GE Again

[AWD Chaser]

I know there was a thread a little while ago, but I thought I would vent MY outrage at GE again.

I applied for a $3500 loan extension on my car loan to put it on gas.. this was denied as I had only had the loan for 1 year - fair enough.
We then decided to try for a personal loan - after being put through to 6 different ppl who kept transfering me, we did the loan application. I said I would get a call in about 48 hours. 4 days later, I had not recieved a call. I rang them up, and they said there was no record of me ever going for a loan. So I went through the application again, but they wanted to know the TOTAL amount of rent, not just my share, etc. So of course, I was denied the loan.

Today, I get my statement in for my GE card and find that they are now charging me 50c per Bpay that I make! This is a rip. In my weekly budget, I Bpay GE once a week, so that mean my GE monthy service charges go from $2.95 to $4.95. The fact they never informed me that they are bringing in this charge p***ed me off already...

Then they charged me a $27 late fee WITH INTEREST because I had not met a minimum monthley payment when Retravision had told me there wasn't one - just had to be paid out in 2 years time!

If I hadn't maxed out the CC with all the baby stuff I need, I would already have moved it over. At least the service with Virgin is worth paying for....

My 2 cents....

[MO]

Ever thought of a credit union and consolidating?

[Inferno]

GE are vultures, but I do recall getting a letter in the mail regarding the payment charge for making payments. Not even the bank does that, and I work for one of the major ones.

[Electric]

I only use GE finance for the 24 month interest free type stuff and always pay it off in the interest free period.

Originally I had a Buyers Edge (still GE) card and it was good, you buy something for $1200 and you get a bill for $100 per month plus the $2.95 monthly fee and after 12 months its all done.

But the last time I bought something I had to get a GE Creditline card. After the 3rd month I wondered why the monthly payment amount kept changing.
So I added it up and I had bought some furniture for about 3k over 24 months but if I paid the minimum monthly payments I would still owe $1k after the 24 months was up, what a scum act.

I actually work for GE, but in a different area, not GE Finance.

GE is huge they also do GE plastics, silicones and composite materials, GE Energy, lighting, motors, gas turbines, wind, solar, water, and nuclear, GE Transport including aircraft engines and rail locomotives, GE Healthcare, diagnostic imaging and patient monitoring, GE Appliances, stoves dishwashers etc as well as NBC and universal pictures.

So not all of GE sucks…

Having said that I hate wearing my work shirts with the GE logo on them, I even had a guy working at a servo abuse me as I was paying for fuel because he saw my shirt, and hated GE finance…then when I am shopping at Hardly Normals or the like people come up and start asking me about fridges.

[Inferno]

Same here, I only use them for interest free. But your right Electric, your minimum monthly repayment isn't designed to repay the item in full before the due date, it's a minimum requirement not equal monthly installment like many people believe. Like with credit card and minimum repayment or full balance repayments to avoid interest. What you do is get a no annual fee virgin card, transfer the balance over for 6 months, then find another no annual fee card or low annual fee card with low to no interest rate amd transfer it over again for 6 months and then back and forth like that. Credit card competition is so firece these days. I went to close my Commonwealth Bank card and got, um, our credit card clourse team want to speak with you personally, then convert that to english, our credit card retention team want to speak to you to try and keep you with us and not someone else.

[brenx]

That minimum payment is setup like most credit cards. It only covers the month's interest. That minimum amount is calculated by GE as if you were paying interest in the amount ;)

[AWD Chaser]

The way I worked it out is that the minimum monthly will pay off half your outstanding by the time the interest kicks in.

I also just realised how bad they are.

You can make payments the following way:

BPAY - 50c per payment
Mail - 50c for mailing cheque to them, or however much for a postal cheque
In person - You do this at a Coles ATM - which will charge me for using a non-National ATM, Post Office - Post office charge $1.50 payment fee, Westpac Branch - GE Charge $1.85 per payment.

The only other way is via Direct Debit, in which they will only take the minimum amount due. So there is no way to get around the payment fees!!! AAARRGGGHHH!!!! I might move it all over to Virgin - worth the extra $8 per month for interest....

[Pedro]

The greedy banks and other financial institutions have built up a credit card culture over the years and been so successfull at it that a huge percentage of the population have been dulled into thinking that it is a normal way of life to be constantly in debt.

Before someone flames me .. I know that there are many people who are struggling and need to borrow at times, but there are a growing majority who have become "I must have it now" slaves, and the card companies love them. All their advertising is slanted "don't wait ... have it now".

I have a credit card but only for convenience. When I was pursued to sign up for it I told them only if they waived the annual fee, and they did. I make sure the full statement is paid each month, so they don't make any money out of me.

[Full Spectrum]

GE aren't Vultures.

There much worse then that. The interest rate now is 27.05% What a rip off.
I now get charged $35 if they need to call me because i haven't paid that monthly min payment when it's due 2 days they have called me? Work that out. How can i be charged for them calling me to tell me i have 2 days to make a min payment?.

