GE Capital Cons Cardco Complaint - Worst and Most Frustrating Experience with GE - Purchased Furniture using GE Capital Finance Compa

Purchased Furniture using GE Capital Finance Compa - Complaint

Review by Kimmer on 2004-08-12

AUSTIN, TEXAS -- I purchased furniture from Bassett Furniture in Austin, Texas almost three years ago. GE Capital financed the $3700+ on a "same as cash" promotion. I made all 24 payments. Even though the minimum payment was around $60 monthly, I always sent in between $150 - $300 per month. I was never late on a payment (they said I was late once). According to the agreement, no finance charges were to be charged and no interest either. When I paid off my account 30 days prior to the end of the promotion, my next statement reflected a balance due of $116.00 even though at the bottom of their statement they indicated that I had paid off the entire $3700 and that all finance and interest charges had been waived. To make a long story short, they have refused to provide me with an explanation for these additional charges having nothing to do with the original agreement (in violation of the Fair Credit Billing Act), they are continuing to charge me monthly late fees and finance charges on late fees (also in violation of the Fair Credit Billing Act), and they are threatening to report me to a credit reporting agency (I have always maintained an "excellent" rating). I am so upset because after reading several articles on this subject, I realize that some of these institutions are making BILLIONS of dollars on bogus late fees and bogus interest rates. The Fair Credit Billing Act is something that can protect customers from unfair billing procedures and bogus fees. Trouble is, most people will not take the time to respond IN WRITING to the agencies that can help them. Feel free to comment or to contact me. I would like permission from some others who have had adverse dealings with GE Credit to forward their story to me and along with mine, maybe we can get someone's attention who might be able to help. lonedove@austin.rr.com