G E Bank / Payment plan!
I purchased flooring from Empire Carpet on a promotion where no payment was required for one year. I called to cancel before installation, because I thought I could not afford it. I was told I could negotiate the payments. What I was not told was this was only good during the promotional period. I should have know, but I didn't. When the first bill came it said I needed to make a payment of $236.00. I called and said I wanted to pay $150.00. I was told the above listed information. I said I could not afford that at this time. I was told I could pay $175.00 the first month. I paid it late because I was not prepared to pay that amount. I also paid the second payment late, because again I did not have the full amount on the due date. I received a letter from a collection agency today, 14 days before the third payment is due. I called the collection agency and asked what the hell this was about. They said the amount was called back because they received my payment, but it was 7 days late.
I called GE Money Bank and asked to have my payment date moved back two to three days, because my payment is due on the 28th and my retirement comes on the last day of the month, the 28tth, 30th, or 31st. They said this was against their policy. When I received my first bill, which required a payment, I noticed that they added all the accrued interest. This was no surprise, but whats was is that this account is like a credit card and there in a credit limit. The added interest put me over my credit limit. When I complained about that I was told that no over limit fee would be required as long as my account was in good standing. Well since I was late they added a $30.00 overlimit fee and a late fee of $39.00. Now, of my $236.00 payment $173.00 goes to interest. This means I only pay $63.00 to the principle. If I pay even two days late every month in a year I will owe $72.00 more after paying $2832.00.
What a scam. I'm sure this is all very legal and nothing can be done, but I want everyone to know if you buy a carpet, flooring or new shower from Empire Carpet you better pay in cash.