# GE Money harrassing me over two months' arrears



## Violet Rose (14 Aug 2006)

Hi -  I currently have a loan with GE - theire repayment is 288.22 pm... however at the start of the year, Feb/March my husband was ill and ended up in hospital (mild heart attack), therefore no money was coming from him, (self employed) and bills mounted up.. 1 was GE... 2 months lapsed and i contacted them to advise of the situation and they basically told me in no uncertain terms pay up or else...Now I thought they could have been a bit more understanding - I offered to pay a small amt off loan and continue to pay in the 3rd month with regular amt and extra to pay o/s .... they didnt want to know... 
Anyway - i cleared the o/s amounts but am now back to square 1 again, where there are 2 months o/s and i have to ring them to ask (grovel & beg) can I pay small amount even the interest until I get back on track... 
My question is - Can they honestly refuse some kind of payment... I thought if you offered payment, no matter how small, it should help?
Am I wrong?  I am not looking for sympathy on my situation but just sound advise to deal with them?
Thanks


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## Brendan Burgess (14 Aug 2006)

*Re: GE Money*

Most lenders are fairly flexible and I am surprised that GE is not being flexible given that you have approached them. I think that they are bound by a Code of Practice towards people in arrears. Ring the Financial Regulator to find out. 

You might have a chat with your local MABS office who would be dealing with all the lenders all the time and would know their form.

Brendan


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## ClubMan (14 Aug 2006)

*Re: GE Money*

In relation to codes of conduct/practice is this any use?

[broken link removed]


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## moneyhoney (14 Aug 2006)

*Re: GE Money*

I just had a look at GE's website - they are not regulated by IFSRA, or do not appear to be.


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## Violet Rose (14 Aug 2006)

*Re: GE Money*

if they are not regulated what does that mean.... they can do what they want and keep harrassing me over this?


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## ClubMan (14 Aug 2006)

*Re: GE Money*

According to this they may not be regulated by _IFSRA _but they are authorised to conduct business here.

[broken link removed]

Perhaps they are regulated by _French _authorities? Like the way _Rabo _are authorised to conduct business here but are regulated by the _Dutch Central Bank_?

Can you clarify one thing for me - once you got into arrears and then cleared them they are insisting that you pay the balance in full and not on any repayment schedule different to the original loan agreement? Or they want you to meet the normal repayments and not just a smaller amount (even interest)? What do the terms & conditions of the loan agreement say about getting into arrears or otherwise breaching the agreement? On the face of it I don't see how this is harassment but rather them enforcing the agreed deal. On the other hand one might expect them to be a bit more flexible (possibly at an additional cost to you though) and it would be worth checking with _MABs _etc. as mentioned above.


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## CCOVICH (14 Aug 2006)

*Re: GE Money*

Any chance it is a [broken link removed], which should, in theory, give you flexibilty with regard to payments.

You may want to talk to MABS (www.mabs.ie) and see if they will negotiate on your behalf.


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## Guest107 (14 Aug 2006)

*Re: GE Money*

GE do a lot of sub prime lending and are not known for their customer service skills with those in arrears.

MABS is a great idea , meantime Violet try to pay them something every month like if the repayment is €288 but the interest part is €50 a month then pay them the €50 only. This means the loan is not growing in size .


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## Violet Rose (14 Aug 2006)

*Re: GE Money*

Back in Feb March I was 2 months in arrears - when I asked them at that time to  pay something towards the loan they requested the 2 months in full within a week or they would be requesting the full amount of the loan.  I borrowed the 2 months and gave it to them within the week.  

Now I have 2 months arrears again, and I am being called on the phone, the letters are every second day.  However they have stopped calling me at work!!!!!


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## moneyhoney (14 Aug 2006)

*Re: GE Money*

Ask them if they are prepared to restructure the loan over a longer term - would mean you would pay more interest in long term but smaller amount each month. 

Do you have an credit union relationship where you might be able to get a loan?


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## ClubMan (14 Aug 2006)

*Re: GE Money*



Violet Rose said:


> Now I have 2 months arrears again, and I am being called on the phone, the letters are every second day.  However they have stopped calling me at work!!!!!


I sympathise with your situation but to be fair to them they are just trying to collect what is rightly theirs. If they were calling you at work then chances are you agreed to this by signing terms & conditions that allowed them to contact you there or anywhere else. If not then complain to them and/or _IFSRA_ (if relevant!).


