Ge Money Bank / Discover Card / Lowered Credit Limit
I had a GE Money Bank loan for an ATV. When I received my payment notice for the 1st month's payment, I mailed in a check for four payments with instruction to apply it to the next 4 payments. About a month later, I began receiving harassing phone calls about my account. The caller told me my account was in default and they would repossess my ATV if I did not immediately bring my account up to date. He wanted me to transfer funds electronically from my bank. I informed him that I did not owe anything since I had paid ahead. He told me that he could see that I had paid extra but that money would not count towards my monthly payments. He told me I must make my payments exactly as laid out in my contract---one month at a time, paid only within a small time frame. If I were to send my payment too early, it would not count towards that month's payment but would instead be applied to the principal payment only. If paid too late, then they could repossess my ATV. What a crock! I informed the idiot that under the FDCPA, my payments must be applied as per my request and that Texas has no prepayment penalty on principal. He told me that GEMB is not bound by Texas law or the FDCPA. I paid off the ATV in two years instead of the five years on the note just to get them out of my life!!!
More to the story...
GEMB apparently bought out Sam's Club/Discover. It has started all over again! I tried to use my credit card the other day only to have the small charge denied. I could not understand why it would be denied since I carry no balance on the card---I pay it faithfully on time and in full every month. When I got home, I pulled my bills and found a bill for the card. It was due the day I pulled it so I immediately wrote a check to pay off the balance in full and put it in the mail (technically, this would be a late payment since it was due the same day I mailed it). Two days later, I received a letter from GEMB stating that my credit limit had been lowered to a point just above the balance amount on my card at the time, preventing me from using my card. The reason? Balance to credit limit too close on some other card I possess but do not use. I am in the process of paying off all my credit card and as I pay them down, the card companied are lowering my limit (due to uncertain economic times---thank you Obama!!!). The credit card companies are scared that the economy is about to collapse so they lower credit limits even if you are faithfull in making payments. I do not make the minimum payments either---if the minimum is 300, I pay 1000. In fact, to accellerate the payoffs, that is exactly what I have been doing for quite some time; I pay $1000.00 per month on each of my cards and in fact, paid off the GEMB card each month and also paid off another card just two months ago. This is the thanks I get for being such a great and faithful customer who pays off his balance EVERY month. I do not wish to continue doing business with them; however, I am locked in to them through Sam's Club---that is the only card they take!
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