GE Money warning

[Mom]

When is a settlement figure given on a loan not the amount you have to pay? When it is given by GE Money.

After our dealings with this finance company, I would strongly advise no one borrows money from them, or if you have a current loan you seriously investigate refinancing as soon as possible, before you do that though please read below. I am happy to provide my records to support any claim I make here. If you are advised anything verbally by them ask for it in writing, preferable faxed to you while you wait on the phone. Demand they make a full diary note in their log each time you call. Actually tell them to make the note while you are on the phone. Keep good records (better ones than ours) so you might stand a chance of not being lied to and ripped off.

I have put this in General Bike Stuff as I suspect that a lot of us have finance owing on our bikes, no matter the finance company involved.

• Bear in mind here that when you ring GE Money about your loan you are identified to their satisfaction each time you call, they don’t and in fact refuse to discuss or give any information out about a loan until they are satisfied you are the person who has the loan, or are authorised by that person to talk to it.

• They officially keep a “log” of all calls received. Their official log is their Bible, there is no argument, what has been recorded there is the only truth according to them, even if it is typed by a staff member, who may or may not go back and edit the log to suit their story after the fact.

[Mom]

• Make a phone call to GE requesting a settlement figure on your loan, as you want to pay it off and buy a new bike.
• GE verbally advise the amount of $XXXX.xx to pay the loan off.
• Verbal discussion at home whether you can afford to change now – yes you can!
• Call to GE to ask for the bank account number you need to pay this settlement figure.
• Ring your bank to load the bank account number on your internet bill pay, bank queries the account number
• Ring GE and confirm the bank account number is correct – it is the bank account they use to receive settlement monies on motor vehicle loans.
• Make internet bill payment for the quoted settlement figure.
• Ring GE 3 days later to ask for confirmation that they have no security interest in the bike as it is now on Trade Me for sale. They cant find the payment! They ask what number it was paid into and put you on hold while the payment is found. Yes here it is, I will get that applied to your loan, it wont show until tomorrow though, I will send you what you want in the morning.
• 11 days later receive a statement of account showing an outstanding balance still owing of a bit over $3000.00!
• Ring GE as obviously there has been a mistake made. No mistake Sir, you never rang for a settlement figure, our log does not show any record of you calling. This is a normal payment. The loan is paid up now until Nov 2009.

[Mom]

This starts a lengthy process of complaints. By the way they don’t act on complaints that efficiently either. I had to literally hound the Regional Manager by telephone and email to get any kind of action from him at all. I have telephone records clearly showing the dates, time and duration of the calls we made to GE. Thankfully we did not use the 0800 number so they appeared on the bill to support our stance. When I put this to the RM he said we must have rung simply to chat on the times they have no record of our calls in their log! According to them we made 2 calls to GE, one requesting a bank account number to make a payment to and the other to request a statement of account!

[BIHB@0610]

I'm with you here Mom - I had dealings with GE money a few years ago. I wasn't the brightest financial spark - relied on getting a hard copy bill, and putting a cheque in the mail the day after (in hindsight I should have set up an automatic payment but hey, I was young and dumb!). When I didn't get a bill, I'd forget to pay. I'm sure they deliberately sent bills every few months, so they could collect $25 in late payment fees - honest to God, I only got bills every three months or so. When I paid the thing off and wanted to cancel my card, it took about four months of phoning them to finally get the account closed.

Has put me off HP for life! Ok, so maybe they did me a favour ........

[Mom]

After getting exactly nowhere in the complaints process, in as much as each time I raised another issue with the Regional Manager he went to ground for days on end and them came back to me with the same "talk to the hand" response each time. Our log does not show blah, blah, blah.

We ended up paying the outstanding money to get the security off the bike. Although he did actually offer to loan it to us on a new loan, tems and conditions to suit them. The absolute stunner at the end though was the magnanimous way he waived the "late fees" amassed on the loan as Mark had missed payments! How the hell can you get late fees when the loan is paid till November 2009!

Rip off bunch of bastards the lot of them!

[Edbear]

Sadly I am not surprised.

I have never dealt with GE, they keep sending me letters wanting to give me $10,000.

Fair Go may be all this crowd understand?

Sympathies and all the best!

[Mom]

Sadly I am not surprised.

I have never dealt with GE, they keep sending me letters wanting to give me $10,000.

Fair Go may be all this crowd understand?

Sympathies and all the best!

Interestly enough, I contacted Fair Go, they have filed my complaint until they get a few more along the same lines. Anyone else want to complain? Lets expose this company for what they are.

[Kittyhawk]

If you rang through and were asked by an automated system to enter your security details this in some cases will not show on the "who accessed the file?" history as when the call goes through to the operator the details appear.

If how ever you were asked security questions then the log will show someone accessed your file. Im not sure weather the law states that all calls have to be recorded, but if you are unsastified with the outcome ask to speak to a team leader and get them to listen to the call again for clarification.

Not any staff member can get access to edit the calls - get a team leader to listen and confirm details of what acctually happend. Either way track down who took the original call time date etc, and then complain to a team leader, if no sastification, go above them and speak to the manager. There must be a record of the call, especially in a finance company where money is being delt to.

[Mom]

If you rang through and were asked by an automated system to enter your security details this in some cases will not show on the "who accessed the file?" history as when the call goes through to the operator the details appear.

If how ever you were asked security questions then the log will show someone accessed your file. Im not sure weather the law states that all calls have to be recorded, but if you are unsastified with the outcome ask to speak to a team leader and get them to listen to the call again for clarification.

Not any staff member can get access to edit the calls - get a team leader to listen and confirm details of what acctually happend. Either way track down who took the original call time date etc, and then complain to a team leader, if no sastification, go above them and speak to the manager. There must be a record of the call, especially in a finance company where money is being delt to.

Kitty, I got as far up the food chain in that company I could, right to the Compliance Manager for NZ, and that is saying something as they do not give out too many contact details as it is against their POLICY. I even found another 0800 number tucked away on their website. I rang it and got to talk to a woman in India! Trust me this went way past the dickheads in the TAKAPUNA BRANCH OFFICE. I forgot to mention that before.

[Quasievil]

sounds like an early payment penalty, or similiar, not unsual but not a good thing either.

[boomer]

Interestly enough, I contacted Fair Go, they have filed my complaint until they get a few more along the same lines. Anyone else want to complain? Lets expose this company for what they are.


Want revenge? Stab 'em in the eye!


i feel your pain :bye:

[CookMySock]

Has put me off HP for life! Ok, so maybe they did me a favour ........Yup. Use your local credit union.

DB

[Renegade]

i agree with ya here mom, ive had my car finance through them for a year and a half now and i had worked out how muh i had paid off in that time and how much i should have to pay them if i was refinancing so i rang for a settlement figure, it was way more than i had worked out, i reckon they must sting ya for interest they would lose or something, it promptly went in the to hard basket and im still paying it off.

[BIHB@0610]

Yup. Use your local credit union.

DB

So far I've managed to save up or do without (mainly the latter!). My parents always saved up, has stood them in good stead .....

[Dakara]

I've only had 1 dealing with GE and will be the last. I bought a home gym and the store had a 6 month interest free deal with GE. Within 2 days of signing I had a GE credit card arrive with $5000 credit on it (@25%) but no details of how to pay my loan.

I promptly called them to say I'm binning the card, so please deactivate it as I never asked for it, and requested they send me the details so I can arrange to make payments for my gym (as I was a new customer they wouldn't give that info over the phone). I made this call every fortnight for nearly 6 months... and finally 3 weeks before my "Interest free" term was up I recieved the instructions in the mail, also stating that I had 3 weeks to pay the balance in full before they would start chargin me Interest.

I paid them, but am still waiting for payment confirmation so perhaps I should chase them up again.

Anyway, all my "borrowing" these days goes through my Low Interets Visa ;)

[Maha]

sounds like an early payment penalty, or similiar, not unsual but not a good thing either.

Naaaa.... Here is a post I made the very day I had called GE http://www.kiwibiker.co.nz/forums/showpost.php?p=1574716&postcount=1
I called them beacause I wanted a new bike, and needed to know the Settlement Figure on my loan. So I asked them that very question (Anne was standing right there when I asked) and they told me $8129.42 and they also gave me an account number to pay it in to. They have a seperate account for 'Settlement Figures'. I paid the amount that afternoon and the Triumph went up on trademe. Dont ya think the figure I paid is way to random for just a normal 'Payment'??? If it were $6K or $7K maybe, but $8129.42??? Na thats the figure THEY gave ME to pay the bike off. They made a mistake and spent about 10 days fixing it so it looked like that I was the liar.

[The Stranger]

i agree with ya here mom, ive had my car finance through them for a year and a half now and i had worked out how muh i had paid off in that time and how much i should have to pay them if i was refinancing so i rang for a settlement figure, it was way more than i had worked out, i reckon they must sting ya for interest they would lose or something, it promptly went in the to hard basket and im still paying it off.

With the majority of consumer finance the interest is effectively front end loaded i.e. you pay most of your interest at the start of the loan. As such, if you are a year and a half into a 3 year loan, you may as well keep the loan going as it is now (comparitively) cheap money.

[Nordy]

Thanks to our experiences with them we are paying cash for my bike and are reluctant to ever finance again. They are bastards of the first degree and I hate that pacific retail ever sold to them :( its the only reason my car is financed with them :(

[Nordy]

With the majority of consumer finance the interest is effectively front end loaded i.e. you pay most of your interest at the start of the loan. As such, if you are a year and a half into a 3 year loan, you may as well keep the loan going as it is now (comparitively) cheap money.

thats why we are keeping ours going, just getting rid of creditline as soon as we can, thats the biggest have on the planet. The minimum payment isnt enough to pay it off on time, just their minimum to keep you in debt for longer. Great trap for those who arent financally savvy.

[fireball]

i dont think ive ever heard a good thing about them.... that sucks mom

[cowboyz]

i dont understand how it can be $3000 off the mark.

I admit not to keep an entire track on loans over time but could get it within a few hundred dollars. Was it an extremely large loan?

[Nordy]

you dont have to be new to be a troll....

[Maha]

Troll much?

If you learn to read, you'll see that the complaint was the company told them how much to pay, then after paying it said, you owe us more.

Idiot :brick:


Exactly right.....I ended up paying a extra $3600 to settle, thats after they told me the Settlement figure, they were right, I was wrong (Thats the line they took) I never asked them for a settlement figure ( lying cunce!) I asked them for a statement!!!! once again (lying cunce!)

[Nordy]

note to self: buy a phone capable of recording phone calls..... (and to others who need to deal with GE in the future)

[Dakara]

Ive been here since 2004...So I wouldnt consider myself a Troll..

How long have you been here ? ? 2weeks ?

Crazy Steve

Yes, I have been here 2 weeks. Dammit, you caught me... of course trolling someone's thread has nothing to do with how long you've "been here" more to do with what you decide to post.

As you were.


Exactly right.....I ended up paying a extra $3600 to settle, thats after they told me the Settlement figure, they were right, I was wrong (Thats the line they took) I never asked them for a settlement figure ( lying cunce!) I asked them for a statement!!!! once again (lying cunce!)

Grab a calculator and add up every payment you've made, what the loan amount was, how Interest was charged (i.e calculated weekly/yearly/flat rate) and try to work out a figure you think you should of owed. An extra $3600 is a hefty price to pay in error.

