[Resolved]  GE Money India — Frustrated with GE Money - Loan

WIZARD AND GE MONEY — not returning the cheque and papers of property and others

i have submitted my loan application and relevant papers to you. but after taking long time i confirm on phone that i am not instrested in loan, and return the papers along with cheque, i am waiting for the last 10 days but i have not received my cheque and papers, kindly take the action and return the cheque and papers.

GeMoney-Personal Loan — no statement of Account for personal Loan

I am not getting my Peronal Loan account Id.[protected]and KLoan account Norphy00010603.
I want the balance in one singal payment and the beffinifit I will get out of it.

ICICI Bank — Maintaining Relation with Private Banks sleepless Now a days

Guys
mainataing relation with Private bak is Now a days very Difficult to Sleep Now a days, easpecially world is facing global economic insatbility, and Private banks are concentrating on earning the money from regular customers, I opened my ICICI NRE account in Dec 2008, At that time Banls represenationve told me That thre wont be Min Balance in Maonth of march ICICI charged me 900(Approx) for non mainatiance of Min Balance. After I spoke with one of represenative They told me that thay change their Policies, Like That They told some stories . My SB account is Now they made it for 10000 Balance. My Intension to to motovate the People who are mainataining releation with Public Bank is Horrble Now a days, Thaey are putting Lot of restrictions On Account Holders, Recenltly HDFC increased thesir HL Prepayamnt penalty charges from 2% to 3%, Axis Bank increased Min Balance amount 5000 to 10000 with out giving any notice to Customers, Simply what they are saying is Hust they are dropping emails to customers, 1000/- is not small amount now a days, Simply they are putting these charges as some knid of Penalty chaarges ., ICICI recently changed its stratagies, They are not concnetrating on New customers, They want to earn money from exixitng customers, This stataement givern by new MD (Some lady I dont rememebr her name ), Be aware of Private banks, If you dont need those accounts Immedialty close it, Hope will help you People.

Hi,
I strongly agree with you as I am also facing simillar situation with them.
After taking loan at 14.75% they increased it twice and now its 16.17% and asking which will make major difference in total amount payable. And on asking reasong they are repeating only same thing:
"We are a financial bank so you cant compare our rates with Nationalized banks like HDFC, SBI etc.".
They are also repeating that we are providing facility of half prepayment at 0% panelty so our interest rates are higher than others.
When RBI says increase the rate they will suddenly increase it and now when all banks are decresing their rates this company is not so not following RBI policy.
I also will request you that its even better to borrow money from your friends at heighr rate than borrowing from GEMONEY as he wont cheat u like this.

I dont know they are cheking this complaint board or not as most of money related issues are related to them.

-Rajni M Gedia.

It is an eye-opener for the fellow persons like me who intend to take any tpye of loan from GEMONEY.

We all should boycott this type of company even if they offer interest free loans.

Also a complaint should be lodged with RBI and in the consumer court to set them right .

Rajeevv Saxena

This is absolutely true. I am also victim of this bank and have the same issues as written above by Suhail.

I would like to invite such people to get together and teach them a lesson...
would like to hear back if any body else has issue with GE money housing loan.

I am 100% agree with you. GE money is always liar and agents are double liar. My father took loan against property before 3 years. At that time in welcome letter they mentioned interest rate of 8.77%. After sometime they had increased rate of interest and increased in 3 successions and now interest rate is 18.28%. We were totally unaware of this hike. When our PDCs were finished they called us to submit new PDCs. At that time upon inquiry from customer care they told us about this hike. I got shocked at that time. Can you believe hike of alost 10% interest rate. After this incidence also they are not ready to increase tenure amount. But they continuously increase tenure duration.
I am completely fade up of this company who always [censored]s middle class persons of india and gathering money for their US based parent company. And some of our bright MBA persons are helping in this cruelty.
I just want to repay amount to this company and finish this loan. Will never talk to any GE money staff in future.
I hate GE money.

loan — Money taken from account

34.17 was taken from my bank account. I did not autherize this.Pplease return.

