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Anybody gone through Debt Settlement with GE MoneyBank?

Date: Mon, 03/30/2009 - 21:28
Submitted by jacobyi on Mon, 03/30/2009 - 21:28
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I have a GEMB account that i owe 14K on, and to make a long story short, had a really rough year with medical bills and car repairs. I got a couple days behind on my payment to GE 2 months in a row and they raised my interest rate to an ungodly amount. Out of my minimum payment of $330, $220 of it was interest. I contacted them to see if they could lower the rate and they told me no, so seeing that i basically would never be able to pay this debt off with the current % rate, i decided to go the route of Debt Settlement.
 
At the time i signed up for the program (signed with Achieve Security) i was experiencing hardship, i had 2 surgeries and had to put a new motor in my truck. But recently my luck has changed and i got a promotion and a modest raise along with free rent. I am now able to greatly accelerate my Debt Settlement program and plan on having the target settlement amount in about 6 months.
 
Now that i do have the money to pay GEMB, are they going to come after me with a lawsuit? I am currently 3 months delinquent and if i stay with the program will be 9 months delinquent at the time of the settlement offer by Achieve. At this point i have already invested about $2,000 into the Settlement program and i do not want to lose this money. But if i get sued by GEMB i dont have much of a defense about being financially broke anymore.
My question is, will this 9 month time frame be long enough for GEMB to sue me, and if so, how likely is it? I really dont know what to do. Like i said earlier, i have too much money invested in the settlement program to just walk away, but i dont want to get dragged into court over this either. I have spoken to GE collection representitives several times, and they know i am enrolled in a settlement program. I have read recently this makes you more of a target for litigation because they know you have the money to pay into the settlement program.
I am really losing sleep over this, any comments or suggestions from anyone who has been through or known of a like case would be greatly appreciated.
 
Thank You


I can't speak on your situation, but I just settled with them at 150 days late for $1150 on around $3250. I called them to update them on my situation and they offered me $1900. I said I couldn't do it, so a few hours later a company that represents them called and offered me $1150. I went ahead and took it. I know that doesn't help your situation, but it at least shows they do provide settlements.


Submitted by on Tue, 03/31/2009 - 06:49

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I was in a settlement program and GE Money sent both accounts I had with them (one Paypal account and one Walmart) to a local law collection firm. I stopped paying in May 08 and in Nov the law collection firm sent me the dunning letter for both! So pretty aggressive for me. Balance was $1,271 and $2542.

One other thing with GE Money..any settlement you make, be sure to get IN WRITING that they will not sell off the remaining balance. They sold off the remaining balance on the Walmart account and now I have LVNV trying to collect on it! And this was settled by the settlement program I was in at the time. Do not trust them at all....


Submitted by arb on Tue, 03/31/2009 - 18:59

arb

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Thanks for the replies people, and thanks for the tip about getting??the settled in FULL in writing. ??From what ive been reading it seems to be about 6 months before they send it off to collections, hopefully this is the case for me. I wonder if i should make a minimum payment to get current right now, so that i get another 6 months and i should be settled right around that time.
??
Or is it better to just let it go to collections?


Submitted by jacobyi on Tue, 03/31/2009 - 19:59

jacobyi

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Quote:

Originally Posted by jacobyi
I have a GEMB account that i owe 14K on, and to make a long story short, had a really rough year with medical bills and car repairs. I got a couple days behind on my payment to GE 2 months in a row and they raised my interest rate to an ungodly amount. Out of my minimum payment of $330, $220 of it was interest. I contacted them to see if they could lower the rate and they told me no, so seeing that i basically would never be able to pay this debt off with the current % rate, i decided to go the route of Debt Settlement.
?*
At the time i signed up for the program (signed with Achieve Security) i was experiencing hardship, i had 2 surgeries and had to put a new motor in my truck. But recently my luck has changed and i got a promotion and a?*modest raise along with free rent. I am now able to greatly accelerate my Debt Settlement program and plan on having the target settlement amount in about 6 months.
?*
Now that i do have the money to pay GEMB, are they going to come after me with a lawsuit? I am currently 3 months delinquent and if i stay with the program will be 9 months delinquent at the time of the settlement offer by Achieve. At this point i have already invested about $2,000 into the Settlement program and i do not want to lose this money.?*But if i get sued by GEMB i dont have much of a defense about being financially broke anymore.
My question is, will this 9 month time frame be long enough for GEMB to sue me, and if so, how likely is it? I really dont know what to do. Like i said earlier, i have too much money invested in the settlement?*program to just walk away, but i dont want to get dragged into court over this either. I have spoken to?*GE collection representitives?*several times, and they know i am enrolled in a settlement program. I have read recently this makes you more of a target for litigation?*because they know you have the money to pay into the settlement program.
I am really losing sleep over this, any comments or suggestions from anyone who has been through or known of a like case would be greatly appreciated.
?*
Thank You
What helps me sleep is fighting until I cant fight any more and I get up the next day and keep fighting. I have found its never too late, their practices are under the scrutiny of the US Treasure Dept thru the Office of Thrift Supervision (OTS) you must file your complaint with the Office of Thrift Supervision (OTS) about GE Money Bank in writing with the Consumer Affairs division in order for them to investigate your concerns. Here is a link to the OTS Consumer Complaint and Inquiries website - http://www.ots.treas.gov/?p=ConsumerComplaintsInquiries.