Biggest tip for people with GE. (I liked them better when they were AGC) Never use it for cash never trust them with anything, Always pay more then the min payment 10 days before it's due cause they will suck your eyes out and swallow them whole.

[Electric]

It realise the minimum monthly payment on most credit cards is just that... a minimum.

It was just that with the other GE card the monthly payment was just that the amount divided by the term and if you paid the recomended amount the balance would be zero at the end....minus the monthly fee.

Obviously they have gotten wise to that and changed their approach to catch out the unwary.

Its funny that the rest of the company takes such great pride in the history and integrity of GE, and then lets GE Money go out and act like a predatory pack of C#nts. And this gives GE a bad name....

Next fancy dress party I was going to get a badge off a machine stick it on my hat and go as the GE Money genie....but now I think that will just result in me getting the carp kicked out of me in the car park.. :

[blue fairy]

Originally Posted by SlickHolden

(I liked them better when they were AGC)

I like you.

[Full Spectrum]

Originally Posted by blue fairy

I like you.

Thank you

[vztrt]

Originally Posted by SlickHolden

GE aren't Vultures.

There much worse then that. The interest rate now is 27.05% What a rip off.

There's a formula that they work out peoples interest, the more high risk you are the higher it goes, miss a payment and up it goes again.

I'm happy I've never had serious problems with borrowing money.
But I've heard some scary stories about GE finance.

[Duffman]

Originally Posted by Pedro

Before someone flames me .. I know that there are many people who are struggling and need to borrow at times, but there are a growing majority who have become "I must have it now" slaves, and the card companies love them. All their advertising is slanted "don't wait ... have it now".
.

I think your correct Pedro it seems to be the thing now to be in debt. I worked for GE Finance and left for many of the reasons listed. Customers hated you but at the end of the day you could understand why it seems the 'procedures/laws' are so stict they cause more problems then they solve. I remember doing the telemarketing calls for GE on Monday nights.... not fun!

GE taught me one thing.. never be in debt. Iv never had a loan/credit card before and never plan to (besides house/margin lending loans). When people ask you at work about your car/credit car loan and you say you don't have one your an outcast now days.

[deesun]

I never check the minimum monthly. If I buy something on interest free I look at the final price, divide it by as many weeks as the term of contract ie 36months int free is 3 years x 52 weeks = 156 weeks to get the weekly repayment and if its got some cents involved round up to the dollar and have that amount paid weekly out of my bank account. Money transfers should be free from your bank but some charge. Commonwealth recently dropped their 50c charge because people were changing banks because of it. Pay it weekly and you dont notice it so much but make sure you know the charges and cover them as well.

[NAPARM]

I've used my Buyers Edge card (GE) for a few purchases and never had any problems, as long as you're smart and do the right thing and pay the money back in the allocated time there should be no dramas.
I've also had a personal loan with GE (have paid it out now) and never had any problems with that either.
Most people don't read the fine print and that's why they get caught out.

[AWD Chaser]

Originally Posted by Electric

Next fancy dress party I was going to get a badge off a machine stick it on my hat and go as the GE Money genie....but now I think that will just result in me getting the carp kicked out of me in the car park.. :

Take 2 packs of TimTams, and go as the TimTam Geinie - you'll pick up more chicks! lol.


I haven't really had a problem with them, I just think that their phone service sucks and the fact that when they want me to make a payment, they charge me!!! What's the point of a $2.95 monthly charge when they will charge YOU to make payments. I think it stinks! But, it's not like it will change. Mind you, if I want something big, I can't afford NOT to go with them if I want 2 - 4 years interest free! Seriously, if any major Aus. Bank (or Virgin) brought out their own long term interest free card, they would prob get 80% of people who have credit cards... but we all know that this will never happen! I'll have my GE zero'ed in about 3 months anyway... but it will be a long time before I use them again... prob when I get my Plasma...

27% might sound stupid, but when you realise that you have had 2 years to pay it off... what is stupid is Dell Finance at 25% pa for 4 years....

[Full Spectrum]

Originally Posted by vztrt

There's a formula that they work out peoples interest, the more high risk you are the higher it goes, miss a payment and up it goes again.

I'm happy I've never had serious problems with borrowing money.
But I've heard some scary stories about GE finance.

I was going alright with them and it seems strange that i never got a call from them ever, Then they become GE and i have had some rude buggers on the phone about $14 owing in 2 days:P. I stuck my mum down as authorised to speak on my behalf and once they wouldn't talk to her and she keeped saying in authorised look look no i cant speak with you, We got the guy in big trouble for that he was a pig.
I think about 4 years ago i made a mistake getting my PC and some other stuff as a cash. I started it off in 2000 with a DVD player on interest free, paid it easy they rang up offered me $6000 dumb me said yes :togo: :