[Maha]

i dont understand how it can be $3000 off the mark.

I admit not to keep an entire track on loans over time but could get it within a few hundred dollars. Was it an extremely large loan?

The size of the loan is not in question here....I called them on May 22nd and got a settlement figure from them, and then paid it. Sounds easy and straight forward wouldnt ya say?

[cowboyz]

more posts added while I was thinking about my post..

so they wanted $8k when it was really $11k? That is a massive difference. Point made about forward interest and the pricipal/interest ratio is much in favour of the interest for the first part of the loan period. Cant really fathom how it could be that far out though.

[Nordy]

found on the net


An Internet troll, or simply troll in Internet slang, is someone who posts controversial and usually irrelevant or off-topic messages in an online community, such as an online discussion forum or chat room, with the intention of baiting other users into an emotional response or to generally disrupt normal on-topic discussion.

[cowboyz]

it does sound striaght forward and I would be pissed as well. Huge difference there. I am trying to work out how they fucked it up. (cause obviously they did).

[Pedrostt500]

You will probably find at the bottom of this is the crashes of various Finance companies, if you have finance with them then they will milk you for all they can with in the bounds of the law.
the more money they can generate for their share holders the better chance they have of not crashing and burning.
Finance companies are just legalised loan sharks.

[Dakara]

$3k can be easily found in Interets depending on the conditions of your loan...

Say you borrow $10,000 over 3 years @ 15%. That equates to $4500 Interest over 3 years If the interest is calculated off the inital loan amount.

I have no idea how GE loans are structured, but most banks calculate your interest off the daily balance, so even if each week your payments are the same, as your balance is decreasing, and so is the Interest compontent.

At a glance, it sounds to me what may have happened is they fucked up the interest calculation... however, as to which figure was the fuckup, you'll need to calculate.

[Mom]

Grab a calculator and add up every payment you've made, what the loan amount was, how Interest was charged (i.e calculated weekly/yearly/flat rate) and try to work out a figure you think you should of owed. An extra $3600 is a hefty price to pay in error.

Nope, that is far to scarey to find out...LOL. Actually that is not true, we know exactly how much GE have bled from Mark since he first took a loan with this company four years ago! Sometimes you have no choice, you borrow money from the finance company the bike shop promotes (note to self to advise them just how this panned out ) They made an error, or we got ripped, instead of saying something is wrong here, lets sit down and work it out, they went straight to calling us liars. As my first post says, their "log" is the key to this. Too hard to give all the proof we have on here, people will fall asleep.

more posts added while I was thinking about my post..

so they wanted $8k when it was really $11k? That is a massive difference. Point made about forward interest and the pricipal/interest ratio is much in favour of the interest for the first part of the loan period. Cant really fathom how it could be that far out though.

Sadly this loan was principle plus interest, calculated on a monthly basis. It is clear on the statement 4 or 5 weekly payments reduce the loan and then a big hit of interest. I have worked 30 odd years in and around finance, I know how these things work. Apparently not though when dealing with the "hand" policy of GE Money.

[Dakara]

Nope, that is far to scarey to find out...LOL. Actually that is not true, we know exactly how much GE have bled from Mark since he first took a loan with this company four years ago! Sometimes you have no choice, you borrow money from the finance company the bike shop promotes (note to self to advise them just how this panned out ) They made an error, or we got ripped, instead of saying something is wrong here, lets sit down and work it out, they went straight to calling us liars. As my first post says, their "log" is the key to this. Too hard to give all the proof we have on here, people will fall asleep.


Sadly this loan was principle plus interest, calculated on a monthly basis. It is clear on the statement 4 or 5 weekly payments reduce the loan and then a big hit of interest. I have worked 30 odd years in and around finance, I know how these things work. Apparently not though when dealing with the "hand" policy of GE Money.

I hear where you're coming from. At the end of the day phone logs or not there is only one correct amount that you owe, and you have your own financial records to prove how much you had paid. But yes, I can imagine the story would go a few pages deep if we had all the info!

I'm surprised fair go didn't wanna snatch this up however, as it's not the first time GE's been in the spotlight.

I was offered finance on my next bike, instead asked for a cash price then got it from the bank (Most recently Visa) so much easier than dealing with the sharks.

[Mom]

I'm surprised fair go didn't wanna snatch this up however, as it's not the first time GE's been in the spotlight.


You get 1000 words to tell them what is what. Have never read/heard anything adverse about them before this to be fair. They have probably had about 3000 words from me to date. Seriously this finance company needs to be taken to task about how they treat their clients/suckers.

I get those annoying letters from time to time too from them. I once rang back, I needed a new computer as mine had died. It held all my financial info so I could make a tax return giving me a nice refund. Had no money to buy a new PC at the time. The early payment penalties were outrageous!!!! I told them thanks but no thanks.



I was offered finance on my next bike, instead asked for a cash price then got it from the bank (Most recently Visa) so much easier than dealing with the sharks.

Sadly there are some that dont have that option open to them. This is a lender of last resort, the take advantage of the little guy lender, the no client of ours is honest organisation, the lets load this to the max to keep our investers happy.

I insisted I meet the Regional Manager for Northland in person, so he could see who he was talking to, my power clothes were as worthy as his....LOL

I actually had him silent, he had no response to what I was saying. Seriously he had no response. Makes for an interesting meeting when one party can only say what he is authorised to say!

[Str8 Jacket]

sounds like an early payment penalty, or similiar, not unsual but not a good thing either.

I didnt read past this post...
Legally they cannot penalise you for early payments anymore. Its the law... Theres more to it as well, like I think that the extra $$ on top of your regular payments must go to the principal not the ineterest, but I may be worng...

MOM - I am going through the exact same thing. They have now put me in baycorp but I refuse to pay. I was lucky and rang them and got them to send me a statement that said I have a nil balance. However they seem to think I owe them $500. They can rot in hell as far as im concerned.
I learnt a huge lesson a awhile ago. If you cant pay cash, then you cant afford it...... And if you do have to get a loan, dont get it from GE!

[jrandom]

This is fucked up.

Surely your loan agreement with GE makes provision for early settlement?

Under the Credit Contracts and Consumer Finance Act 2003, it's no longer legal for finance companies to charge interest past the actual repayment date of a loan, and any early repayment penalties have to be spelled out in the loan agreement.

Do you still have a copy of it somewhere? Can you get a copy off them?

This bears further investigation. I'd be very happy to assist. I suspect that you will be able to recover the extra $3,000 from GE at the Disputes Tribunal.

[The Stranger]

Sometimes you have no choice, you borrow money from the finance company the bike shop promotes


Sure you have a choice. Buy a Yamaha!
I have had 2 loans with YMF (well one wasn't mine, but was in my name) and both times the interest rate was well below par and on both occasions the amount they said over the phone was the amount I paid to clear the loan.

I suspect they are more interested in selling Yamaha bikes than gouging every last cent on the finance.

[Mom]

This is fucked up.


Interestingly we seem to have no papers at all in relation to this last loan Mark had. I know, i know OK! LOL

It is over as far as the new owner of Neddy is concerned! That was the biggest thing for us. He was decent enough to trust our word we would sort it, because of course we told him of the problems we were having.

I burn big time about it to be fair. Talk to the hand mate!

[barty5]

having read threw a lot of this every one is saying they have a seperate account for early settlements now there is now way they give you that account when you take out the loan. So therefore the only way you can get it as you have all stated is to phone and ask for it. This to me would be proof alone that you rang and asked for an early settlement figure or you wouldnt have been able to deposit the money in to said acount. Right??????

[jrandom]

Interestingly we seem to have no papers at all in relation to this last loan Mark had. I know, i know OK! LOL

Call GE and see if you can get a copy of the loan agreement you signed.

[Mom]

Call GE and see if you can get a copy of the loan agreement you signed.

I like your style. To be honest, fighting this company has taken a huge toll. I had that on my list of things to do, but put it aside until it was settled for Mark and the new owner of Neddy.

Rupali...here I come!

[mowgli]

i agree with ya here mom, ive had my car finance through them for a year and a half now and i had worked out how muh i had paid off in that time and how much i should have to pay them if i was refinancing so i rang for a settlement figure, it was way more than i had worked out, i reckon they must sting ya for interest they would lose or something, it promptly went in the to hard basket and im still paying it off.

Early repayment penalties are actually an early repayment discount. You agree how much money in interest you'll pay when you take out the loan. When you repay early it's normal for the finance company to charge you a percentage (often 10%) of the interest that they are missing out on. This makes sense because if the loan was shorter from the outset then you'd expect a higher interest rate. I think it's referred to as the "Rule of 92" or somat like that. My advice, read the fine print.

As for Mom's situation - I have nothing but contempt for GE finance. They give the impression of a bunch of rat-bags out to deliberately target unwitting (young) consumers with debt they don't need. I hope you find some resolution to your unfortunate situation.

[Maha]

having read threw a lot of this every one is saying they have a seperate account for early settlements now there is now way they give you that account when you take out the loan. So therefore the only way you can get it as you have all stated is to phone and ask for it. This to me would be proof alone that you rang and asked for an early settlement figure or you wouldnt have been able to deposit the money in to said acount. Right??????

You would think so aye?
When I put that to them, they tell me '' you paid into the wrong bank account''..... there is no reasoning with them at all, they are right and all others (in this case me) are wrong!
Their phone log shows that I made one call on May 22nd when our phone account shows we made three calls, but that dosen't matter, their phone log is correct ours is bullshit.

[Brett]

Just out of interest...GE do the loans for the likes of Harvey Norman etc. where you get 30 months interest free, no deposit etc. Was looking at this on the weekend as we wanted to buy a good camera, and for the sake of cashflow were interested in an 18 month interest free term. After a shitload of work trying to fil out the forms, I gave up and decided I didn't want to really do it this way and went and bought it $600 cheaper on a cash price.

Has anyone been caught out by these sorts of deals?

Personally, unless I can pay for it with cold hard cash, I will go without it.

[Mikkel]

Damn it - what a bunch of bastards! I hope you're up for fighting them about this.


Call GE and see if you can get a copy of the loan agreement you signed.

If they can not provide you with a signed copy of the loan agreement in question, I am sure there must have been made an error somewhere. E.g. I can not imagine you authorising two transfers at $8129.xx and $3600 respectively just for the sheer hell of it...

I hope you get them back! I hope GE enjoys bad publicity - because it doesn't get much worse than this.

[Gubb]

I hope you get them back! I hope GE enjoys bad publicity - because it doesn't get much worse than this.

It will if we .........dum-dum-dum................TAKE IT INTERNATIONAL! *gasp*

[Macstar]

I have a loan with GE. I rang them to increase my repayments to reduce the loan completion date. I had to put my request in writing which is fair enough however the phone operator didn't have a piece of software that could tell me if I changed the repayments to $XXX per week that the loan would be settled in XX weeks?!

I was pretty bewildered by this i.e. what so-called finance company does not equip their staff with the most basic of finance programmes essential for client service? I ended up going to www.sorted.co.nz whilst on the phone to GE and getting all the data I needed to make the calculation myself i.e. total loan principle amount, interest rate, weekly repayment amount.

Agree these guys have a 'bunch of monkeys' - factor about them!

