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GE Money Bank / Change in credit terms

1 NJ, United States Review updated:

I purchased a mattress from Sleepy's with a contract of interest free paymnets for 48 months. I signed a contract for 48 equal payments. GE bank billed me for much higher amount. When called, after 30 plus minutes of wait the associate informed me that the account was not set up right. I will have t wait for a manager to fix it. I waited 15 minutes and had to hang up. In th next call, after 40 minutes of waiting, I was informed to go back to Sleepy's to get this resolved. They are billing based on terms sent to them by Sleepy's.

GE bank would not give me a copy of the contract I had signed and instead gave me a pre-printed contract with diffrent terms. They would not even allow set up of auto deduction from my account. Basiclaly this is a bait and switch, extremly poor customer service, and preditory lending, wating for one day's delay to jack up the rate to 22%. The first and last time I will deal with GE Bank or Sleepy's.

Ak
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Comments

  • La
      29th of Apr, 2009

    I received a letter today that our Lowe's card had been closed. We have been Lowe's customers for years and always paid off our balances well ahead of time. It's not like we need to use the card all of the time, but I guess if you don't carry a balance, you're not valuable to them.

    Our credit report will reflect that the account was closed by the guarantor which will impact it negatively, even though we were never deliquent. This is a travesty. It's difficult enough to maintain a good credit score with the current economic climate, then when companies like this piece of resort to tactics like this, consumers are being punished for GOOD payment practices. Of course, we're at their mercy and there's absolutely nothing we can do about it.

    Word of advice to all consumers...do not do business with stores using GE Money Bank as their guarantor for credit accounts. You will ultimately wind up regretting it if you do. If you are doing business with them, pay off your accounts and close them before they have a chance to close them for you. Your credit score will take a hit, but not as badly as when they close them.

    Partial list:

    PayPal Buyer Credit/Credit Cards
    Wal-Mart
    Lowes
    Dillards
    Macys
    Amazon
    American Eagle
    Gap
    Lord and Taylor
    QVC
    JC Penny
    Banana Republic
    Old Navy
    Car-X
    Care Credit (veterinary care)

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