Richard Heard
430 Clover Drive
Elkhorn, WI 53121
#4820257

Every people have the option of BT(Balance Transfer), so they can go to any other bank with little bit processing fee...

THEY ARE THE WORST LEECHES WHO WILL SUCK YOUR
BLOOD UNTIL THE LAST DROP BEWARE YOUR LIFE WILL
BE RUINED AND BE VERY CAREFUL WHEN U SIGN THE DOCUMENTS I HAVE ENDED UP PAYING MORE THEN 100% INTEREST YES THATS RIGHT FREINDS I WAS SUCH
A FOOL WHEN I SIGNED DOCUMENTS IN 2007 OCT
AND TILL THIS DATE I HAVE PAYED 30 INSTALLMENTS
ON 4197 THAT IS ABOUT 1.27 LAKHS ON AMOUNT
FINANCED JUST 65000RS AND STILL THEY SAY
3000RS IS LEFT ON BOUNCE CHARGES WHICH I
HAVE PAID ALREADY IMAGINE AFTER PAYING THEM
100% INTRESTED THIS BIG CHEATERS WANT STILL
3000RS WHERE WILL THIS ALL END I AM GOING TO
CONSUMER COURT AND NOW FIGHT A BATTLE WITH THIS COMPANY ANYONE IN MUMBAI CAN JOIN ME
[protected]
THEY ARE HEARTLESS AND THEY WANT TO SUCK U DRY ITS HIGH TIME BEFORE THE GOVT ACTED AND
STOPPED THEM FROM FURTHER CHEATING INNOCENT
INDIAN PEOPLE LIKE US WHO ARE GODFEARING

GE Money is CHEATER and treating borrowers as BONDED SLAVES. GE Money is getting the illegal contract signed from the borrowers against the Law of the Land. RBI has given a strict guidelines to NBFC's regarding fair practice code but GE Money never gives imporatance to law of the land.
I took a home loan and within 6 months the interest rate was revisded from 9.99% to 10.49% and then revised to 11.49% in the next month without any intimation to me. When I brought this to the notice of GE Money, I was told that they need not to inform the borrowers as per the (illegal) contact that I signed with them. When I verified RBI Guidelines, it was clearly stated that the interest rate revision need to be given notice to the borrowers.

Please go through my correspondence ( pasted below) that I had with GE Money regarding their ILLEGAL and CHEATING practices.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$...⇄


From: ashok vemula <[protected]@yahoo.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: " Rohit (GE Capital)Pathak" <Rohit.[protected]@ge.com>, "Head (GE Capital consultant) Services" <head.[protected]@ge.com>, customercare.[protected]@ge.com
Cc: [protected]@nhb.org.in, [protected]@nic.in, [protected]@nic.in, [protected]@nic.in, [protected]@nhb.org.in, [protected]@NHB.ORG.IN, [protected]@NHB.ORG.IN
Date: Saturday, March 20, 2010, 12:45 AM


Hi Rohit,

I am dismayed about your mail dated 19/3/2010 and also the contents in attachment of the mail.

I would to bring you the following:

1. In attachment of your mail, it was stated that <Quote> This is in furtherance to the discussion on request of reduction in Rate of Interest on the LAN mentioned above <Un Quote>.

2. Please note that, none from GE (including your good-selves) contacted me on revision of rate of interest rate till date. I strongly regret for such misleading wordings/sentences in the attachment. It also implies that you are adopting arm twisting methods and deviating from actual issues.

3. Over and again since one year, I am bringing the same issue of your unfair trade practices and you have miserably failed to address any of the concerns / issues till date.

4. Refer my mail dated 26/2/2010; I clearly stated that the resolution is posible only if you are willing to address the concerns raised in my mail dated 28/1/2010.

5. Based on my mail dated 26/2/2010, you have accepted to discuss and resolve the issue wide your mail dated 2/3/2010. I regret that you have not discussed with me on the issues till date and moreover subjecting me to mental torture (sleepless nights) by your acts.

If you are willing to address the issues raised in my mail dated 28/1/2010, please respond through mail before 26/3/2010 else I would be forced to opt for legal recourse for the justice.