[The Pastor]

Every time ive rung ge money, they have declined me, im talking about a 3k loan. Even tho i earn over 400/week with about 100/week expensses ..............

It must of been my lucky day :d

finance companys are the crap, but ge is one of the worst ones.

Stick to the bank

[Maha]

Damn it - what a bunch of bastards! I hope you're up for fighting them about this.



If they can not provide you with a signed copy of the loan agreement in question, I am sure there must have been made an error somewhere. E.g. I can not imagine you authorising two transfers at $8129.xx and $3600 respectively just for the sheer hell of it...

I hope you get them back! I hope GE enjoys bad publicity - because it doesn't get much worse than this.

Correct Mikkel

The nutshell version is....GE made a fundamental mistake and wont admit it...not then, not now, not ever. I had been a customer of thiers for four years and never missed a payment.

I was fucken pissed when they told me three weeks later that ' three more payments had come out''...... ''I rang my bank and stopped that A/P''
I ring the bank again....''why the hell is thier still money going to GE even after I asked you to stop it''??
''We cant stop a D/D''......(thats open to dispute) so I closed the account!

[The Stranger]

Every time ive rung ge money, they have declined me, im talking about a 3k loan. Even tho i earn over 400/week with about 100/week expensses ..............


Looks like they catch on pretty quick huh.

[Quasievil]

Anyone can always take them to the disputes tribunal, that should at least get some better communication going from GE side.
Corporates dont like the words tribunal, it is a major pain in the arse to them.

[Oakie]

Ring GE as obviously there has been a mistake made. No mistake Sir, you never rang for a settlement figure, our log does not show any record of you calling. This is a normal payment. The loan is paid up now until Nov 2009.

Exactly the same thing happened to my daughter. Went into the retail shop concerned, asked for and received the balance which was then paid off. About a year later she started getting overdue notes and the long and short was that they treated the bulk payment as a year's worth of payments in advance. She rang them a few times with no luck. The matter was then put in Dad's hands! I rang and eventually got a helpful and sympathetic young lady who after about 20 minutes of listening to my charm and logic put me on hold for few minutes while discussing it with her manager. She then came back and wiped the debt for me.

[Edbear]

I didnt read past this post...
Legally they cannot penalise you for early payments anymore. Its the law... Theres more to it as well, like I think that the extra $$ on top of your regular payments must go to the principal not the ineterest, but I may be worng...

MOM - I am going through the exact same thing. They have now put me in baycorp but I refuse to pay. I was lucky and rang them and got them to send me a statement that said I have a nil balance. However they seem to think I owe them $500. They can rot in hell as far as im concerned.
I learnt a huge lesson a awhile ago. If you cant pay cash, then you cant afford it...... And if you do have to get a loan, dont get it from GE!

Have you shown Baycorp that letter?

[Mom]

I paste here my final email to the Regional Manager of GE Money. All we wanted was the bike to be free of security as we are not in the habit of ripping people off. This email sent 3/7/08.


Dear Gert

When we met on Monday June 30th we came to a verbal agreement regarding settlement of Marks loan with your company. You asked for us to email you to remind you to give this matter your urgent attention Tuesday morning. We did. To date we have received NOTHING from you or GE confirming our conversation or the payment we made in settlement June 30th. We are very aware, as you no doubt are too, of our experiences dealing VERBALLY with your company.
Please urgently confirm settlement of Marks loan that was paid to 03 0175 0224604 00. The amount paid was $3609.75 as advised by you verbally on Monday June 30th. Please forward urgently a letter confirming that GE have no further security interest in Marks Triumph motorcycle.
How long does it take for you to do what you have told us you would?

Yours sincerely

Mark & Anne

And his response recieved on the 4/7/08

Dear Anne

The loan was settled and security was released.

Thankyou for the payment.

Gert


Nice and neat eh?

[Mom]

Exactly the same thing happened to my daughter. Went into the retail shop concerned, asked for and received the balance which was then paid off. About a year later she started getting overdue notes and the long and short was that they treated the bulk payment as a year's worth of payments in advance. She rang them a few times with no luck. The matter was then put in Dad's hands! I rang and eventually got a helpful and sympathetic young lady who after about 20 minutes of listening to my charm and logic put me on hold for few minutes while discussing it with her manager. She then came back and wiped the debt for me.

You dont have her name anymore by chance do you?...LOL

Wish they had come back to us with something the same, or even, we dont know how it happened but we have given you a wrong settlement figure, can we sort something out? NO, we are liars of the first order, we never rang them despite our phone records proving we did 3 times on one day, in about a half hour spread. Their record shows we only made one call. Read my first post, their log is their Bible, what it says happened, irrespective. We are liars!

[FROSTY]

Shit Mom--why in heck diddn't ya call me. ARGGG b:girlfight:

[Str8 Jacket]

Have you shown Baycorp that letter?

Nah, they cant just cancel a debt. The compnay that lodged it has to cancel it with baycorp and that's not gonna happen in a hurry!

[Mom]

I didnt read past this post...
Legally they cannot penalise you for early payments anymore. Its the law... Theres more to it as well, like I think that the extra $$ on top of your regular payments must go to the principal not the ineterest, but I may be worng...

MOM - I am going through the exact same thing. They have now put me in baycorp but I refuse to pay. I was lucky and rang them and got them to send me a statement that said I have a nil balance. However they seem to think I owe them $500. They can rot in hell as far as im concerned.
I learnt a huge lesson a awhile ago. If you cant pay cash, then you cant afford it...... And if you do have to get a loan, dont get it from GE!

All you have to do is tell Baycorp the amount owed is in dispute, they will back right off! You have a nil balance statement from this finance company? Copy it and fire it back at them as you quietly tell them to get stuffed!

[Edbear]

Nah, they cant just cancel a debt. The compnay that lodged it has to cancel it with baycorp and that's not gonna happen in a hurry!

Mmmmm! I can think of two things - threaten them with the Disputes Tribunal and if needing finance anywhere else in future and they question your Baycorp listing, take that letter and show them.

Sucks, but, eh?

[Mom]

Nah, they cant just cancel a debt. The compnay that lodged it has to cancel it with baycorp and that's not gonna happen in a hurry!

This company needs to get a big rocket!

You have a statement from them showing you have a nil balance, you have a Baycorp entry from them against you. Baycorp have a legal responsibility, as does anyone that collects information to ensure the information is correct. Notify Baycorp their record is wrong, give them a copy of that letter to prove it. Give them 21 days to ammend their records. If they dont Privacy Commissioner is your next step.

I am happy to say I was, among with many others, instrumental in Baycorp having to keep its records clean, and NOT CHARGE people to get access to their records to ensure they are accurate!

[raftn]

I tell you what i am going to do, i am going to send them an email and it will read some thing like this.............

Dear Sir/Madam,

Earlier this week I was looking at your company in the hope that i could borrow some money for my new bike, My mate Mark was also doing the same thing.

Unfortunalty while looking on the Kiwibiker website we found this thread, and am most disturbed at how these people have been treated.

http://www.kiwibiker.co.nz/forums/newreply.php?do=newreply&noquote=1&p=1649777

As such both Mark and myself have taken our business else where, as it is apparantly obvious that you guys are not trust worthy, and risky people to deal with.

I suggest that unless you take action to remedy the situation, you will continue to lose business, and will continue to receive bad publicity.

Kind Regards.

F.K.You

[MadDuck]

Nah, they cant just cancel a debt. The compnay that lodged it has to cancel it with baycorp and that's not gonna happen in a hurry!

This is not correct. If the company can not provide adequate documentation to prove the debt they have registered then Baycorp (now known a Veda Advantage) will remove the debt. They get quite ansi when debts are lodged unfounded,

Maha and Mom as already mentioned I would be heading for the disputes tribunal. You can lodge the application yourself and cost is about $100 I think.

You are entitled to copies of all your loan information and call logs from GE by law. As for Fair Go - just need a couple more complaints surely there a other KBers willing to complain.

Good Luck

[ynot slow]

Aren't they on the trademe pages offering loans when you browse the for sale adds,along with insurance company?

Could really piss them off by applying for money then saying oh shit are you this crowd and link this thread to the email,would give them a shake up maybe.

[I'm motarded]

I had some dealings with GE when I looked at buying my bike and I must say they were quick to approve the loan and fast to get me in there to sign the deal, but the hidden costs were just incredible, high interest, early repayment penalties etc..... :nono:
ended up going through the bank instead for a heaps better deal. all I’m saying is I’m glad I read the fine print, :2thumbsup
they are just glorified loan sharks :angry2:

[Mom]

You are entitled to copies of all your loan information and call logs from GE by law. As for Fair Go - just need a couple more complaints surely there a other KBers willing to complain.

Good Luck


But see mate, they only record what they want to be able to state actually happened. Bugger the fact Mark & I have phone records to prove we called them. Because their records dont show it, we didn't, or if we did we must have rung for a chat, no need to record that call.

When I questioned the RM about why the statement that we were sent was printed long after we "apparently" (and we deny ever ringing for a statement in the firstplace) requested it, he had the hide to say we would have rung and asked for it on that day, our phone records show we didn't!

We are not dishonest people at all! We are the genuine article here.

Mark has paid that loan off twice now, first time to satisfy himself he could, the second to ensure the bloke he sold Neddy to got a clean security free bike!

I have exhausted all my attempts to get this made right without damaging Marks credit rating, or selling a bike knowing we did not own it. Tonight GE money are getting round 2 of this battle.

Watch out for round 3! I hate people/organisations that attempt to take avantage.

[doc]

I tell you what i am going to do, i am going to send them an email and it will read some thing like this.............

Dear Sir/Madam,

Earlier this week I was looking at your company in the hope that i could borrow some money for my new bike, My mate Mark was also doing the same thing.

Unfortunalty while looking on the Kiwibiker website we found this thread, and am most disturbed at how these people have been treated.

http://www.kiwibiker.co.nz/forums/newreply.php?do=newreply&noquote=1&p=1649777

As such both Mark and myself have taken our business else where, as it is apparantly obvious that you guys are not trust worthy, and risky people to deal with.

I suggest that unless you take action to remedy the situation, you will continue to lose business, and will continue to receive bad publicity.

Kind Regards.

F.K.You

Won't work because of the "I want it now" generation are so niaeve finacially. This generation has university educated people engineering trends and tastes. Some how they could be the new low lifes, sort of like lawyers are seen as now. :msn-wink:

[MadDuck]

they only record what they want to be able to state actually happened. Bugger the fact Mark & I have phone records to prove we called them. Because their records dont show it, we didn't, or if we did we must have rung for a chat, no need to record that call.



But this is where the disputes tribunal will work. You present your side ...they present theirs and an independant referee makes a decision. BELIEVE me when I say the referees scorn on any large organisation that does not have all their facts spot on.

[Mom]

Won't work because of the "I want it now" generation are so niaeve finacially.


And these are exactly the ones I want to warn against taking finance from GE Money, or any of their like counterpart finance companies.

This finance company will loan you money at interest rates that reflect your perceived risk. I have no argument with that at all! It is wonderful they are prepared to do that. You did the crime you do the time, in other words if your credit history sucks you get to pay a premium for them to give you money. I have NO problem with loading a deal to reflect the risk at all.

My problem is with the way they terminate a loan contract.

