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GE Money - advice please

  • 19-07-2010 2:59pm
    #1
    lucy2010
    Registered Users, Registered Users 2 Posts: 774 ✭✭✭


    Like 1 of the many idiots I got a loans from GE money over the years. Hands up Im a fool but I just need some practical advice now please.

    As unemployed for over a year I have been unable to meet the full monthly payments. I have continued without fail to make weekly payments. I told them I would pay a fiver a week but I pay literly what is in the bank which is far more than a fiver . The total amount in arrears is less than 3 months payments. They advised me today on the phone they would be writing the loan off & reassiging it to a recovery company.

    What does this mean ? Whats involved? Am I going to have debt collectors banging the door down ? WOrried sick TBH.

    I get letters every few weeks telling me if im in financial difficulties to contact them. I do but get the same standard letter a few weeks later. Today she asked me was I not working. Do they not record on screen the notes from the lat call??


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    lucy2010 wrote: »
    Like 1 of the many idiots I got a loans from GE money over the years. Hands up Im a fool but I just need some practical advice now please.

    As unemployed for over a year I have been unable to meet the full monthly payments. I have continued without fail to make weekly payments. I told them I would pay a fiver a week but I pay literly what is in the bank which is far more than a fiver . The total amount in arrears is less than 3 months payments. They advised me today on the phone they would be writing the loan off & reassiging it to a recovery company.

    What does this mean ? Whats involved? Am I going to have debt collectors banging the door down ? WOrried sick TBH.

    I get letters every few weeks telling me if im in financial difficulties to contact them. I do but get the same standard letter a few weeks later. Today she asked me was I not working. Do they not record on screen the notes from the lat call??

    Dont worry too much. They will pass it onto a debt collector who will write out to you. Main thing they are looking for is a proposal to clear the account. They dont use people calling to the door much and if they do its as a last resort ( no response to letters and calls)... all they want is some proposal to clear it and money coming in.

    Be upfront and honest about your situation. And also make an offer of payments that you will stick to and if you do miss a payment just contact them. Keeping the lines of communication open does help.

    Do up a budget of what you can afford and present this to the debt collection company with your offer and there should be very little issue.

    From what i have heard of GE the debt collection company may be more flexible in terms of what they can accept.


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