In May of last year, we took a loan for $5,000 from GE money. The first bill with no payment made as of yet, was $5,106.31. Made a payment of $160.00 and the next bill was $5,028. Made a payment of $200.00. The jest of this is that we made payments totaling $1,070.78. Finance charges in the same period total $647.41. Which means only $423.37 actually went towards the loan in 8 months.
I phoned them in Oct. To tell them that my husband was about to get laid off, and if we could make smaller payments, and to lower our interest rate. I was promptly told no. That we had to miss a payment first? Than we could talk about it. So we missed the payment and received the new bill with the extra charges on it. I called them and was told that we could pay $90.00 a month. So I paid The $90.00 and received the next bill in which they charged $75.00 in finance charges. So I gave up. We are 2 people living on $1,200.00 a month until spring, and thats only if Todd still has a job. So here I am at my ropes end, with them calling several times a day. So nobody can get a hold of me now, because my phone is always off. Is their anyway anyone can help us? In my opinion this is worse than loan sharking, which is against the law?
Barbi
New Hope, Minnesota
U.S.A.
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