We took a secured loan with GE Money after their interest rates were very good. However, we were not prepared for what happened next.
After a few months the Bank of England interest rate fell to 1.5% and duly other interest rates followed apart from GE money whose rates went up 2.95% on top of what we were already paying.
When I asked them why their rates had increased and hadn’t followed the Bank of England’s decrease they told me that it is because they are an American company and they didn’t have to abide by British financial regulation and they could do what they wanted.
So my monthly repayments went up to over £400.00 and then to add insult to injury I lost my job thus falling back on my repayments by 1 month and that was when I started to have the nuisance calls. I say nuisance calls because after explaining my situation to them, over the first three or four phone calls, they continued to call me night and day.
One evening I had just settled my baby daughter down to sleep when the phone rang at 8.45pm from GE Money saying that I had to pay up as I was in arrears. When I confronted them on the time they were calling me I was told that they had to work 7 days a week up to 9pm and that gave them the right to call me anytime night or day.
I then tried to get a settlement figure from them to see what my balance would be should I want to settle only to find that I would have to pay a penalty charge on the loan to the tune of £5000.00 with interest.
Along with the phone calls came the outrageous rudeness of the staff that would go as far as to shout at me down the phone that I would incur a late payment charge and interest, so pay up and when I had told them that I can’t they told me to borrow the money from my family!
I have now found out that they are charging me 13.35% interest per month on my account and have charged me £375.00 late payment charge for one month I have missed. I can’t believe that GE Money can do this as it’s nothing short of ROBBERY!
If this was a normal person on the street behaving like this then they would be arrested and jailed for the crime but because this is a large bank they can do what they want and we are expected to bend over and take it.
If only the government would pass a bill prohibiting this kind of extortion then perhaps we would have a chance to survive financially in this country but until then we will still see people who can’t survive, losing their homes and all over the GREED of the banking corporations.
So PLEASE, PLEASE, DON’T FALL INTO THEIR TRAP, GE MONEY WILL STITCH YOU UP AND NOT CARE A BIT ABOUT YOU OR YOUR FAMILY.
All they want to do is cripple anyone who falls victim to their lies and will be prepared to take your home if you can’t line their pockets in the process.
NEVER have any business dealing with this HEARTLESS, THOUGHTLESS, RUDE AND DOWNRIGHT EVIL COMPANY that is GE MONEY!