Don???t lay down on this because they will not stop until they get every damn dime they can. Don???t forget to send the same letter to the Senate and Congress and anyone in the media you or your friends might know. The 700 billion we gave them was designed to prevent this very thing, GE has been accused of "Cherry Picking Accounts" they study each account and decide who has the most to loose and proceeds to descends on them like a pack of wild dogs equipped with well thought out plan of attack to tear your life apart. Our president Obama is aware of the situation and legislation is currently underway. "We Must Protect Middle Americans" is his quote on the cover of a news paper a few days ago and middle Americans are the majority of the GE Money Bank victims.

The Underdog.


Submitted by on Thu, 01/28/2010 - 12:24

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Quote:

Originally Posted by jacobyi
Thanks for the replies people, and thanks for the tip about getting?*the settled in FULL in writing. ?*From what ive been reading it seems to be about 6 months before they send it off to collections, hopefully this is the case for me. I wonder if i should make a minimum payment to get current right now, so that i get another 6 months and i should be settled right around that time.
?*
Or is it better to just let it go to collections?

That might work but there are a bunch of new banking regulations that the public is completely un- aware of them. You might fit into one of them. However, you might have to go digging for them. Best of luck


Submitted by on Thu, 01/28/2010 - 12:36

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Quote:

Originally Posted by Anonymous
That might work but there are a bunch of new banking regulations that the public is completely un- aware of them. You might fit into one of them. However, you might have to go digging for them. Best of luck


Can you elaborate rather than sending us all on a Google chase? ;)


Submitted by sototallybroke on Thu, 02/18/2010 - 08:31

sototallybroke

( Posts: 15 | Credits: )


I sent a letter to GE Money Bank asking them to settle my Old Navy credit card balance of $455 for $85. They sent back a letter saying they will settle for $319 and report as account paid in full for less than the full balance.. Any advice on responding to this? Should I try to counter offer? Any advice from someone dealing with this too is appreciated:)


Submitted by on Mon, 02/22/2010 - 09:47

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Quote:

Originally Posted by Anonymous
I sent a letter to GE Money Bank asking them to settle my Old Navy credit card balance of $455 for $85. They sent back a letter saying they will settle for $319 and report as account paid in full for less than the full balance.. Any advice on responding to this? Should I try to counter offer? Any advice from someone dealing with this too is appreciated:)


I am dealing with GE Bank and JC Penney and got a similar letter as jannilynn.
What does it mean about "settle for less than full balance". I requested to be settled and to have all negative reporting removed.

What action should I take now?

Thanks.


Submitted by on Tue, 06/01/2010 - 13:30

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My balance was over 4100 and also being handled by Allied Interstate for GEMB Lowes acct. I settled with them this week for 35%, $1435 over 3 payments. My acct was going to charge off within 2 days. For the last 6 weeks Allied called every two hours at both my home and business.

I got a settlement letter faxed to me and paid them over the phone with a prepaid visa so they would not have access to checking. Getting them to fax me the letter was like pulling teeth but they finally did it because continually refused to give them any payment info until the letter was in my hand.


Submitted by desiretobedebtfree on Sat, 07/17/2010 - 16:44

desiretobedebtfree

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it only 415 most people have will get for 415 for few weeks of work they want the most money the can get. 85 is to only 20% range I will take 319 and not get any more debt if you have the cash if not ride it out untill you start making some money it might be over 7 years which you will owe nothing legaly.


Submitted by on Thu, 02/17/2011 - 12:12

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i had an agreement with them for a pay-off over 3 months.they do not send you a letter like other banks.they sell your balance several times over to different collection companies.they are out sourced to india.they do not honor there payoff plans.


Submitted by on Fri, 07/13/2012 - 13:22

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I don't know what type of settlement agency's services you are taking? Settlement agencies never ask their fee before settlement of your case and for settlement of the case it never takes 6 months. It is with in one sitting ,settlement agencies can settle your case with your creditors. And once the case is settled, you have to pay the settlement amount at one time and you'll be free from unnecessary headache. If your settlement agency takes 6 months in settlement of your case, this means they are making fool of you and in such circumstances, it is obvious that your creditor will file case against you.


Submitted by davi.joni234 on Tue, 01/03/2017 - 21:36

davi.joni234

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