original crediter has changed the terms
Date: Mon, 05/03/2010 - 12:43
I am dealing with GE Money, was Funancing for almost 8 years.. We purchased a boat in 2002. Payment was 163.00 for 8 years. Funancing went away and now its GE Money. Then statements as we knew them started coming as "credit card" debt. Strange fees, changing intrest rate and now the payment is up to $268.00. a month. For 2 months we have been asking for a signed copy of these terms. They instead send us pages of the current statements with the 'credit card' terms. I know the original creditor does not have to validate, so what can I do? Is GE Money the original debtor if Funancing came before them? I believe GE may have purchased Funancing(?)
If you are unsure who controls the right to collect, then you sh
If you are unsure who controls the right to collect, then you should ask GE Money. There are several debt validation sample letters in the DIY section.
If Funancing came before GE Money, then GE Money is not the original creditor. One of several scenarios could have occurred here, but if GE Money bought Funancing then GE Money bought your account along with the rest of Funancing's assets and now has all the rights Funancing had.
