As you all know without knowing much about the interest details, these guys make us come to their office and with honey suckled tongue they give all the promises. This was what happened to me around 3 years while I received the loan from these crooks.
I paid the loan for 32 months. Las 4 months i had genuine problems. I explained and told the guys that I would certainly make the payment in full in two months. I did send a registered letter to all their offices. They kept quiet. Meanwhile they demanded twice the amount I owed and gave fantastic reasons. I did bargain and made the payment. This was in 6th Feb 2008.
I got a letter on the spot that the settlement has been made under special circumstances and i would be receiving the NOC shortly.
Guys, I do not understand the word "Shortly".
When you owe an EMI these guys rush in and make a hue and cry for the payment. But when you have paid the amount till last paise, they do not care to send the NOC. They are least bothered. (June 2008) Meanwhile I had to go in for an Education loan. I applied in a Bank and waited for the outcome. They said due to the unsettled Personal loan with GE Money the loan has been rejected. I rushed to GE Money and they calmly said that "Yes. You did not pay the EMIs and hence we had to report to CIBIL."
I requested them for the NOC. After various requests and visits they finally gave the NOC. I do not know how many times I visited their Branch, how many times I called them, how many time I sent an email to them, how many times I sent letters to them...
I also called CIBIL and found that GE Money had sent my name and other details to be published as a defaulter. CIBIL people told that unless they get a letter from GE Money they would not be able to update the details. Till such time my name would show as a defaulter whenever any financial institution checks if I apply for any loan. Even today (29th Aug 2008 - 4.30 pm) I had sent an email to GE Money, asking them to send the updation to CIBIL. They have not sent any updation for the last SIX months it seems.
What the Hell it is? Having paid the amount due to them, its like calling myself as a defaulter till they wish to update. Its ridiculous. I am going to take LEGAL action against GE Money if my loan details are not updated within a week, thats what i have said in the mail. And I am planning to do so.