GE Money warning

[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

[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

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 ?

[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 ?

Fuckin' oath I am.

[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.

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.