED BY THE 11TH DAY BY 5PM PST OF EACH MONTH(IF THE 11TH DAY LANDS ON A WEEKEND IT'S THE FOLLOWING BUSINESS DAY)YOU WOULD INCURRE A LATE FEE THEN IF YOUR PAYMENT IS NOT RECI MOSTLY BY THE LAST BUSINESS DAY OF EACH MONTH YOU WOULD POSS GET A 30 DAY LATE REPORTING ON YOUR CREDIT. AND A GOOD DAY TO YOU ANDY

HEY ANDY, IF YOU WOULD HAVE BEEN READING YOUR STATEMENT SINCE FEB/MARCH 07 YOU WOULD NOTICE A CALI LOCATATION TO HAVE YOUR BANK BILLPAY SERVICE MAIL THE PAYMENTS TO. WHILE THE GA LOCATION IS STILL A PLACE THAT YOUR PAYMENT WILL PROCESS, IT'S NOT THE PROCESSING TIME THATS POSTING YER PAYMENT LATE IT'S 1 OF THE 10 USPS LOCATIONS THATS FILTERING YOUR PAYMENT TO THE CORRECT P.O BOX. AND REGARDS TO THE 10 DAY'S AND BEING REPORTED LAE TO THE CREDIT REPORTING COMP'S , WELL IM GUNNA GOE OUT ON A LIMB HERE AND SAY YOUR MORTGAGE PAYMENT COMES DUE ON THE 1ST OF THE MONTH AND WITH 10 DAY GRACE PERIOD SO INTURN YOUR PAYMENT HAS TO BE POSTED BY THE 11TH DAY BY 5PM PST OF EACH MONTH(IF THE 11TH DAY LANDS ON A WEEKEND IT'S THE FOLLOWING BUSINESS DAY)YOU WOULD INCURRE A LATE FEE THEN IF YOUR PAYMENT IS NOT RECI MOSTLY BY THE LAST BUSINESS DAY OF EACH MONTH YOU WOULD POSS GET A 30 DAY LATE REPORTING ON YOUR CREDIT. AND A GOOD DAY TO YOU ANDY

I have read every posting about Wilshire on RipOff. I find all this information very frightening. This company seems to be out of control when it comes to consumers. How are they getting away with their lack of ethics. When reading the posts, each post would bring back memories from day one with this company. I just thought it was because of my loan transfer and problems may occur. It got a little better, but now I'm seeing a trend on the posting of payments.

I have taken the advice of the housing counselor and am writing every government official to let them know of my experience. DC and FTC have online forms to fill out which makes it easier. But I do encourage everyone to file complaints. This type of business is what we read about everyday. It's Predatory and that's the bottom line. They are out to make money at whatever cost.