[Mom]

But this is where the disputes tribunal will work. You present your side ...they present theirs and an independant referee makes a decision. BELIEVE me when I say the referees scorn on any large organisation that does not have all their facts spot on.

May be too late for that now though. The loan is settled. Mark paid the extra to give the new owner of Neddy title and to make this go away!

By virtue of that it is over, we agreed the figure, we paid, no argument. I just want to prevent anyone else getting tangled up with this company.

We could not have left it hanging either, it had to be resolved.

[HenryDorsetCase]

the problem with this type of finance is that all the interest and costs and charges (which are substantial) are front end loaded to the loan. If you pay say the first six months or whatever all you are paying is those charges. So after that time you are into the P & very small I part of the debt.

then you get to arguing about the "rule of 78" and all that bullshit if you want to repay early.

My advice (which was learned through bitter bitter experience):

If you can't pay cash for your toys, you cant afford them.

get insurance.

if you MUST borrow money, DO NOT take it from a dealer or similar: look at bumping your mortgage if you must: but : if you have to do that: can you afford it really?

sorry its a hobbyhorse of mine.

and GE Money: among the worst of all. I would never ever telephone a company like that for anything important: send them a fax: that way you have a record (or an email, again: traceable). Or write a letter.

by the way. if you consider your consumer credit contract to be harsh and oppressive, you may have remedies under the credit contracts and consumer finance act (CCCFA).

I hate finance companies.

[geoffm]

GE are loan sharks that would make the Mafia blush with shame. Even the IRD would be hard pressed to be as rapacious. It is cheaper to charge it to the Visa or Mastercard at full rate than borrow of GE or any other finance company.

The only thing you can do when dealing with scamsters adn shysters like this is tape record every phone conversation - it is not illegal to record your own conversations and you don't have to notify the other party. If you want to make them nervous, just say that the call is being recorded for evidenatiary purposes at some point in the conversation... Ditto if you meet with them. Sometimes it is worth havingthe recorder in plain view to get their attention. In any case, have a second oen hidden, to catch any "off the record comments" if they insist you turn it off.
Make sure the time, date and name of the person you are dealing with is included in each record as part of the original recording. Once they realise they are being recorded, they are much less able to ignore you or blow you off, as there is evidence that plays well on TV or the newspapers, nd I have found they start being a bit more serious and businesslike.

Follow up with a written set of minutes sent attention the people you were talking to, so there is a written record. Keep the email logs to show it was sent. For bonus points, send a copy of the .wav audio file or a transcript, since "their logs appear to be faulty".

Take the bastards to the small claims court. . You wil be out of pocket for the lodging fee, but you should be able to charge them interest I would have thought - say 25% PA... You shoudl be able to call the Regional Manager as a witness - at least it will cost them a days pay.
Geoff

[Winston001]

Only dealt with GE once, for a deceased estate. I was not impressed and we still have an unresolved argument which requires dealing with an office in Sydney. They refuse email and their fax wouldn't receive when I tried it a number of times.

Simple rule - NEVER borrow on HP. If you must borrow, go to your bank. If you can't do that - you can't afford to buy.

Even better rule - pay cash or walk away. Hard to do but it will be sweeter when you wait and then buy. Probably cheaper too. :D

Hire Purchase loans operate on the Rule of 78. To be accurate, that has changed now but details details..... The point is, when you borrow $1000 for 5 years at 20%, you are contracted for the full term. So if you repay at 3 years the finance co says "Whoa - we are missing out 20% for the next 2 years, so you'll have to pay some of the interest for breaking the contract." Rule of 78 - Google it.

In theory banks could do the same on a 20 year mortgage but they don't. They calculate interest up to the day you repay and thats it.

To be accurate (once again) fixed term mortgages have extra fees for early repayment but nothing like a finance co.

[Winston001]

Mom - seriously, once you catch your breath, make a Disputes Tribunal claim - filing fee $40. You'll need the data from GE but if they refuse, pick a number and claim. Cheap and quick.


Apart from that, GE Money belong to the Financial Services Federation and you can complain to them. There are good finance companies - South Canterbury, Credit Unions etc, and they don't like bad publicity.

GE are required to provide the info on Mark's loan but you will have to be steadfast demanding it from them. Complain. Squeaky wheel gets the most oil.

[jrandom]

The Credit Contracts and Consumer Finance Act 2003 explicitly buried the 'Rule of 78'. The whole motivation for that Act was the way that companies like GE were fucking desperate uneducated borrowers over.

If a lender wants to recover profit beyond interest on the actual term to date when a loan is repaid early, they must now specify the early repayment charges in the loan agreement for the borrower to explicitly agree to.

Lenders in New Zealand cannot charge borrowers for interest on the 'remainder' of the term when a loan is repaid early. Just a pre-agreed early repayment charge of one form or another.

Read your finance contracts carefully before signing, folks.

[jrandom]

May be too late for that now though. The loan is settled. Mark paid the extra to give the new owner of Neddy title and to make this go away!

This situation is why the phrase 'without prejudice' was invented.

Making that payment in those circumstances has not destroyed your ability to subsequently recover it once you've shown that GE should not have demanded it from you.

Disputes Tribunal.

[Sanx]

GE Money are the single most morally-bankrupt organisation I have ever had the misfortune to deal with. And I've had to do it twice...

My wife and I had a joint loan agreement with GE taken out when buying furniture at Hardly Normal. From almost day one, they showed a remarkable tendency to lose payments made to them. They then call you, after hours so you can't call back to complain as their switchboard is closed, to chase payments. When shown the payment has been made, they then conveniently 'forget' to reverse the late payments, until you complain again.

After about a year of this, they then managed to lose five payments in a row. Every time they called, I told them when the payments had been made and how much had been made. All records somehow failed to be logged into their call logging system. Records were sent to them to prove payments, which then got lost. Records were then hand delivered to them, which they then claimed had never been received. Records were then couriered to them so they had to sign for them. They still claimed not to have received them, despite the proof they had been. They then claimed the package they'd been sent had been empty.

So I then went down there, demanded to see a manager, handed him the documents and presented him with a receipt to sign detailing exactly what had been handed over. They then claimed he had let the company.

By this time, I was getting slightly wise to their antics and had started recording each and every phone call, along with the time and the date. I made sure I got the name of each person I spoke to, including their surname. On the many occasions they refused to give me a surname, I stated I was not comfortable with speaking to someone who would not identify themselves. I also refused to take all phone calls outside of normal working hours. When they did call during working hours, I took a number and called them back on my mobile using the geographic number so the time and date of each call would be recorded.

Each month, I'd make a request under the Privacy Act for a full copy of all records pertaining to my account. They are required by law to fulfill each request, though they have 20 working days to so They failed to respond in time a couple of times, so a complaint was lodged with the Office of the Privacy Commissioner.

Eventually, they threatened to take me to court for the money I had already paid them. I told them to go ahead, because with the receipts and logs I had, I'd be laughing. Their legal muppet (who'd got his legal training from the back of a Coco-Pops packet) then said that my legal fess could be very high and going to court would be very expensive for me. I pointed out I have an uncle who's a partner in a law firm and my legal fees would be zero.

So they lodged the debt with Baycorp instead. When presented with the proof of payment, the extremely detailed call logs and records, Baycorp told GE to get stuffed.


Call GE and see if you can get a copy of the loan agreement you signed.

I tried to get the copy of a loan agreement they claimed I signed with them (three years before I even emmigrated to NZ). Despite tens of calls made to me to find out when I was going to pay, they never wrote a single word of what I said to them down. Ever. I always told them to send me the loan agreement. They never did. They eventually lodged the supposed debt with Baycorp who, after investigating and sighting my UK passport with an entry visa and my NZ citizenship certificate, agreed I couldn't possibly have taken out the loan as GE claimed and reversed the negative note on my credit file.

So, some rules on how to deal with those cunts at GE Money:


Don't deal with them. Ever.
If they call you outside of working hours, refuse to talk and tell them to call back within working hours.
If they call back within working hours, get the first and last name of person calling and the department they're in. Then ask for a phone number to call them back on. If they refuse to provide this information (and they'll try) tell them that you're not going to deal with anyone who cannot identify themselves due to privacy issues.
Once they give you a number to call back on, do it (at your convenience) and record every call. (You can buy suction mikes from Dick Smith that'll record both sides of the conversation, or some mobiles have a record facility allowing you to copy the sound file to your PC afterwards). Try to call from your mobile or use the geographic number if you're outside Auckland so the time and date of the call is logged.
Never ever send them anything by normal post. Use registered, so they have to sign for it. If you're in Auckland, go to their office in Viaduct Harbour and hand over whatever it is you have to give them and have a manager sign a detailed receipt saying what's been delivered. Have them write their full name on the receipt in case the signature isn't legible.
Keep detailed logs.
Never set up direct debits. Only use automatic payments that you can cancel at will.
They are required, by law, to respond to written requests under the Privacy Act for a copy of your complete file. They can charge a 'reasonable' sum to do so though. If they do not respond within 20 working days, lodge a complaint with the Office of the Privacy Commissioner. (It doesn't cost to do so).

[Mom]

they have a seperate account for early settlements now there is now way they give you that account when you take out the loan. So therefore the only way you can get it as you have all stated is to phone and ask for it. This to me would be proof alone that you rang and asked for an early settlement figure or you wouldnt have been able to deposit the money in to said acount. Right??????

You have not dealt with GE before...LOL Common sense backed up by telephone records and 2 peoples recall of the conversations held mean nothing according to them, their log does not say we rang remember! Yes they have seperate accounts to receive settlements into, personal loans, motor vehicle loans, consolidation loans the other escapes me for the moment. The Regional Manager told me this mind, bet your bottom dollar no record would have been made of that call either.


Mom - seriously, once you catch your breath, make a Disputes Tribunal claim - filing fee $40. You'll need the data from GE but if they refuse, pick a number and claim. Cheap and quick.


Apart from that, GE Money belong to the Financial Services Federation and you can complain to them. There are good finance companies - South Canterbury, Credit Unions etc, and they don't like bad publicity.

GE are required to provide the info on Mark's loan but you will have to be steadfast demanding it from them. Complain. Squeaky wheel gets the most oil.

I left it until all was sweet with the Triumph for the new owner and Marks credit is untarnished! The Federation of Financial Sevices or whatever they call themselves is a boneless body, I have already been there. Their members are on a voluntary basis, they agree to a code of ethics that is not enforcable. It looks good on their CV is all.


I am breathing, better than I have in ages to be fair. I waited till everything was clear before posting this thread. Even GE do not stand by their Mission Statement. I have pointed that out to them too...LOL


This situation is why the phrase 'without prejudice' was invented.

Making that payment in those circumstances has not destroyed your ability to subsequently recover it once you've shown that GE should not have demanded it from you.

Disputes Tribunal.

Talk soon!

[Mom]

GE Money are the single most morally-bankrupt organisation I have ever had the misfortune to deal with. And I've had to do it twice...


Amazing post, so we are not alone then? Honest to God I have never, ever experienced a company like this.

[Quasievil]

Good write up Sanx mate.

[westie]

Finance companies are robbers. Oh actually no its the other way round.

$7500 loan. After one year of paying it off settlement was $9500????????????????????????????????????????????? ???????????????

