GE Cons Cardco Complaint - Promotial Flim-flam Hocus/Pocus

Review by vcp on 2004-09-10
NEW JERSEY -- I purchased this computer at PC Richard on a 6 month interest-free promotion. I sent them $250 month 1, and $250 month 2. Month 3 I didn't send any money. I figured they already had $500 towards the $1300 I owed.
In month 4 I recieved a call that I hadn't sent any money. I said ok, but I had sent $500. No, I had to send something each month. So, I said ok. How much do I have to send to get this all squred away? $90.00 was the reply. I did an EFT right then and there. In month 5 I sent the balance.
The following month I was to close on a home mortgage. I was informed that PC Richard had reported a non-payment and my credit rating was affected by negative 80 points.
Then I recieved a bill for all the interest I supposedly owed.
I cannot get to speak with anyone other than the persons who read the company policy. They refuse to answer questions such as "may be terminated" does not mean the same as "will be terminated". "No finance charges will be assessed on the promotional purchase if you pay the amount in full before the promotion expires."
Comments:3 Replies - Latest reply on 2004-12-08
Posted by bill on 2004-09-13:
You can't fault GE. It's not flim flam or hocus pocus. In fact, its pretty standard stuff. You have to make a payment every month and pay the balance in full before the end of 6 months. I can only asume that you did not read the credit card agreement.
Posted by Slimjim on 2004-09-13:
These deals can vary and it's important to know the terms clearly when the purchase is made. A lot of these promos ARE "no payments, no interest" for 90 days, six months, a year-whatever. I can see why you may have thought you were fine, but it seems your deal did need the scheduled payments on time. If that's your terms, the only argument you could make is if you were told or seriously lead to believe otherwise by the retailer.
Posted by omegareport on 2004-12-08:
Prata v. GE Capital, "Same As Cash" Class Action Settlement:The California Superior Court in Los Angeles County approved a settlement between class members and GE that includes a $2.5 million cash fund to be distributed to authorized claimants on a pro rata basis after payment of notice and administrative fees. Learn more >http://www.classcounsel.com/
I've had the same experience but no late payments at all - I even paid more than double the amount due and they illegally hold the payment even after it has cleared my bank, so they can charge illegal late fees, high interest and a mysterious "account security fee" equal to almost half the amount of the payment.

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