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## Violet Rose (14 Aug 2006)

*Re: GE Money*

will give them a call now - let you know how I can get on.... God I hate this part - feel sick


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## Brendan Burgess (14 Aug 2006)

*Re: GE Money*

Hi Violet Rose

I would contact MABS before talking to GE Money. This should not be making you feel sick.

I would also contact the Financial Regulator. GE Money is not authorised by them, but they will advise you as you are a consumer of financial services. 

You are protected by the Consumer Credit Act, which stops them from ringing you at work if you have not given them specific permission to do so.

They are also subject to the Ombudsman for Financial Institutions to whom you can complain if they are treating you badly.

But your first stop must be MABS who can explain all this a lot better.

Brendan


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## liteweight (14 Aug 2006)

You should definitely contact MABS!! As I understand it, you allowed 2 payments (2months) to slip by without contacting them. When they contacted you, you asked if you could pay lesser sum and request was denied. It appears that you then let a further 2 months pass without paying and without contact. Personally I would have paid them the interest, if nothing else, while I tried to negotiate terms. I know this is easier said than done when in your position at the moment. It's always a bad idea to ignore debt. Unfortunately, GE Money are in the right here, they may not be nice, but they have the upper hand at the moment. If you do nothing else today, contact MABS and at least take some of the strain off yourself and your husband. Good Luck.


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## ClubMan (14 Aug 2006)

*Re: GE Money*



Brendan said:


> You are protected by the Consumer Credit Act, which stops them from ringing you at work if you have not given them specific permission to do so.


Many credit agreements now contain terms & conditions that allow the lender to do this. Many people don't bother to read the terms & conditions of loan agreements though.


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## davidoco (14 Aug 2006)

*Re: GE Money harrassing me too*

GE Money loans should carry a warning about customer service. I have a car loan (not the flexible one).  When I saw the ad for the flexible loan I wrote to them and kindly asked could I have two months off for a very good reason, which I won't go into - hey it's not as if I asked them to write off the repayments.

They wrote back to me saying that I was too much of a risk and they would be declining my request.  My repayments are less than 200 euro a month.

Then I got a phonecall a few days later asking me did I want a new loan, I explained that I was looking for a holiday/payment break on my loan and asked to speak to a manager as I felt their approach was a cold call and in breach of the code of conduct (I’m wasn’t sure about that). The “manager” told me that I should put my complaint in writing and when I told her that I would be copying the letter to the Regulator she told me that it would and I quote ”probably be easier for GE to call in the full loan to be repaid in full within x number of days then”.

GE Money next time I’ll be staying well clear and advising anyone I know that if they can’t get a loan anywhere go to an old fashioned “money lender” before they go to GE Money.


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## ClubMan (14 Aug 2006)

*Re: GE Money harrassing me too*



davidoco said:


> GE Money loans should carry a warning about customer service. I have a car loan (not the flexible one).  When I saw the ad for the flexible loan I wrote to them and kindly asked could I have two months off for a very good reason, which I won't go into - hey it's not as if I asked them to write off the repayments.
> 
> They wrote back to me saying that I was too much of a risk and they would be declining my request.  My repayments are less than 200 euro a month.


What do the terms & conditions of the loan agreement say about the "flexibility" of such flexible loans?


> go to an old fashioned “money lender” before they go to GE Money.


Whatever about problems that people might have with _GE _I very much doubt that this is good/prudent advice to be honest.


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## moneyhoney (14 Aug 2006)

*Re: GE Money harrassing me too*



davidoco said:


> Then I got a phonecall a few days later asking me did I want a new loan, I explained that I was looking for a holiday/payment break on my loan and asked to speak to a manager as I felt their approach was a cold call and in breach of the code of conduct (I’m wasn’t sure about that). The “manager” told me that I should put my complaint in writing and when I told her that I would be copying the letter to the Regulator she told me that it would and I quote ”probably be easier for GE to call in the full loan to be repaid in full within x number of days then”.



The "manager" should have told you that there would be little point in you complaining to the Regulator because GE are not regulated!

In any case, that does seem a little heavy-handed but I suppose they are under no obligation to give payment breaks.


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## Thrifty (14 Aug 2006)

I know this sounds a bit obvious but have you checked whather you have payment protection on the loan. Even if your husband is self employed and wouldn't be covered for loss of employment i'd be very surprised if they hadn't tried to sell him one for illness cover.


