GE Money now threatening...

[flyinbroke]

with the collection card. I thought they charged off after six months but they are dumping this at the 60 day mark. They demanded why I did not have money. Told them I took a pay cut to keep my job.

They wanted a 110 dollar payment, and I said I wanted something in writing. They refused (said why would they put things in writing if I dont pay...blah blah)and I wouldn't pay. Told them I couldn't. Told them I don't anticipate the situation changing. They wanted me to...get this....put the 110 on a credit card! I said I did not have any credit cards since all decided to do the CLD (like GE did). They said they did not know what to do because if I don't pay, it will go to collections. I said you have to do what you have to...and so do I. I said I would look at my books and see. They insisted that they were willing to accept much lower payments and a CA will demand it all.

I really don't see a point in paying them, if they refuse to put in writing that they will eliminate late fees and such, and will remove the lates from CRs. How do I know the lower amount will really suffice? Seems like pissing in the wind to me.

Of course they can send it to collections...then I can unleash the DV and C&Ds on them!

[optimistic1]

just dont even waste your breath on them, just ignore them and they will send it off to some piece of dung collection agency thousands of miles away from you.

why even worry about it either? you live in Texas

[flyinbroke]

That is the main reason I am not worried. They really can't touch me, and the only time GE has won judgments has been through default where there is no answer to their suit.

[albacore44]

Of all the CC's i have the 2 GE's were the quickest to go to collections, and then to law firms. but there they sit, no action yet, and it's been a year.

[flyinbroke]

Of all the CC's i have the 2 GE's were the quickest to go to collections, and then to law firms. but there they sit, no action yet, and it's been a year.

Good to know. He kept harping on collections as though it would scare me. I suppose it works on 90 percent of people and they roll over and give up their bank account digits. My credit is likely shredded by the CLDs and the unannounced account closures. I am not that worried at this juncture.

[tigergem]

Don't hate me, but, yeah, I used to be a third party collector for GEMB. Back in the day... if GEMB went to third party collections, the collection agency was authorized to produce some really cool incentives that were absolutely legit... honestly designed to help people. Reduced interest rate (to LESS than a CCCA might offer), lower the minimum monthly payments for 90 days, reage the account...it was really sweet for people who wanted to keep the card. Because you DID get to keep your card after you were on the plan successfully for 6 months... they took you back out of collections.

And get a load of this... their in house collectors were NOT allowed to offer the same deals we were.

It was really really hard to get people to accept the plan because, after all, we were an evile collection agency... BUT... we DID help people.

My humble suggestion would be to go ahead and talk to the CA if they call. I have no idea if they are still doing it, but GEMB might still be letting the third party CAs do that. You might have to ask for a hardship or rehab plan, they might not just offer it to you. Also, you had to be so many days past due to qualify. (And I forget how many days that was... sorry.) If you ask one day too soon you will simply be told NO.

[flyinbroke]

No worries, Tiger; this is interesting to me. The OC guy gave me a good payment with the perks of bringing the account up to date and eliminate fees, but would not commit to any of it in writing. I have read enough about them reneging on their offers once the debtor hopped onto the payment wagon and demanding full monthly payment a month or two later.

I won't be keeping the account regardless; it was a personal loan and they refused to send checks and refused to allow me access to the CL which was why I stopped paying...the dog needed surgery and I needed to pay for it. I had 3K of available credit but they refused to allow me any of it. GEMB had slashed my paid in full accounts; I paid off furniture and a month later they shut down the card. I paid PayPal off, they shut down that too. THey have slashed about 10K off my total credit.

I have not accessed this account in over 2 years; I figure I paid back the principle already as well as interest...I am only cutting their profits a little bit.

[tigergem]

Yeah that was why we had a hard time getting people to accept the plan from us. The "caveat" was we couldn't make the system generate the written agreement unless the debtor made an initial payment. But I know for a fact that a written agreement was provided, so long as the initial payment was made right then. And it was something like $10.00. Sorry you had such a rough time with them. I know I heard a multitude of horror stories about GEMB when I was working at that CA. I don't doubt a single one of them is true, either. That is why I never ever applied for a GEMB account lol.

ALWAYS scrutinize the fine print in those retail credit agreements to find out who is issuing the credit!!

[flyinbroke]

GE owned every retail account that shut down without any warning. I had a Gap card and did not even know it was closed until I got my annual credit report. 1000 gone. My furniture store account was theirs too; paid it off at the end of the no pay/no finance period and a month later got a letter saying they closed that too. 5K gone. This loan was for 13K and was dropped to 10.9 so add another 2K loss to the party. Dillards was shut down without any courtesy warning letter too. Paypal was dropped to what I owed...100 dollars. I have not opened it but I bet that 100 is gone too.

They really are a scumbag organization. I was offered CareCredit with my dog; I chose to pay in cash and skip payments on creditors not willing to work with me anymore. Now that I like having cash, I see no reason to start paying again.

[Flamingo]

GE owned every retail account that shut down without any warning. I had a Gap card and did not even know it was closed until I got my annual credit report. 1000 gone. My furniture store account was theirs too; paid it off at the end of the no pay/no finance period and a month later got a letter saying they closed that too. 5K gone. This loan was for 13K and was dropped to 10.9 so add another 2K loss to the party. Dillards was shut down without any courtesy warning letter too. Paypal was dropped to what I owed...100 dollars. I have not opened it but I bet that 100 is gone too.

