GE Money

cazziebo

I took out a loan with Living Design Double Glazing more than 10 years ago. I worked out this year that I'd paid £12k for a £4k loan, and had never received a statement. For some reason it was split into two loans.

I moved house four years ago and wrote to everyone I had to - including the loan company which I think was First National Bank, but still never heard from them. I called them earlier this year to find out when loan would be paid, it came out then they still had me under old address, so gave the girl my new one, and I was told there were two payments on one account and five payments on the other left outstanding. this is when I found it out it was now GE money.

One payment stopped around July, which I never questioned,thinking that was it paid in full. In December I'm still paying the other one. So called again today to find two payments left on one loan, and arrears on the other. The girl told me that they had never been notified of change of address, which is why I hadn't been told of arrears. The girl suggested that the reason I'm still paying is to cover bank charges incurred from missed direct debits. she then went into a long winded story about how if I had given them new address details then they would be on my file blah blah blah. Today is the third time they've had my new address! :mad:

I'm absolutely furious! Were they just going to keep taking my hard earned cash forever? Don't know whether to go with the whole process and ask for a S.A.R - (Subject Access Request) or just write a letter pleading for some of the cash back...

No wonder financial services is such a huge industry - once I've sorted all this out no more loans or credits for me....:mad:

Gorgeous_George

Sounds like you have been paying a rather large interest rate (20% flat rate; payments about £100 per month?). You really should have been more savvy.

There are plenty of people trying to screw you out of your hard-earned cash. It is your responsibility to avoid being screwed.

Good luck



GG

silvercar

Sounds right, my GE loan has an interest rate of 19.08%.

[Like to think we are savvy; Sharps gave us a 15% discount on our bedroom furniture if we took out a Sharps loan to pay for it. Paying it off over 3 months rather than the 5 years in the loan plan!]

We have had excellent service from GE loans; courtesy calls to check we understand the way the loan works etc. Customer service answer the phone knowledgably and helpfully...

Sorry your experience has not been so good.

cazziebo

Gorgeous_George wrote:

Sounds like you have been paying a rather large interest rate (20% flat rate; payments about £100 per month?). You really should have been more savvy.

There are plenty of people trying to screw you out of your hard-earned cash. It is your responsibility to avoid being screwed.

Good luck



GG

Yes I should have been more savvy. However, I was a single parent with two children under four, my ex had just left me with no money whatsoever, and I'd just started working full time after four years out of the labour market. Not to mention the fact that we had wind and rain coming in the windows.... I wanted time to think about it but the salesman stayed until about 10pm at night until I signed...

Much more sensible now, and once this debt is finished, I will be debt free (apart from mortgage and car loan). Only £100 a month but it has been such a millstone round my neck for so many years..