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## ClubMan (14 Aug 2006)

*Re: GE Money harrassing me too*



moneyhoney said:


> but I suppose they are under no obligation to give payment breaks.


Once again it depends - on the terms & conditions of the loan agreement.


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## davidoco (14 Aug 2006)

Moneylenders - yeah your right should never be contemplated.  To be classed as a money lender you have to be charging more than 23% and to be fair to GE they are charging me 12% interest which is only half the Moneylenders rate.  It not quite double the best rate you can get for a car loan/hire purchase though at 7.5% from other lenders.  The report was actually just published today (14th August 06) by the Financial Regulator.  


In that report (apart from Fexco - whoever they are) GE are the most expensive at 9.59% and most expensive (apart from Fexco) on the documention fee.

Terms and Conditions

Whatever the terms and conditions say about flexibility, I'm sure there are none, and I do concede that what I was looking for was outside the scope of the product that I signed up, my complaint is in relation to a customer service rep making comments about calling in the loan.

GE Money are the 2nd most expensive lender in the country for car loans according to a survey published by the Financial Regulator in August 2006

Look at [broken link removed] and current cost surveys


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## ClubMan (14 Aug 2006)

davidoco said:


> It not quite double the best rate you can get for a car loan/hire purchase though at 7.5% from other lenders.  The report was actually just published today (14th August 06) by the Financial Regulator.
> 
> In that report (apart from Fexco - whoever they are) GE are the most expensive at 9.59% and most expensive (apart from Fexco) on the documention fee.
> 
> ...


So why did you choose them rather than a cheaper alternative? Lenders with high charges should be avoided but can hardly be blamed for charging them if some consumers transact business with them in spite of the high charges.


> Whatever the terms and conditions say about flexibility, I'm sure there are none


How can you say this if you are not sure what the terms & conditions actually say?


> and I do concede that what I was looking for was outside the scope of the product that I signed up, my complaint is in relation to a customer service rep making comments about calling in the loan.


Probably strictly within their rights under the terms & conditions but if you feel that they were acting outside of these then you should consider making a complaint.


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## CCOVICH (14 Aug 2006)

davidoco said:


> Whatever the terms and conditions say about flexibility, I'm sure there are none, and I do concede that what I was looking for was outside the scope of the product that I signed up, my complaint is in relation to a customer service rep making comments about calling in the loan.


 
Seems like there is quite a bit of flexibility to me (albeit at a cost I'm sure)

Low Start - Apply for the Low Start Option at the beginning of your loan and you could pay interest only for up to six months.
Step Down - Once you've made 9 full repayments on time, you can reduce your monthly repayment to an agreed level, extending the term of your loan up to a maximum of 60 months.
Step Up - Increase the amount of your monthly repayment in order to pay your loan off earlier.
Lump Sum Payment - You can make a lump sum payment (min €200) at any time without penalty.
Payment Break - This option is handy at Christmas or after a holiday, since it allows you to take a break from one or two repayments in a 12 months period. You can then choose to either increase the term of your loan or increase your monthly payment to make up the difference.


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## davidoco (14 Aug 2006)

ClubMan said:


> So why did you choose them rather than a cheaper alternative? Lenders with high charges should be avoided.



What happened to me is what I guess happens to loads of people.  The garage where I got the car is tied or linking up with GE/Woodchester and I was stuck for a car.  I knew the loan interest was going to be higher than other providers but I did it for the convenience of filling out a form there and then and taking my car away within hours. 

I won’t be recommending GE in future or using them.

I would advise anyone reading this to get that IFSFA cost survey and have a good look at what the rates are.   But even after reading the cost survey and picking out the cheapest lender you may find that their customer service leaves a lot to be desired. 

Back to the original post

I downloaded the Consumer Protection Code August 2006 and it doesn’t mention anything about grace periods on arrears etc.   I found it difficult to get the doc (in pdf) format to download from the IFSRA site as it is done in frames so here’s another link to it.

note the file is 766kb in size that's 0.76 MB
[broken link removed]


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## ClubMan (14 Aug 2006)

davidoco said:


> What happened to me is what I guess happens to loads of people.  The garage where I got the car is tied or linking up with GE/Woodchester and I was stuck for a car.  I knew the loan interest was going to be higher than other providers but I did it for the convenience of filling out a form there and then and taking my car away within hours.


