As you all know without knowing much about the interestdetails, these guys make us come to their office and with honey suckled tonguethey give all the promises. This was what happened to me around 3 years while Ireceived the loan from these crooks.
I paid the loan for 32 months. Las 4 months I had genuine problems. I explainedand told the guys that I would certainly make the payment in full in twomonths. I did send a registered letter to all their offices. They kept quiet.Meanwhile they demanded twice the amount I owed and gave fantastic reasons. Idid bargain and made the payment. This was in 6th Feb 2008.
I got a letter on the spot that the settlement has been made under specialcircumstances and I would be receiving the NOC shortly.
I do not understand the word "Shortly".When you owe an EMI these guys rush in and make a hue and cry for the payment.But when you have paid the amount till last paise, they do not care to send theNOC. They are least bothered.
(June 2008) Meanwhile I had to go in for an Education loan. I applied in a Bankand waited for the outcome. They said due to the unsettled Personal loan withGE Money the loan has been rejected.
I rushed to GE Money and they calmly said that "Yes. You did not pay theEMIs and hence we had to report to CIBIL."
I requested them for the NOC. After various requests and visits they finallygave the NOC. I do not know how many times I visited their Branch, how manytimes I called them, how many time I sent an email to them, how many times Isent letters to them...
I also called CIBIL and found that GE Money had sent my name and other detailsto be published as a defaulter.
CIBIL people told that unless they get a letter from GE Money they would not beable to update the details. Till such time my name would show as a defaulterwhenever any financial institution checks if I apply for any loan.
Even today (29th Aug 2008 - 4.30 pm) I had sent an email to GE Money, askingthem to send the updation to CIBIL. They have not sent any updation for thelast SIX months it seems.
What the Hell it is? Having paid the amount due to them, its like callingmyself as a defaulter till they wish to update. Its ridiculous.
I am going to take LEGAL action against GE Money if my loan details are notupdated within a week, thats what I have said in the mail. And I am planning todo so.
Kindly do give me any feedback and suggestions if any.
Thanks
Vytheeswaran V