GE Money- Any experiences?

[cmalone]

A friend had what she thought was loan via above at 12.7% interest. I advised her to check around and maybe 'swop' same for a cheaper loan product (typically almost 50% cheaper with Tesco or BOI). She contacted GE and they advised that what she had was a Hire Purchase type agreement and that she would need to apply for a loan- this was rejected by their underwriters without any reason! Is this normal?

Also GE don't state loan interest rate in advance of making the application so you could end up with a rate ranging from 7.9 to 16.5% on the same loan!

 

[ClubMan]

Is this your only question...

She contacted GE and they advised that what she had was a Hire Purchase type agreement and that she would need to apply for a loan- this was rejected by their underwriters without any reason! Is this normal?

It's not unusual for people to be rejected for a loan depending on their personal circumstances, credit history etc.

 

[cmalone]

No my question is regarding their customer services-

She spoke with a team leader who told her he personally wanted to 'sort her out' as he was unhappy that she had emailed him over previous 2 months trying to get a reduced rate on what she thought was 'loan'. He then hung up on her when she asked to be put though to the Head Office in Dublin 8.

He explained that they did not take calls from members of the public! This was despite that fact GE's Compliance Officer had emailed her previously with the officer's contact details and phone/ fax.

Maybe this is typical of the new 'banks' operating here now.

 

[ClubMan]

No my question is regarding their customer services-

She spoke with a team leader who told her he personally wanted to 'sort her out' as he was unhappy that she had emailed him over previous 2 months trying to get a reduced rate on what she thought was 'loan'. He then hung up on her when she asked to be put though to the Head Office in Dublin 8.

He explained that they did not take calls from members of the public! This was despite that fact GE's Compliance Officer had emailed her previously with the officer's contact details and phone/ fax.

Maybe this is typical of the new 'banks' operating here now.

You never mentioned any of this in your original post. If she has a problem with the way that she was treated then obviously she should make a formal complaint to the company.

 

[cmalone]

Sorry for not being clearer but didn't want to be bad mouthing them if this was an isolated incident.

 

[Thrifty]

I'm a bit confused when you talk about your friend not knowing the rate on the loan she's paying - surely the bank would go through this with her. its a requirement of the Consumer Credit Act that the person taking out the loan is given detailed information about that loan along with the terms and conditions.

Now i can understand a bank/ financial institution possibly going through the application form on the phone with a person and sending them out the application to sign - but the details of the proposed loan are part of the application. If the loan is given before the person signs and is aware of the conditions (esp if changed) then i would check the matter with the financial regulator.

Check out [broken link removed]

 

[cmalone]

With GE, they assess each individual application on its merits and decide on the rate based on the perceived risk later. So when you apply, you are not told what rate will be applied until you get approved. Rate is then in the range i stated earlier.

With the HP agreement, it was a set payment per month (as far as i understand) and the rate was not stated on the HP agreement.

That site i think should be .ie (www.itsyourmoney.ie)

 

[fandango1]

I had a major 'customer relations' problm with GE Money about 12/14 months ago. Finally managed to get it resolved after sending a letter directly to the Chief Executive. Also got a small amount of compensation for the dozens of calls I had to make and the fact that they didn't stop the DD calls on my account on time.