I took out our first interest-free GE account in 2010. We received our statements every month and I made sure I took care of it.
After paying religiously every month, to avoid the penalty, we figured it had been a year, so we called GE to get the payoff amount. Were we ever shocked to find out that the year was up the previous month... And we now owed $1,000 interest for the previous year.
The woman on the phone said that they had "sent us an email" stating it was due. We never received any specific email concerning our payoff date or amount!!! They had only continued sending out statements, with NO mention that it was coming due or was now due. How convenient for them! I cannot believe they did this.
Yes, I should have made a notation on our calendar; however, GE shouldn't have been so underhanded that they "sent" an email... Wink, wink.
What a wonderful company to deal with! I have another loan with them that I intend to pay off early this Fall, so as not to be screwed by GE again. When these two loans are gone, I will never deal with such an underhanded company again and I intend to warn my family and friends.
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