Ge Money Bank / My Project Line — Outrageous Finance Charges
I would like to file a complaint regarding the increase in the Annual Percentage Rate for my project line account financed with GE Money. I was offered an interest rate of 13% for remodelling of my kitchen through Sears, when I signed the agreement for financing. I’ve made monthly payment ahead of time each month to avoid having my interest rate increased due to late payments. None the less, GE Money increased the Annual Percentage Rate from 13% to to 20.250% in one month. This is unfair to me as a consumer and puts me in a situation where it will take an extremely long time to repay this loan.
When I called to complain about this increase in percentage rate on 8/19/09, I spoke with an Escalation Specialist, I was told that I had been sent a letter giving me the option to opt out of increased finance charges. I informed the representative who was less than friendly and hang up the phone on me) that I never received this letter and requested a copy. I was told that it was too late to obtain a copy of this letter and that one could not be re-sent to me.
As a consumer, I feel that it’s my obligation to uphold my end of the agreement with GE Money by making my payments as agreed, monthly and on time. In good faith, they should respect the agreement that was offered me to finance my project at 13% which was feasible to me at the time and one I felt I could fit within my budget for the duration of this loan.
The practices of this company are unethical and unfair to consumers.
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