GE Money warning

[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/ne...te=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.....
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,
they are just glorified loan sharks

[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/ne...te=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.

[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.

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.