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GE Money Can they really do this?


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Just got off the phone to GE Money and I'm still shaking with shock at the situation I have found myself in.

I have a variable rate loan with GE. I have just questioned why the payments haven't fluctuated with the interest rate. I am never notified when the interest rate changes. I asked why - as you would. Apparently I have only agreed to the payment on my loan agreement and thus they can't amend it. Apparently it is up to me to amend the payment when the interest rate changes. Obviously I pointed out that they don't inform me of interest rate changes, except on my annual statement (and it is in very small writing!), so how am I supposed to know when the interest rate has changed? GE's answer - THEIR INTEREST RATE IS PUBLISHED IN THE NATIONAL PRESS:eek:.

 

Surely this is no way to operate a loan agreement?

Any ideas?

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Guest suziedarkness

Bizzimum, that says it all doesnt it? I bet you though, they would soon alter it themselves when the rate goes up!!!! How long have you had your mortgage with them?

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It's a 2nd charge secured loan. I've had it 5 years. They changed the interest rate in 2006 and I had to sign new paperwork -still waiting for a copy:rolleyes:.

 

I can't believe what they are doing is legal and started typing a letter to get confirmation. The more I summarised the conversation the more ridiculous it sounded. Especially when I started to request specific info, like how often the rates appear in the National Press and could they recommend a publication in particular.

 

Fortunately I have a good credit rating, for now, and I'm looking to refinance. The interest rate has gone up 3% without payment change.

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Just checked my statements. The interest rate shown is GE's base lending rate, not the actual rate I pay. They have NEVER EVER communicated an interest rate change on my account to me - well not since the signing of the agreement and another one 2 years later.

Surely this cannot be legal?

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