GECC writing off my account

Well, that's really great news. You must check your credit report also and see that the copy has been updated. This is one great move of seeing your credit improving. Congratulations! :)

Thanks!! Makes me feel a whole lot better - I had made payment arrangements with their collection agency SIMMS now I don't have to worry about that one either.

what is GECC??

great job oh2benc2 :D

Yes, they wrote my balance off too. Congrats to you!

Wow,I wish I could get the same reponse,but nothing yet,I have decided that a law suit my be in order now.I have contacted the AGs office in thier state and they are investigating it now.Ive gone thru my bank records and realize that I have paid them even more than I had first thought.The total interest is more than $5000 for a little over a year.Im very glad your news.

twokidtwocat:

I'll pm you the letter I sent them.

TwoKid:

I emailed you the letter as an attachment

Thanks,Oh2benc2 :)

YEAH, congrats on another one down.

And twokidstwocats, I hope that by being insistent, and pressing for at least have the acct marked paid in full, that the company will do the same for you. It never hurts to keep trying.

I am dealing with GECC right now through Cash Direct Express. I have sent them a letter twice and they emailed me, they sent me to a collection agency. I faxed the letter to them and I emailed the letter to them asking them to settle with me.

Any advice on what else I can do?

Hi mjirwin17

You can work out arrangements with the GECC even after they have sent the account to some collection agency. Chances become rare when they sell the accounts to the CAs. But in most cases, they don't.

So, you have to explain your situation to GECC and offer a realistic payment plan. I am sure they will be willing to work with you. You can send some advance money also to make this proposal effective. Do all your correspondences in writing through certified mail and keep everything documented.

GECC collection agency is Simms and I talked to a lady name Debra Watson - she is very nic I had a $600.00 loan we settled for $300.00 and I was going to make payments of $100. for 3 months - they got my letter and wrote me off zero balance.

I have a loan from GECC that is showing up on my credit report. I went to their website and now they do not issue loans in my state anymore. I live in Maryland and I got he loan with them when I lived in Maryland. I am not sure what to do about this. I already closed the checking account they were drawing from sometime last year. My question is where should I start the fight? Is there something I can do since I live in Maryland? Help please as I am new to the credit clean up thing.

Hi felartwell

Since you have taken the loan from GECC in the past, they will insist you to pay it back. However, it should be within the permissible interest caps in your state. Contact them and request for an itemized statement so that you can work out a payment with them. Review the statement before you make a payment.

Once the account gets paid off, it will be marked as paid in your file. This will improve your credit.

I am on the website now and I'm looking at the account information and the actual documentation and the yearly interest rate is like 750%. Boy was I stupid... In Maryland it's like 33% or something, correct? I am going to contact them and ask for the itemized statement. Does it matter if the loan has a "defaulted" status?

Hi felartwell

You are right! The permissible interest rates in MD is 33% but if you have defaulted on their loan account, it might add on with some financial charges and late fees. The proper breakdown should be given to you in writing.

You can get the details of the permissible fees and charges from the office of the consumer protection office in your state. Compare it with the itemized statement for any discrepancy.

Thanks guys,

I will keep you guys posted on the outcome. I am just starting on trying to clean up my credit. I have quite a few old things on there and my home buying consultant said to challenge some collections and pay off others, so I am getting started. I'm so glad I found this site. I will definitely be around on here!!

Thanks again.

Hi felartwell

Yes, keep us posted on this issue. Regarding cleaning your credit, you can check your credit report for any incorrect entries and dispute with the bureau. Wrong entries are one of the factors that lower the credit scores.

Credit scores largely improve with your payment patterns. Regular and timely payments within the due dates will deliver the maximum scoring towards your credit.

I talked to the collection company yesterday they were trying to debit my account which did not work and they requested a copy of the letter that I sent to GECC so I faxed the letter to them and they are going to contact the supervisor of GECC.

I broke Down and called them today my account is in thier collections however I will make payments to them bi-weekly and pay it off soon they tell me the balance is 420 on a 300 loan that I already paid 180 towards and Im not gonna push it I just want it gone as I know they are the hardest to work with,
Well see How this goes

txtreasure,

Are you working directly with the CA now? I had a loan with GECC that I had severely overpaid and that was listed with T &C. They turned me over to collections after receiving a payment from T &C. It was a nightmare dealing with this company for a couple of months. After I had made arrangments with the CA, GECC contacted me and stated they wrote off my loan and let the CA know. But during this time, GECC kept tacking on finance fee after finance fee. It was ridiculous the extra money they were trying to charge me :?

I did sign up with T & C and they had not heard anything from GECC or any of the PDL's that I have the collections is PD collections that I had to call,
I had not overpaid them this was a 300 loan that i had paid 180 towards finance or whatever they call it, and I wouldnt have a problem paying wht I owe on the principal and only what my state laws state,

I also had a loan with GECC in which I have paid practically the whole original amount. I am wondering if they can obtain a judgment. I just received a notice from AllianceAsset Management, Inc. saying they had purchased this loan. I am in the process of paying my store front loans off first. Does anyone know if they can in fact garnish?

what is gecc? my credit report shows them as an original creditor who sent a debt of $340 to a collection agency but i dont even know what or who that is. it doesnt sound familiar at all. what should i do

Did you ever apply for an online loan? Quite often we do apply for online loans and then we don't keep any records of such applications. It might also be a bit dangerous to share your financial information over the internet. Once you do that, your information might be passed on to fraudsters, who in turn may use your information to perform unauthorized transactions.