Cocks!!!!!!!!!! MARAC

[Boob Johnson]

Exactly right.....I ended up paying a extra $3600 to settle, thats after they told me the Settlement figure, they were right, I was wrong (Thats the line they took) I never asked them for a settlement figure ( lying cunce!) I asked them for a statement!!!! once again (lying cunce!)
Why on EARTH pay the Nazi's anymore money!!! If what you say is true then bloody well fight them! Fuck that for a joke, $3000 is $3000!!! You have phone records proving you rang & a very specific amount of money paid which differed from your usual monthly payment & was to a different account to normal, anyone with half a brain will hang GE out to dry!!! Pretty sure the banking Ombudsmen can deal to them.






ps: Why people insist on loaning money for depreciating assest's is beyond me, you pay 2 to 3 times the value in the end not including running costs & upkeep & all the while its falling in value :scratch:

[insane1]

so mom you would keep away from harvy stupid/noel leeming etc cause there run by ge money .keep us all posted if you decide to take this any further.

[MaxB]

Just out of interest...GE do the loans for the likes of Harvey Norman etc. where you get 30 months interest free, no deposit etc. Was looking at this on the weekend as we wanted to buy a good camera, and for the sake of cashflow were interested in an 18 month interest free term. After a shitload of work trying to fil out the forms, I gave up and decided I didn't want to really do it this way and went and bought it $600 cheaper on a cash price.

Has anyone been caught out by these sorts of deals?

Personally, unless I can pay for it with cold hard cash, I will go without it.

Don't go with GE.

A few years ago we bought a sort of flash German washing machine from Harvey Normans. The price was great and they had a 12 months interest free deal. No worries, spread the payments over a year. We signed up on Harvey Norman documents but when the bill came through it was on a GE letterhaed.

Here is how the scam works. Say it was $1200 for a year, $100/month right?
We got charged delivery, warranty and establishment fees of about $350 and that all went on the debt even after I had asked to pay that bit in cash.

The real kicker in the fine print is that the deal is over 18 MONTHS at about 25%. If you dont pay in a year you get hammered for six months interest. To avoid interest you should pay $130/month for a year but how they work it is that your bill comes in for the 18 month period with a top up for the extras added to your bill. What a coincidence, it was about $100/month. So your brain tells you that you are paying it off even though you are short.

We did 2 things. At 10 months I realised I was $300 short. I got in contact with Harvey Norman and got some of the fees taken off the finance and paid them out in cash since I never authorised them to put it on our bill in the first place. We got away with this beacuse the machine was faulty and we threatened to get the money back. The warranty was worse than useless. I then paid the amended GE bill in full with no penalty. This was after a lot of phone calls.

That was over 10 years ago and it still pisses me off to this day. Plus I see things have not changed.

[Maki]

Just to throw in something positive, we have had a mortgage with HSBC bank for a number of years and have had to reset, make early payments, etc. and it has been a delight to do business with them. No hidden costs, no penalties and great communication, in spite of the fact that I have never been to see anyone face to face, we live in Wellington and they don't have an office here. I can't recommend them highly enough.

[FROSTY]

Just a heads up folks. Im NOT arguing the right or wrong of it.
It is a LEGAL requirement to explain all finance charges when doing a HP

So if im selling a car/bike then first off I explain the interest rate then go through any other charges such as the documentation fee waranty if the customer wants it etc. Then I cover off the payments and how to repay early etc.

Normally Its me getting the settlement figure for my customer and I ask for both the figure AND the date its valid untill

[Patch]

I've always had them fax or email a confirmation of settlement figure. Usually have it 20mins after making the phone call.

They can only try to screw you if you have it in writing. There must be some paper trail for you guys to follow and fight with.

[Nordy]

I forgot too, under the privacy act your entitled to a copy of all the notes on your account in full! They have to provide this within 20 days.

[jonbuoy]

GE charge 25% interest?? Thats outrageous - fucking loan shark rates. If I can't afford it I don't buy it. I know so many people who go out and buy giant TV's, leather sofas cars/bikes on the "never never" - its not called that for nothing - the fuckers never want you to pay it off.

[Mom]

You have phone records proving you rang & a very specific amount of money paid which differed from your usual monthly payment & was to a different account to normal, anyone with half a brain will hang GE out to dry!!! Pretty sure the banking Ombudsmen can deal to them.



Our phone records are not good enough, neither is our written notes taken while we made the calls. There is no record in their log, ergo it never happened. Seriously this company are liars big time. It took days for them to print a statement off, when I asked why the account had been accessed that day, the Regional Manager bluntly told me we must have rung and asked for it! We did not. The Banking Ombudsman is not available to investigate finance companies. They do have an organisation you can complain to about them, but, their code of ethics is voluntary. Get the picture here?


I've always had them fax or email a confirmation of settlement figure. Usually have it 20mins after making the phone call.

They can only try to screw you if you have it in writing. There must be some paper trail for you guys to follow and fight with.

We do and they dont want to know. The National Comliance Manager for NZ signed off on this matter saying, there is no log, therefore it never happened! What has been recorded there is not what happened when we called, it took them 11 days to get their records in a state that showed the position they wanted it to, not what actually happened.

[jrandom]

Why people insist on loaning money for depreciating assest's is beyond me, you pay 2 to 3 times the value in the end not including running costs & upkeep & all the while its falling in value :scratch:

It's worth it if you're generating income with that asset, of course. Depreciation comes off tax liability, too.

Also, there's the point to consider that life is not just about balance sheets.

[jrandom]

Finance companies are robbers. Oh actually no its the other way round.

$7500 loan. After one year of paying it off settlement was $9500????????????????????????????????????????????? ???????????????

You gotta see it from the finance company's perspective.

You're their investment. It's like you giving money to a bank on term investment and planning around the return you'll get off that over the next five years, and then after a year the bank hands it back to you and says, sorry, we don't want your money any more, we won't give you any more interest on it.

And you're left without that income that you planned on, rushing around trying to find somewhere else to invest your money to get the same return, cursing the bank for not following through on the arrangement.

You can see why finance companies try to recover extra interest when a loan's repaid early, aye.

Of course, a bank and a private borrower are two very different things, and different rules should apply.

[Maha]

You can see why finance companies try to recover extra interest when a loan's repaid early, aye.



I have no argument with they that, or what westie was saying.
Fact is, they gave me the chance four years ago to get a motorcycle, and have seen me through three bikes in that time. In May of this year, I was in a posistion to pay for a new bike, but still had money owing on the Triumph and needed to sell it the purchase the new bike. That is the only reason why I called GE. They gave the settlement figure, I requested, I had the money and I paid it. Something very dodgy happened in the following week or two within the GE branch, with the end result being, I did not ask for a Settlement, but a Statement??....thats their official line.

[The Stranger]

But see mate, they only record what they want to be able to state actually happened. Bugger the fact Mark & I have phone records to prove we called them. Because their records dont show it, we didn't, or if we did we must have rung for a chat, no need to record that call.



I had a similar problem with an insurance company Mom.
I placed several calls in one day to the insurer to set up my insurance on a bike and a on a car.
They denied that I placed the call accepting the insurance.
Figuring that they must record conversations in the absence of written and signed documents, I asked them to provide recordings of my conversations, which they eventually provided. Except they couldn't find the last one accepting the insurance.
I provided them with my mobile phone bill showing the calls that they sent me and the additional call and told them to check again. Eventually they did check and did find it. Took a lot of work and several months, but then I can be a dogmatic prick.

[bull]

What a stink situation Mom, perhaps add these other KB experience's and ring Fair Go again, it seems theres enough unhappy customers here for you to compile and present to Fair Go, at the least just advise Fair Go of all the stories in the hope of being able to help any others before they make the same mistakes and go with the oh so trusty GE Finance.

[Mom]

, but then I can be a dogmatic prick.


Me too! :bash:

[Motig]

Never Ever have anything to do with GE. Better a mortgage, personal bank loan or a low interest credit card, believe me I know from experience.

[Mikkel]

What a story Sanx - I sure hope that some of GE's "satisfied" customers will show them their appreciation by standing up and speaking out publicly.

Anyone considered talking to consumer magazines, newpapers, reader letters, etc? Plenty of less romantic ways of giving a company bad publicity than Fair Go - NZ is small, word gets around.


Won't work because of the "I want it now" generation are so niaeve finacially. This generation has university educated people engineering trends and tastes. Some how they could be the new low lifes, sort of like lawyers are seen as now. :msn-wink:

I don't understand at all what you are trying to say here.

Are you saying that university educated people are naive financially?

Or that university educated people are trying to rip other people off and thus are the neo-low lives?

Or are you saying that this generation have population segments that are especially vulnerable to the lure of un-ethical finance companies, because they are surrounded by a level of wealth unimaginable just 20 years ago - and that the finance companies could be the new low lives?

[vifferman]

Oh yeah - don't deal with GE Finance. :nono:
The only real problem we had with them is the way they present the statement of account, or whatever it's called. It doesn't actually tell you stuff like how much you still owe, how much interest you're paying, how much of the principal's paid off, etc. It's very, very deceptive.

If you do have to buy something on interest free, DO NOT just make the minimum payments that are on the monthly account - it's designed so that at the end of the interest-free period, you still have a shitload to pay off, and you're paying BIG interest on it. Get out your calculator, and make sure you pay at least the amount you borrowed divided by the number of payments in the interest-free period.

My wife's a tax accountant, and she couldn't work out what the hell the accounts represented - there's some deliberate obfuscation going on there. I'm surprised they haven't been pinged by the Commerce Commission.

Another sneaky thing they do is try to get you to keep your account with them open after you've paid off a loan. (There's an annual account fee of $25 or summat, BTW). With us, I rang them, got them to tell me Eggs Zachary how much was required to pay our account in full, and then paid them straight away. Hello... the next account comes back 25cents in credit. So I rang them, told them to close our account.
"But it's in credit".
"I don't care - keep it."
"Are you sure you really want to do this? You've got months left before your account is due for renewal."
"Yes."
"There are more stores every day joining GE Money...etc etc blah blah blah."
"Just close it."
"Blah blah blah blah."
"No. No no no NO!"

We now pay for almost everything by credit card, and pay it off before the due date.

[Badjelly]

I learnt a huge lesson a awhile ago. If you can't pay cash, then you can't afford it.

Wise words :yeah:


And if you do have to get a loan, dont get it from GE!

Apparently, though this piece of advice does seem a little inconsistent with the first. I guess it depends on what you mean by "have to".

I've never "had to" get a hire purchase loan (and I was not well off by any stretch in my 20s). Now I have the luxury of sufficient assets that I will never be tempted to.

[Badjelly]

A few years ago we bought a sort of flash German washing machine from Harvey Normans. The price was great and they had a 12 months interest free deal. No worries, spread the payments over a year. We signed up on Harvey Norman documents but when the bill came through it was on a GE letterhead.

Here is how the scam works....

Thanks for that. These "xxx-months interest free" deals are all over the place and I've always suspected there's a catch.

[Cajun]

If you cant pay cash, then you cant afford it

Well thats a double edge sword, i knew a girl who was like that, paided cash for everything,her car died and was better to get a new one newer car, was earning $70k+ yeah, she had $10k in bank for one, and wanted another $5k, but no one would give her a loan since she had no credit rating. even tho she earnted plenty. and had very small out goings.

