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Question
Dear Sir,
GE has provided a promotion of not charging interest when paid off the principal in one year. I paid it off in six months, but they say since there are two delayed during the pay period, they will charge interest anyway about 200 USD--I have written five letters in disputing it, they have ignored the letters and use a generic one to answer and insist on the finance charge; moreover they impose 29 dollar fine each month--and this has dragged on for some time--I wrote to CEO Jeff Immeldt and also the President of GE money bank operation in France--will this go to court one day, how should i be prepared? should I disclose this to a local newspaper for exposing their "arrogance" or should I file a lawsuit against GE at this very early stage to take initiative>
Thanks for your help, Sincerely
Jack
First, read your contract or application for terms and conditions. If their penalties were disclosed you may have to pay the penalty. Most "same as cash" terms require timely payments during the term of the loan. If you do not meet those conditions you may be stuck. However, you might want to contact their Public Relations officer. Write the Board of Directors and make as much noise as possible. Write the newspaper and other media. Make some noise. Someone should listen.
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Answers by Expert:
Michael Brotherton
Expertise
Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. Mike is well versed in Loss Mitigation practices and the legal collection process. He has helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. FinancialEmergency.com is a consumer web site which actively promotes Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).
Experience
Over 40 years combined experience negotiating disputes and resolving financial issues related to consumer debt, corporate issues and mortgage modifications.
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