They really are a scumbag organization. I was offered CareCredit with my dog; I chose to pay in cash and skip payments on creditors not willing to work with me anymore. Now that I like having cash, I see no reason to start paying again.

GEMB and other banks all pulled in the rug starting about two years ago if you had a credit card for any store associated with them; first to go were credit cards that were open, had no balance and were not used in, say, over a year. Eliminating those cards ensured the banks that folks would not run out as the times were getting bad, charge up a bundle and not pay. Next to get slashed were high credit lines or home equity lines where credit holders maybe showed no activity or were carrying a balance exceeding a certain percentage of the credit line. In order to avoid the same as above, the credit line was reduced. This occurred to both people with good and bad credit and when one signed the credit agreement to obtain the credit, all that was allowed by one's signature. They can change your limit, rate, etc. at any time. When one has bad credit or missed payments, it makes it even worse cause now you pose a bigger risk to the company. When one doesn't make payments one is now in breach of contract and lines themselves up to get sued for borrowing their money and not repaying. Anyone would do the same if you lent money to someone - you would want it back also, and if not paid back they can be sued, written off as bad family/friends and not ever talked to again or badmouthed to everyone you know of.

I don't believe GEMB is a "scumbag" company for protecting themselves against possible risk by reducing credit lines and/or closing accounts. It makes the credit holder mad but if the credit holder has bad credit or doesn't pay the bill, they should have known action would be taken in some form as it was all agreed to when the credit agreement was signed.

GEMB was credit friendly to us during our Chapter 13 and also after discharge as I have a PayPal line of credit with them and two other accounts with them since that time. They were also included in our filing as we included the former Service Merchandise sompany which was handled by them.

We all get hot if a card is cancelled or a credit line reduced. But everyone needs to remember that all that was agreed to when one signed the credit agreement and if our credit is bad or we have missed payments, it's no one's fault but our own.

[Bell30656]

Standard conversation and ignore anything that they say. You are not obligated to give them any reason or excuse. Confirm your identity then tell them; "At the present time I will not discuss my financial situation with you over the telephone. Please have a nice day." This should be followed by a click.

[catleg]

GE was hit hard by the financial crisis. Unlike a bank, which lends depositors' money, GE borrowed heavily in the short term commercial paper market which practically shut down overnight in fall 2008. GE borrowed at low rates due to its AAA credit rating and lent out at much higher rates. Since then GE has taken advantage of the federally guaranteed issuance of commercial paper and was responsible for about 80% of the issuance under that program.

[nickifan]

just dont even waste your breath on them, just ignore them and they will send it off to some piece of dung collection agency thousands of miles away from you.

why even worry about it either? you live in Texas

Optimistic, what do you mean by that last sentence? What is particularly "helpful" about living in Texas? Elaborate please?

I live here...though I need to wait until end March for the two-year resident mark, although 2 atty consults said fed exemptions would be better for me. I need to clarify more WHY if I have very little or no cash to protect. Wouldn't have to wait to file if I went fed because I've lived here over 91 days or whatever it is, and my former state won't allow its state exemptions to "non-domiciled" filers.
(Gee, do I sound like I actually know what I'm talking about??)

[GoingDown]

with the collection card. I thought they charged off after six months but they are dumping this at the 60 day mark. They demanded why I did not have money. Told them I took a pay cut to keep my job.

They wanted a 110 dollar payment, and I said I wanted something in writing. They refused (said why would they put things in writing if I dont pay...blah blah)and I wouldn't pay. Told them I couldn't. Told them I don't anticipate the situation changing. They wanted me to...get this....put the 110 on a credit card! I said I did not have any credit cards since all decided to do the CLD (like GE did). They said they did not know what to do because if I don't pay, it will go to collections. I said you have to do what you have to...and so do I. I said I would look at my books and see. They insisted that they were willing to accept much lower payments and a CA will demand it all.

I really don't see a point in paying them, if they refuse to put in writing that they will eliminate late fees and such, and will remove the lates from CRs. How do I know the lower amount will really suffice? Seems like pissing in the wind to me.

Of course they can send it to collections...then I can unleash the DV and C&Ds on them!

If they don't put it in writing, then you don't have a deal with them.

Talking to them is a waste of time. You are dealing with an idiot on the phone who makes most or all of their from getting a commission from whatever they end up scaring you into paying them. They won't make a favorable deal with you on the phone.

If you are able and willing to settle the account, then send them a letter stating that and tell them you will only deal with them in writing. If they write back and their deal is acceptable to you, then do it. Otherwise, wait until after charge off. They are typically more likely to cut a favorable deal with you after that magic time period, because they realize that otherwise they probably won't get anything.

[GoingDown]

Optimistic, what do you mean by that last sentence? What is particularly "helpful" about living in Texas? Elaborate please?

I live here...though I need to wait until end March for the two-year resident mark, although 2 atty consults said fed exemptions would be better for me. I need to clarify more WHY if I have very little or no cash to protect. Wouldn't have to wait to file if I went fed because I've lived here over 91 days or whatever it is, and my former state won't allow its state exemptions to "non-domiciled" filers.
(Gee, do I sound like I actually know what I'm talking about??)

If you live in Texas, they can't garnish your wages.

I wish I lived in Texas, sometimes.