Often its good to put things on hp, and pay them off very quickly, to get a good credit rating.

eg i have a couple of things on hp interest free, i can pay for them right now, but they are interest free, money is in the bank to pay for the items, but better in my account earning interest.

[jrandom]

Thanks for that. These "xxx-months interest free" deals are all over the place and I've always suspected there's a catch.

Yeah.

Apart from the dodgy finance structuring, the real catch is that the retailer will offer you the item on finance at its sticker price, 'interest free', but if you have cash in hand they'll give you a significant discount.

In other words, it's not fuckin' interest free, they've just chucked the interest onto the advertised price!

[Boob Johnson]

It's worth it if you're generating income with that asset, of course. Depreciation comes off tax liability, too.

Also, there's the point to consider that life is not just about balance sheets.
I sold investment property for 6 odd years so im well aware of how it all works. It just blows me away for such small amounts of money people are willing to finance (ie pay 2 to 3 times its value while its falling in its original price) when they could of just as easily saved for it! The amount of money saved is so over the top its laughable. All people need to do with finance is multiple the amount they pay each month by the term of the loan...



XYZ Bike sells for $7,000. Payments of $400 a month over 36 months.

400 x 36 = $14400!!!

So now 3 years down the track you have a spent goodness knows how much on the thing in maintenance & repairs. Its now worth $3,000 if you are lucky but you paid how much? Was it really worth it?


Heres scenario two: Buyer saves his pennys, researches the market so he knows what the vehicle he is after is worth at 3 basic price levels.........

1) Premium price
2) Fair market value &
3) A bloody steal.

If he is patient he will wait for the right one to come along & pounce on it when it does appear......with cash. Now you know for a fact you own a bike at a price that was sharp meaning when you go to sell eventually you won't loose much if anything at all.


I made money on my previous two bikes, I will at least break even on my current car & I will make money on my TL when I sell it or minimum break even.


I hear ya about having a lil fun & living life etc but that cop out doesn't wash with me when people freak out when they find out how much they actually paid, Jesus if you don't know EXACTLY what you are in for then you are a bloody fool, I won't say anyone deserves to be in bed with sharks like GE but sheesh, theres only one person lookin out for you.

[Cajun]

Yeah.

Apart from the dodgy finance structuring, the real catch is that the retailer will offer you the item on finance at its sticker price, 'interest free', but if you have cash in hand they'll give you a significant discount.

In other words, it's not fuckin' interest free, they've just chucked the interest onto the advertised price!

No really, i have got discount of the off sticker price, on interest free terms.

[Boob Johnson]

Well thats a double edge sword, i knew a girl who was like that, paided cash for everything,her car died and was better to get a new one newer car, was earning $70k+ yeah, she had $10k in bank for one, and wanted another $5k, but no one would give her a loan since she had no credit rating. even tho she earnted plenty. and had very small out goings.

Often its good to put things on hp, and pay them off very quickly, to get a good credit rating.

eg i have a couple of things on hp interest free, i can pay for them right now, but they are interest free, money is in the bank to pay for the items, but better in my account earning interest.
Im sorry I don't mean any offense but that is complete & utter rubbish, there is 100 finance (ok maybe a few less now) that will fall over themselves to take that deal, including banks. She obviously didn't try enough places or was going about it the wrong way.

See this is the problem, she has $10,000 cash but thats not enough for a vehicle??? WTF!!!! is all I can say lol. Do a lil home work & suss out a buyer who is "going overseas" type thing & buy his $13,000 car for $10,000, now instead of an unnecessary financial hemorrhage you have a saved many many thousands & for what? Using your head & looking around a bit first.

If you MUST have a credit rating buy a bloody toaster :2thumbsup

[pritch]

The only real problem we had with them is the way they present the statement of account, or whatever it's called. It doesn't actually tell you stuff like how much you still owe, how much interest you're paying, how much of the principal's paid off, etc. It's very, very deceptive.


I had an interest free loan from GE for furniture from Harvey Norman, made sure it was paid in time and had no trouble.

Currently I'm paying off some whitegoods (boring I know), again these were purchased on interest-free Harvey Norman "specials". It's true that the interest-free factor does limit the amount they will move on the ticket price, but if the interest-free period is less than the maximum they will move on price.

Vifferman's comments certainly describe how things used to be, and if you paid the minimum payment figure stated there was no way the loan would be paid in time. This situation could result in a bill for the interest on the outstanding amount over the entire period of the loan. Which could indeed be a nasty surprise.

Currently though I get a statement that shows the separate amounts owing, the interest rates on each (nil), and the dates each interest free period expires. If I stuff that up it'll be hard to blame GE.

They do increase your credit limit unasked though, which is good for their sales no doubt, but is considered bad practice. They were not the only ones doing that though by any means...

This post is not intended to contradict anybody else's experience, simply to say that my dealings with them so far have been satisfactory and I would deal with them again. Preferably on an interest free basis. :shifty:

[Badjelly]

I've never had any dealings with GE Money, but I have had dealings with Baycorp and the Disputes Tribunal. I was very impressed with both of them.

[Bloody Mad Woman (BMW)]

Holy Shit. I rang GE 2 weeks ago saying I was off work with a brain tumour for at least 3 months - I have insurance on the loan (only about $500) I think. I am still waiting for the form!! I see now what steps I will have to take.
Thanks for posting this thread. Apart from my bed - that is the only hp I have - slowly learning thru being burnt too much. What the above person said about a credit rating was true - I had that some years ago - couldn't get credit cos I had always paid cash.

I had borrowed the above money last year when I got really ill and had no sick leave so I had to borrow to pay rent, food and utilities. My bank was in a different city and couldn't loan me the money unless I could physically get up there - they had to bring be back to life twice so the chances of going anywhere were zilch.

Oh well when I get back to work I will ensure it is totally paid off.

[HenryDorsetCase]

GE Money are the single most morally-bankrupt organisation I have ever had the misfortune to deal with. And I've had to do it twice...

My wife and I had a joint loan agreement with GE taken out when buying furniture at Hardly Normal. From almost day one, they showed a remarkable tendency to lose payments made to them. They then call you, after hours so you can't call back to complain as their switchboard is closed, to chase payments. When shown the payment has been made, they then conveniently 'forget' to reverse the late payments, until you complain again.

After about a year of this, they then managed to lose five payments in a row. Everytime they called, I told them when the payments had been made and how much had been made. All records somehow failed to be logged into their call logging system. Records were sent to them to prove payments, which then got lost. Records were then hand delivered to them, which they then claimed had never been received. Records were then couriered to them so they had to sign for them. They still claimed not to have received them, despite the prove they had been. They then claimed the package they'd been sent had been empty.

So I then went down there, demanded to see a manager, handed him the documents and presented him with a receipt to sign detailing exactly what had been handed over. They then claimed he had let the company.

By this time, I was getting slightly wise to their antics and had started recording each and every phone call, along with the time and the date. I made sure I got the name of each person I spoke to, including their surname. On the many occasions they refused to give me a surname, I stated I was not comfortable with speaking to someone who would not identify themselves. I also refused to take all phone calls outside of normal working hours. When they did call during working hours, I took a number and called them back on my mobile using the geographic number so the time and date of each call would be recorded.

Each month, I'd make a request under the Privacy Act for a full copy of all records pertaining to my account. They are required by law to fulfill each request, though they have 20 working days to so They failed to respond in time a couple of times, so a complaint was lodged with the Office of the Privacy Commissioner.

Eventually, they threatened to take me to court for the money I had already paid them. I told them to go ahead, because with the receipts and logs I had, I'd be laughing. Their legal muppet (who'd got his legal training from the back of a Coco-Pops packet) then said that my legal fess could be very high and going to court would be very expensive for me. I pointed out I have an uncle who's a partner in a law firm and my legal fees would be zero.

So they lodged the debt with Baycorp instead. When presented with the proof of payment, the extremely detailed call logs and records, Baycorp told GE to get stuffed.



I tried to get the copy of a loan agreement they claimed I signed with them (three years before I even emmigrated to NZ). Despite tens of calls made to me to find out when I was going to pay, they never wrote a single word of what I said to them down. Ever. I always told them to send me the loan agreement. They never did. They eventually lodged the supposed debt with Baycorp who, after investigating and sighting my UK passport with an entry visa and my NZ citizenship certificate, agreed I couldn't possibly have taken out the loan as GE claimed and reversed the negative note on my credit file.

So, some rules on how to deal with those cunts at GE Money:


Don't deal with them. Ever.
If they call you outside of working hours, refuse to talk and tell them to call back within working hours.
If they call back within working hours, get the first and last name of person calling and the department they're in. Then ask for a phone number to call them back on. If they refuse to provide this information (and they'll try) tell them that you're not going to deal with anyone who cannot identify themselves due to privacy issues.
Once they give you a number to call back on, do it (at your convenience) and record every call. (You can buy suction mikes from Dick Smith that'll record both sides of the conversation, or some mobiles have a record facility allowing you to copy the sound file to your PC afterwards). Try to call from your mobile or use the geographic number if you're outside Auckland so the time and date of the call is logged.
Never ever send them anything by normal post. Use registered, so they have to sign for it. If you're in Auckland, go to their office in Viaduct Harbour and hand over whatever it is you have to give them and have a manager sign a detailed receipt saying what's been delivered. Have them write their full name on the receipt in case the signature isn't legible.
Keep detailed logs.
Never set up direct debits. Only use automatic payments that you can cancel at will.
They are required, by law, to respond to written requests under the Privacy Act for a copy of your complete file. They can charge a 'reasonable' sum to do so though. If they do not respond within 20 working days, lodge a complaint with the Office of the Privacy Commissioner. (It doesn't cost to do so).



that is impressive. I wouldnt have the energy to go through all that I dont think. Props to you for doing so.

[Forest]

Lot's of good information in this thread.

If you need to borrow money, you're much better off dealing with a bank.

[Ixion]

And you folk wonder why I despise capitalists!

I guess there are some advantages to being a poor old man ekeing out an impoverished and frugal existance, to whom no-one but a bank would dream of lending money

But, if I did need to borrow (I never have, 'If you can't pay for it, you don't need it' was my great-grandmother's wise admonition), I would open a specific credit card account and put the item on the credit card. Normally I always pay credit cards bills on receipt, but even if one did not, the interest rate would be less than the finance charges, and the arrangement both more reputable and more easily traced.

[Maha]

So now 3 years down the track you have a spent goodness knows how much on the thing in maintenance & repairs. Its now worth $3,000 if you are lucky but you paid how much? Was it really worth it?



I will just use this part of your post Boob (I did read the whole thing and understand totally what your are saying but)
And here is the but.....
Four years ago when I first contacted GE, I had no other option. I had no credit rating at all and if someone did a credit check on me at that time, there was something there that would make them say NO!
GE however, said YES....(I had previously had good credit with AVCO) and after talking them in their office, they could see/tell I was no risk to them. They said that to me. My account with them was always paid up three or four months ahead. I would hate to think how much money they have had out of me over the last four years but at the time, I had no choice. I do now however, I am squeaky clean with all 0's when it comes to a credit check, I have personally seen that. I hated the amount that I was paying but to me, yes it was worth it, I am where I am today because of it....really pissed at how it all ended up though.

[Mom]

....really pissed at how it all ended up though.

It may not end here though lovely man. After the hoops that company have made you dance through over the past few years, to be treated like you have been recently is not on at all!