OK - so you chose convenience over price. Your prerogative but hardly reason to blame the lender for the prices that they charge?


> I would advise anyone reading this to get that IFSFA cost survey and have a good look at what the rates are.   But even after reading the cost survey and picking out the cheapest lender you may find that their customer service leaves a lot to be desired.


Totally agree - caveat emptor as ever.





> I downloaded the Consumer Protection Code August 2006 and it doesn’t mention anything about grace periods on arrears etc.


I would expect that the final arbiter on such matters are the terms & conditions of the loan agreement assuming that theu are OK by _IFSRA _and which, in the normal course of events, they will be.


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## Brendan Burgess (14 Aug 2006)

Davidoco said:



> The “manager” told me that I should put my complaint in writing and when I told her that I would be copying the letter to the Regulator she told me that it would and I quote ”probably be easier for GE to call in the full loan to be repaid in full within x number of days then”.



This is a very disturbing threat. You should definitely report it to the Financial Regulator and see what response they get. They will at least tell you which regulator you should report the matter to. I still don't fully understand the "Fitness and Probity" regime, but I assume that they are subject to that.

If you have the name of the manager who said that, you should report her all the way to the top of GE. 

I questioned the advisability of the EBS associating itself with GE at the EBS AGM last year and they seemed unaware of the problems faced by customers of GE.

Brendan


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## Guest107 (14 Aug 2006)

Also ask the regulator about this practice of sending letters every 2 days and chargeing handsomely for each and every one of them which is added to the outstanding loan and accrues interest.

One or 2 letters a month is one thing but scads of letters is quite another.


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## Michael3 (14 Aug 2006)

Violet - Can't help but notice your posting in january this year - you sounded like you were over committed then. A few people advised you to contact MABs immediately as they could have started negotiating with the people you owe money to before it had reached this stage now. What happened to the other creditors - are they contacting you too? Did you actually go to MABs that time - and what about a remortgage option - is there enough equity in your house to consolidate debts with a remortgage?


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## Violet Rose (15 Aug 2006)

> What happened to the other creditors - are they contacting you too? Did you actually go to MABs that time - and what about a remortgage option - is there enough equity in your house to consolidate debts with a remortgage?


 
Michael3 - early in the year, I honestly thought it was the end of the line - and yes I did take peoples advise and I contacted Mabs....the lady I met was very helpful and very straight talking... she did out a list of all our outgoings compared to incomings.  Now at this stage my mortgage was 2 months in arrears.  She contact the credit union for me and they helped me with these arrears for the mortgage.  then my husband ended up in hospital, and income was none.  She set up budget accounts for me for esb, telephone etc.  I have since got rid of the phone as we use mobiles.  
I had a bit of luck then with the revenue and got a cheque back from them for overpayment in tax, this was for about 2000.  With this, instead of splashing out on a holiday i split it up between my loans.  I cleared the 2 months arrears with GE (feb & mar),  even up to now my credit cards, aib loan, mortgage and car loan is up todate.... I have done this on my own and I clap myself on the back sometimes.  However, in july, something came up that GE payment was put on hold and I thought I would clear it in august.  So at the moment I am 2 months behind.  Instead of ringing them yesterday, I drafted a letter to them apologising for the delay and outlined that I am paying 100 off July and August would be paid on 25th of this month.  I have kept a copy of this letter also shoudl they give out.  
Also, I looked at my agreement with GE last night and saw that I had ticked the box that I was NOT to be contacted at work, so I have the upper hand in that case.  
My argument really is that they have no people skills,they are arrogant, sarcastic on the phone,  especially people in arrears, if I was totally taking the piss with them, i would understand... A bit of lea way thats all,


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## ClubMan (15 Aug 2006)

Violet Rose said:


> She set up budget accounts for me for esb, telephone etc.
> 
> ...
> 
> ...


In the light of these events are you sure that your budget is accurate and adhered to strictly enough?


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## Violet Rose (15 Aug 2006)

I have a budget for the month, I do stick to it, but with 2 young children as well, like july I dipped into that budget - I guess my problem is I dont have a back up - an account for emergencies - did I just answer my problem ?


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## ClubMan (15 Aug 2006)

I think you've hit on something significant alright.