What burned the worst for me is after the faultless way your loans have been conducted with the company over many years, when you are finally in a position to get out of their clutches they turn around and screw you.

[jonbuoy]

Holy Shit. I rang GE 2 weeks ago saying I was off work with a brain tumour for at least 3 months - I have insurance on the loan (only about $500) I think. I am still waiting for the form!! I see now what steps I will have to take.
Thanks for posting this thread. Apart from my bed - that is the only hp I have - slowly learning thru being burnt too much. What the above person said about a credit rating was true - I had that some years ago - couldn't get credit cos I had always paid cash.

I had borrowed the above money last year when I got really ill and had no sick leave so I had to borrow to pay rent, food and utilities. My bank was in a different city and couldn't loan me the money unless I could physically get up there - they had to bring be back to life twice so the chances of going anywhere were zilch.

Oh well when I get back to work I will ensure it is totally paid off.

You can get a good credit rating without borrowing- use a credit card instead of eftpos and set up a Direct Debit so it gets paid off every month, no interest, no transaction fees and you'll have a sweet credit history.

[Mom]

You can get a good credit rating without borrowing- use a credit card instead of eftpos and set up a Direct Debit so it gets paid off every month, no interest, no transaction fees and you'll have a sweet credit history.

Good thinking there, but what happens if you cant get a credit card? How to build a credit rating then?

[raftn]

Man i ha efinace companies..........i dont half feel for you guys.............i know some people that could pay them a visit if you like...........they would do it cheap! They owe me a favour!

[westie]

You gotta see it from the finance company's perspective.

You're their investment. It's like you giving money to a bank on term investment and planning around the return you'll get off that over the next five years, and then after a year the bank hands it back to you and says, sorry, we don't want your money any more, we won't give you any more interest on it.

And you're left without that income that you planned on, rushing around trying to find somewhere else to invest your money to get the same return, cursing the bank for not following through on the arrangement.

You can see why finance companies try to recover extra interest when a loan's repaid early, aye.

Of course, a bank and a private borrower are two very different things, and different rules should apply.

I agree with your explanation. ie robbers:bleh:

[BIHB@0610]

They suck, undoubtedly. But one of the reasons the world economy is in a wee bit of a pickle at the moment is because we have all been living on money we haven't earned yet.

I think we should take the wonderful lesson meted out by these fabulous organisations - i.e. pay cash wherever possible - and live to ride another day :Punk:

[Maha]

They suck, undoubtedly. But one of the reasons the world economy is in a wee bit of a pickle at the moment is because we have all been living on money we haven't earned yet.

I think we should take the wonderful lesson meted out by these fabulous organisations - i.e. pay cash wherever possible - and live to ride another day :Punk:


Completely agree, but how many can go out and pay for a brand new motorcycle...(which is what started this GE thing in the first place for me)
If if were a lesser item that I wanted, sure I would pay for it. Its what I do anyway...no way would I take out a loan to buy a TV or Washing Machine etc.
At the time, I didnt want a 2nd hand bike, I wanted my first bike to be a new one. We are not complaining about the 'Hows/Whys' of a GE Loan, We are complaining about the way it ended and the bullshit we had to go through to get any straight answers, not to mention their subtle way of calling me a Liar!.....

[homer]

hey end of the day it FINANCE .......you know user pays
so if your not happy , should have got a lawyer to read the fine print
would cost what? $ 100

[Mom]

hey end of the day it FINANCE .......you know user pays
so if your not happy , should have got a lawyer to read the fine print
would cost what? $ 100

We read the contract mate. We have no issue with it at all!

Read the first couple of posts!

They gave a settlement figure, we paid it! They say we did not request a settlement figure even though we paid a very specific amount of money to account number they gave us.

When questioned about that they say we paid to the wrong account number! Impossible as they gave it to us. It is the account they receive settlement proceeds into to keep them separate from all the other payments they receive.
We have phone records showing the calls to GE, 3 on the day in question, they have a log of 1.

Game over according to them!

They may need to think that over again :yes:

[dwnundabkr]

thanks for the heads up as i am about to pay off my ge card so will cross all t's and dot all I's and record the fuckers
cheers

[Mom]

They suck, undoubtedly. But one of the reasons the world economy is in a wee bit of a pickle at the moment is because we have all been living on money we haven't earned yet.

I think we should take the wonderful lesson meted out by these fabulous organisations - i.e. pay cash wherever possible - and live to ride another day :Punk:

You would think after all this time I would have learned to use the multi quote function?

These lenders of last resort for some, or first for others should have a responsibility to say no to the ones that actually cant afford the loans (they dont) and to encourage the ones that can afford a loan but have crap history to borrow to rebuild (they do). They should also treat their clients with RESPECT! They DONT!

I agree with you, if you cant afford it dont buy it.

[Mom]

thanks for the heads up as i am about to pay off my ge card so will cross all t's and dot all I's and record the fuckers
cheers

This thread has served its purpose for you! Yay!

[doc]

I don't understand at all what you are trying to say here.

Are you saying that university educated people are naive financially?

Yes some are

Or that university educated people are trying to rip other people off and thus are the neo-low lives?

Yes education doesn't teach morales
Or are you saying that this generation have population segments that are especially vulnerable to the lure of un-ethical finance companies, because they are surrounded by a level of wealth unimaginable just 20 years ago - and that the finance companies could be the new low lives?

Exactly my point .

Sorry you couldn't read my lips.

[ynot slow]

Have thought lately about getting a new tv,selling our widescreen on Monday,if I grab it on interest free as have seen one advertiser offer 48mths I/F will be sure to ask what finance firm.

From a retail perspective I used to hate the fact the multinational companies started I/F terms,we would get numerous customers asking for cash price while at the same time the firm would have say 18mths I/F.The customer couldn't work out why we couldn't give a cash discount,as that would be tantamount to being a non interest deal as cash price would be lower than I/F,a few companies were prosecuted over this.

Mind you many outlets with high profit margins i.e 100% are now adding more to the wholesale price to allow for cash prices if asked,not uncommon to see shops mark up wholesale x 2.1.That is costs $100(ex gst and freight if applicable)retails for $210.00,sounds good work out if it is furniture,$2000 and buy for $4200.Give away $420 cash discount leaves $3780 less gst and still a tidy margin of about $1650 profit.Obviously if no discount given due to I/F the shop makes more profit although they will pay a % to finance company,unless they have their own finance outlet.

[Mom]

Have thought lately about getting a new tv,selling our widescreen on Monday,if I grab it on interest free as have seen one advertiser offer 48mths I/F will be sure to ask what finance firm.



Almost as important mate, get the full disclosure of the costs associated with Interest free (establishment fees, insurance, and what ever else they decide to laod on your loan). Know the term, pay off the amount borrowed plus any costs associated in advance by weekly payments!

Remember Maha was charged (although waived in the end) late payment fees for not making regular payments even though his loan was paid up 17 months in advance. That fine print is a real kicker!

[McJim]

My bank manager is my friend.

[jrandom]

Just a heads up, folks - most retailers will offer finance through two firms.

In the case of Harvey Norman, their primary financier is GE, but they also offer finance through Consumer Finance (now owned, I believe, by Fisher & Paykel Finance). If you don't like GE but still want to buy something on HP, ask about their secondary financier.

Fisher & Paykel Finance are pretty decent cunts. I've had a sizeable unsecured loan with them (not a HP deal) and was offered very reasonable early settlement figures throughout when I needed to check such, not to mention that they were great to work with when it came to the occasional cashflow hiccup and a payment restructuring halfway through.

So, bear in mind that not all non-bank lenders are unprincipled robbing bastards.

[doc]

Just a heads up, folks - most retailers will offer finance through two firms.

In the case of Harvey Norman, their primary financier is GE, but they also offer finance through Consumer Finance (now owned, I believe, by Fisher & Paykel Finance). If you don't like GE but still want to buy something on HP, ask about their secondary financier.

Fisher & Paykel Finance are pretty decent cunts. I've had a sizeable unsecured loan with them (not a HP deal) and was offered very reasonable early settlement figures throughout when I needed to check such, not to mention that they were great to work with when it came to the occasional cashflow hiccup and a payment restructuring halfway through.

So, bear in mind that not all non-bank lenders are unprincipled robbing bastards.

So you are defending the right to buy what you can't afford then ? :shit:

[Mom]

So, bear in mind that not all non-bank lenders are unprincipled robbing bastards.

Hear hear!

This is not a general bag *expletive deleted * finance companies, it is specifically aimed at GE Money.

[jrandom]

So you are defending the right to buy what you can't afford then ? :shit:

Fuckin' oath I am.

:D

[ynot slow]

Yep realise some have 2 suppliers for finance.The firms I have worked for over last 20 odd years have both used Consumer Finance now "Q" CARD? and their own finance company,one firm only uses a nationwide company now after a few bad debters etc.The last company I worked for would put finance through their own company,usually if the borrower had a reasonable credit history,but might have a debt lodged where by QCARD decline finance.

When I think back over the years at amount of goods I have bought,from cars,bikes,stereos,furniture when younger and no interest free terms it is scary.Especially now my kids are doing the same but with interest free deals abound.Mind you we never had more than 1 item at a time.

[BIHB@0610]

Fuckin' oath I am.

:D

It is a right I suppose. Just a shame that the finance companies are unscrupulous about who they lend to. My aunty was quite simple (something wrong but she was born in the days when little was done about it). She ended up living in a council flat, with Sky TV (every channel possible) and monitored alarm, a leather lazyboy from Farmers, overseas trips on finance, etc etc. No-one paid the bills when she died - it wasn't challenged, and I'm sure the companies would have won if they'd fought for it, but it wasn't worth their while. One win for the little person!

[Mikkel]

Exactly my point .

Sorry you couldn't read my lips.

Education may not necessarily teach morals - on the other hand, you don't grow morals without being taught something, somewhere along the line.

In my experience it's not the academics you need to keep an eye on if you want to avoid getting ripped off.

However, your statements that "some university educated people are financially naive" & that "university educated people are trying to rip off others" seems to be in conflict to me.

[Boob Johnson]

I will just use this part of your post Boob (I did read the whole thing and understand totally what your are saying but)
And here is the but.....
Four years ago when I first contacted GE, I had no other option. I had no credit rating at all and if someone did a credit check on me at that time, there was something there that would make them say NO!
GE however, said YES....(I had previously had good credit with AVCO) and after talking them in their office, they could see/tell I was no risk to them. They said that to me. My account with them was always paid up three or four months ahead. I would hate to think how much money they have had out of me over the last four years but at the time, I had no choice. I do now however, I am squeaky clean with all 0's when it comes to a credit check, I have personally seen that. I hated the amount that I was paying but to me, yes it was worth it, I am where I am today because of it....really pissed at how it all ended up though.
Yeah I understand, if you have crossed a rocky road in the past you may need to show you that was a one off. I guess my point is if one MUST reclaim their good name credit wise it doesn't have to be a large loan, buy a low cost item (TV stereo etc) & pay it off in 1/2 the time type thing.



Good thinking there, but what happens if you cant get a credit card? How to build a credit rating then?
As above, buy a low cost item & pay that sucker off super fast. I actually did it by accident many moons ago, paid off a stereo in 1/4 of the time as the clown behind the desk ticked the weekly box instead of the "monthly" box & this clown (me) didn't notice, I was working at "Cin Cin on Quay" on the waterfront & was making way more in tips than wages so never touched my account, in 3 months I had paid off my stereo & also had nearly $5,000 cash in the bank lol. They sent me a letter asking if there was anything else I wanted to buy as I was now a preferred customer.



Completely agree, but how many can go out and pay for a brand new motorcycle...(which is what started this GE thing in the first place for me)
If if were a lesser item that I wanted, sure I would pay for it. Its what I do anyway...no way would I take out a loan to buy a TV or Washing Machine etc.
At the time, I didn't want a 2nd hand bike, I wanted my first bike to be a new one. We are not complaining about the 'Hows/Whys' of a GE Loan, We are complaining about the way it ended and the bullshit we had to go through to get any straight answers, not to mention their subtle way of calling me a Liar!.....
You completely agree yet contradict that, not having a go at ya Mark but you said you needed to mend your finance record, that didn't require such a massive loan, paying off a TV would of had the same effect. Not sure what rational is behind wanting to pay such a HUGE amount of money for not only something new but to finance that as well yet a TV, stereo is best to pay cash for??? Whats the difference? If you finance either you will pay for it 2 to 3 times over. You WANTED a new bike, hell who doesn't, my point on the traps of finance is ALL about wants & needs & being realistic about it. Sure you can go out and buy something new n fancy but if its not for cash you are only stealing from yourself.

[jrandom]

Not sure what rational is behind wanting to pay such a HUGE amount of money...

I'm sorry, did you just call $8K a HUGE amount of money?

:killingme

[Boob Johnson]

I'm sorry, did you just call $8K a HUGE amount of money?

:killingme
Yes I did, wasn't a typo :shifty:

For the average punter that's a HUGE amount of money to waste, this thread is aimed at the average punter :Pokey:

I suppose you are going to tell me you wouldn't batter an eye lid to rolling up 15k n smokin it?

Edit: the 15k is made up of the original 8k plus interest & the loss of value over the loan period. 8k is roughly 1/4 of the average persons wage, let alone 15k!!!

[fireball]

I'm sorry, did you just call $8K a HUGE amount of money?

:killingme


for someone like me id never see that amount anywhere near my bank account so thats considered a huge amount of money.....

after reading this thread i contacted my finance company to see how much i owed on Rawberry (she will be gone in 2 weeks! sold!) and i must say apart from the fact i had to call the dunedin head office as auckland couldnt help me (no surprises there) i was amazed at the awesome service i got, the lady on the phone told me all i needed to know in simpleton words, no fancy confuse the punter talk at all and then proceeded to ask me how my bike was going etc etc it was just cool no nasty surprises and she had awesome customer service skills.

my next bike will be financed through the same company as they have been really good, yay 2 thumbs up for MTF :woohoo:

[jonbuoy]

Good thinking there, but what happens if you cant get a credit card? How to build a credit rating then?

If you can't get one with even a low limit you'd have to be on very low income or already have a bad history?

[Nordy]

If you can't get one with even a low limit you'd have to be on very low income or already have a bad history?

which is exactly what moms post is saying, GE will happily finance those people at stupidly high interest rates!

[jrandom]

for someone like me id never see that amount anywhere near my bank account so thats considered a huge amount of money...

You probably won't say that in ten years time.

It's not about being rich. Goodness knows I'm not. It's just a matter of perspective on what's important, I guess.

[Nordy]

You probably won't say that in ten years time.

It's not about being rich. Goodness knows I'm not. It's just a matter of perspective on what's important, I guess.

I used to think 3k was HUGE and that I could never save that much cash

Now I dont, 20k sounds scary now but I bet it wont in years to come :P

God I sound old!

[Maha]

You completely agree yet contradict that, not having a go at ya Mark but you said you needed to mend your finance record, that didn't require such a massive loan, paying off a TV would of had the same effect. Not sure what rational is behind wanting to pay such a HUGE amount of money for not only something new but to finance that as well yet a TV, stereo is best to pay cash for??? Whats the difference? If you finance either you will pay for it 2 to 3 times over. You WANTED a new bike, hell who doesn't, my point on the traps of finance is ALL about wants & needs & being realistic about it. Sure you can go out and buy something new n fancy but if its not for cash you are only stealing from yourself.

That first bike I got was GN 250....Value $2995, not a massive amount of money (buy the time you pay it off through a load it is, granted) but I was willing to go down that track at the time. I have never complained about the amount I have 'donated' to GE over the last four years, my beef with them now is, when the time came that I could settle the loan, things went sour. Yes paying cash is now the only option.

[fireball]

You probably won't say that in ten years time.

It's not about being rich. Goodness knows I'm not. It's just a matter of perspective on what's important, I guess.

true.

i hate the concept of money work your whole life for it and then what?
you have flash things?

meh over rated

[Patch]

Lodge the theiving disrespecting assholes in the disputes tribunal. Phone the banking ombudsman. Notify the newspaper, Mr. Campbell, go hold them hostage etc

They have to prove their case, and ensure you have correctly understood what they are selling you.

Don't let this sit idle, if you feel/prove extortion (on their part) hound the wankers.

Get an unsecured personal loan from them, (put all your assets in a trust, company, other family's name first) then tell them to fuck off, they ain't getting a cent until they right abc123 account number.

[Sanx]

so mom you would keep away from harvy stupid/noel leeming etc cause there run by ge money .keep us all posted if you decide to take this any further.

My gf and I had a finance agreement with Noel Leeming with Pacific Retail Finance. When PRF were bought by GE, we paid off the loan in full (it was still in the interest free period) rather than deal with GE again.


I forgot too, under the privacy act your entitled to a copy of all the notes on your account in full! They have to provide this within 20 days.

Not exactly true. They have to respond to your request within 20 days, but the response can be telling you to go ask someone else or denying your request for a number of reasons, including protecting the privacy of their own staff. GE tried that a couple of times with me, so I told them to redact the personal information of their staff and send it through anyway...


my next bike will be financed through the same company as they have been really good, yay 2 thumbs up for MTF

I've dealt with MTF with two bikes. Never had the slightest problem with them, and they always dealt with me honourably and fairly.

[mister.koz]

thanks for the heads up as i am about to pay off my ge card so will cross all t's and dot all I's and record the fuckers
cheers

amen to that, following suit myself...

I used to work at a credit union, they are really good at looking after people because their intention is to grow members they are technically not-for-profit etc.

Long story short owing money sucks but owning credit union sucks allot less than GE who are quite possibly the worst finance company i have ever dealt with.

[ynot slow]

They are on trademe vehicles for sale as a finance company,says click here to get finance,might just do that,and see what happens,asking how do I pay early,penalties for doing so,statement or such required to deposit funds see what happens.

[wysper]

amen to that, following suit myself...

I used to work at a credit union, they are really good at looking after people because their intention is to grow members they are technically not-for-profit etc.

Long story short owing money sucks but owning credit union sucks allot less than GE who are quite possibly the worst finance company i have ever dealt with.

yeah I think i will be going with CU to fund part of my bike.
And to the folks that have used MTF, I can add that they were good to me when I wanted my bike back when I was a youngster :niceone:
Always clear and I always knew EXACTLY how much I owed. That was back in the days they printed you out a book with a slip for each payment.

... god, I am old! But only chronologically

[Dakara]

Watching a thing on GE on Fair Go right now.

someone paid off a loan, but GE contacted them 2 years later about $84 owing, which turned into $1,100 due interest and late fees. After admitting they were wrong, GE then tried to repo her stereo... not sure the outcome still watching.

[judecatmad]

There you go Mom - following the Fair Go story just now, why don't you guys take your issue to them? I'm sure they'd be only too happy to do a follow-up story - they love it when they get multiple reports about comapnies crapping on the little guy!

[Ixion]

D'y' know, I am old enough that I can remember when you couldn't borrow money, for anything including houses, without government permission. If you wanted a mortgage you had to get Rob Muldoon's approval first. Y'couldn't buy a new car at ALL unless you had money overseas to pay for it.And if you WERE permitted by the government to have a mortgage, y' had to have a minimum of one third deposit. And the government set interest rates, borrowing and lending.

You folk don't know y'r alive!

[Mom]

Watching a thing on GE on Fair Go right now.

someone paid off a loan, but GE contacted them 2 years later about $84 owing, which turned into $1,100 due interest and late fees. After admitting they were wrong, GE then tried to repo her stereo... not sure the outcome still watching.

At least we know the loan is paid off! This company are rogues! Their policy and procedures are robust in name and flimsy by experience. The interesting comment in that story was when the first call was made by the customer she was blown off by GE with the "we have no record of that call" comment. This is their POLICY! Seems Fair Go got a different story.


There you go Mom - following the Fair Go story just now, why don't you guys take your issue to them? I'm sure they'd be only too happy to do a follow-up story - they love it when they get multiple reports about comapnies crapping on the little guy!

I have re-emailed them (Fair Go) again tonight, as feed back this time, not a complaint, here is hoping.

Mean time a request is in process for all paperwork relating to Mahas loan/s with this company, any paperwork/agreements signed/ loan "LOGS"/phone conversations recorded. Disputes Tribunal is another avenue.

[Mom]

You folk don't know y'r alive!

Tis the price we pay for progress Ixion. Sometimes it is hard to reconcile it (the price) with the reality of the crap that can rain down on us sometimes.

I hear your sentiment, and agree with some of what you are saying, BUT...
Progress is inevitable, not sure I would look good in animal skins, searing meat over on open fire...LOL

A small part of me wants to return to the good old days too! I am vintage enough to have experienced a state advances/family benefit capitisation loan. I was just starting out then and very poor, I appreciated it!

[Motig]

Bugger !, Wish I'd seen that Fair Go program. That is so similar to the problem we had with them. And would you believe at the begining when we asked for the total to pay they gave us 3 prices !!!!

[Mom]

Bugger !, Wish I'd seen that Fair Go program. That is so similar to the problem we had with them. And would you believe at the begining when we asked for the total to pay they gave us 3 prices !!!!

Pm me or better still contact Fair Go

fairgo@tvnz.co.nz

Serilusly this company need some attention!

Apologies for spelling, I dont have specs tonight.

[judecatmad]

D'y' know, I am old enough that I can remember when you couldn't borrow money, for anything including houses, without government permission. If you wanted a mortgage you had to get Rob Muldoon's approval first. Y'couldn't buy a new car at ALL unless you had money overseas to pay for it.And if you WERE permitted by the government to have a mortgage, y' had to have a minimum of one third deposit. And the government set interest rates, borrowing and lending.

You folk don't know y'r alive!

And yeh could go to th' movies for tuppence, buy a pint for a penny and still have change from a shilling for th' bus fare home, eh?

Y'old fart...LOL

;)

[ynot slow]

Saw the part where GE said ignore the repo notices.Scary as I have just got plates for the bike via finance and guess what GE Money,seems they took over Pacific Retail,and best of all I can call their help desk anytime for more money,cool I can get a newer/new bike NOT.But shows how easy you can get the money.

Can remember buying my first car from a dealer,traded the olds Falcon for it,needed 60% deposit those days.$1800 dep for a $3000 car,could be a good way to stop boy racers in turboed screamers,hard to come up with say $8000 for $12500 car.