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## monstie (15 Aug 2006)

I had a car finance loan with them and decided to trade in car off a newer one, there was couple of thousand still due and the new finance company settled this amount with them, but they kept applying for the direct debit for months, after numerous phone calls and hassle they eventually sent me a cheque very reluctantly. Never again


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## ClubMan (15 Aug 2006)

Always cancel redundant _DDs _by writing to the payee and also by going to your bank and instructing them (in writing - they'll give you the form) to cancel the _DD _on your account.


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## Violet Rose (16 Aug 2006)

I got another phone call from them last night - and a thousand questions, they wanted to know why were the payments late, the reasons behind it, do I see myself making future payments... what other commitments have i - i told the "lady" that I had made a payment towards arrears and she did her usual hmmmm....then she said she would send me out a customer profile to fill in and they would take a look at my "circumstances"  -  Is this a good or a bad thing?


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## Guest107 (16 Aug 2006)

Really you should ask Mabs to '_deal' _with them Violet. If your income is going to be low for the foreseeable future you should either:

1. Ask MABS about a standstill agreement with GE (no interest added and you pay off nn a month) which _could _affect your credit rating

2. Interest only deal. This means you pay interest with no credit rating black marks for missing principle payments and no late payment mark when you do clear it. MABS can agree that with them for you .

They will simply keep hounding you unless they are intercepted and held off by Mabs who do this stuff all the time for people.

Its just not worth the 2 of ye being sick so find a feasible payment schedule and get Mabs and GE to agree to it and then _you stick to it_ . Be practical about the amounts and dont overstretch your finances at their current level. 

I feel you can pay _something_ so concentrate on interest only  payments until the finances improve.  GE are no worse off  as it happens not that you would think so from the telephone scumbaggery .


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## Violet Rose (13 Sep 2006)

*Re: GE Money*

I'm going to have another rant about GE... back from 2.5 weeks leave and just got phone call on mobile from my "friends" in relation to my customer profile.  

Now my monthly net income is 1956 - my total loans not including GE is equalling 1400 a month.  If my husband is not working i have food bills, fuel, playschool etc out of that.  
GE didnt see a problem with me not paying the monthly amount.  she said that as I have 500 left over and they should get it.  When I said to her about my situation with dear husband and that I would be doing grocery as well (lidl is great) she basically said that was not their problem I have the money to pay them - end of story.... 
Anyway, I have agreed with them to pay the arrears on top of monthly amount starting end of september.  
By then I hope my remortgage is through and GE and the whole lot can wave good bye.  

I have learnt a very valuable lesson from this, no matter how much the banks etc are offering, I will not be taking it.... I have opened up another account which will be my savings account for rainy days.  I have managed this far on my "budget" and so far so good.   I have also opended budget account for my bills which the credit union will deal with.

Thanks for listening...


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## mell61 (13 Sep 2006)

Violet, I hope the remortgage comes in in time for you .
I don't want to sound like a 'downer' but is there a possibility of raising some cash so you have a back up?   I don't mean borrow, is there anything you can live without that someone else might be happy to buy.... Ebay and all that?   I spotted this section on Ebay that might give you some inspiration, also have a quick look at what is saleable.
http://pages.ebay.ie/what-to-sell/index.html

I know you do mention kids, and without knowing their ages I'm assuming that this month is a merry go round of back to school stuff.... so keeping to budget this month might be harder than expected.

Best of luck


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## triplex (13 Sep 2006)

violet, are you by any chance with a credit union? could you borrow the full amt from them to repay GE in full? the credit union will be flexible and sympathetic to boot!

am appalled by the hassle they are giving you.


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## iscritto (5 Sep 2009)

Maybe I picked this up wrong but ... Violet

"I'm going to have another rant about GE... back from 2.5 weeks leave and just got phone call on mobile from my "friends" in relation to my customer profile. "

When you say "leave" what exactly do you mean, sorry but if you went on hols would the money not be better spent on the paying debts and buying food etc !!


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## chrisboy (5 Sep 2009)

iscritto said:


> Maybe I picked this up wrong but ... Violet
> 
> "I'm going to have another rant about GE... back from 2.5 weeks leave and just got phone call on mobile from my "friends" in relation to my customer profile. "
> 
> When you say "leave" what exactly do you mean, sorry but if you went on hols would the money not be better spent on the paying debts and buying food etc !!



Its been nearly 3 years since someone posted on this thread!!


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## bond-007 (6 Sep 2009)

This is a 3 year old thread.


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