Regards

Ashok Kumar Vemula



** Note: Pasting the contents of your mail dated 19/3/2010.

[protected][protected][protected][protected]

Dear Mr. Vemula,

This is in reference to your Home loan with us availed under loan account number (LAN) GHWL00000331.

We would like to inform you that as a service exception company is amenable to reduce the current rate of interest on your loans from 11.03% to 9.25% p.a subject to the payment of a restructuring fee of Rs. 3, 882/-.

We would like to assure you that this is the best possible option that we can offer as on date.

Please note that we should be in receipt of the re-pricing fee with signed consent letter on before 12th of month, to impact the changes on you loan account from next month onwards. Incase documents and charges are deposit post 12th of month then the impact would be from subsequent month after.

We would like to assure you that this is the best possible option that we can offer as on date.

Assuring you of our constant endeavors to provide best of services.

For any further clarifications, please feel free to contact us at our customer care helpline number[protected]Prefix the city STD Code). Alternatively you can write back to us at customercare.[protected]@ge.com <http://au.mc524.mail.yahoo.com/mc/compose?to=customercare.[protected]@ge.com...⇄

Yours sincerely,

AVP-Customer care
GE Money
Happy 2 Help You

[protected][protected][protected][protected][protected][protected][protected]

--- On Tue, 3/2/10, Pathak, Rohit (GE Capital) <Rohit.[protected]@ge.com> wrote:



From: Pathak, Rohit (GE Capital) <Rohit.[protected]@ge.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: "ashok vemula" <[protected]@yahoo.com>
Date: Tuesday, March 2, 2010, 10:26 AM


Dear Mr. Vemula,

I am currently not in town, will be in touch with you as and when I come back, within this week.

Regards
Rohit



[protected][protected][protected][protected]
From: ashok vemula [mailto:[protected]@yahoo.com]
Sent: Friday, February 26, 2010 10:35 PM
To: Pathak, Rohit (GE Capital)
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331


Hi Rohit Pathak,


Thanks for your response.


If you are willing to address my concerns raised in my mail, I would be happy to discuss and resolve.


You may call me tomorrow i.e. on Saturday (Feb, 26) from 9PM to 6PM or on Weekdays between 10:30AM to 11:00AM or 1:30 PM to 2:30PM or 5PM to 6PM.


My mobile #[protected].


Regards

Ashok Kumar Vemula
--- On Tue, 2/23/10, Pathak, Rohit (GE Capital) <Rohit.[protected]@ge.com> wrote:



From: Pathak, Rohit (GE Capital) <Rohit.[protected]@ge.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: "ashok vemula" <[protected]@yahoo.com>, "Services, Head (GE Capital, consultant)" <head.[protected]@ge.com>
Cc: [protected]@nhb.org.in, [protected]@nic.in, [protected]@nic.in, [protected]@nic.in, [protected]@nhb.org.in, [protected]@NHB.ORG.IN, [protected]@NHB.ORG.IN
Date: Tuesday, February 23, 2010, 10:46 AM


Dear Mr. Vemula,

We have been in constant touch with you on the issue for the last about two months, as a special case, you have been given the best possible offer by the Company to foreclose your loan account by not paying any foreclosure charges at all.

Let us know a possible time to call, as we still sincerely feel that opting legal recourse would not do any good to any o[censored]s.

Thanks & Regards
Rohit Pathak



[protected][protected][protected][protected]
From: ashok vemula [mailto:[protected]@yahoo.com]
Sent: Monday, February 22, 2010 11:04 PM
To: Services, Head (GE Capital, consultant); Pathak, Rohit (GE Capital)
Cc: [protected]@nhb.org.in; [protected]@nic.in; [protected]@nic.in; [protected]@nic.in; [protected]@nhb.org.in; [protected]@NHB.ORG.IN; [protected]@NHB.ORG.IN
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331


Hi Rohit Pathak,

It is almost a month since I sent you the mail but no response; hence I would like to opt for legal recourse for "CHEATING" the borrowers by GE Money/Wizard Home Loans.

Please send me the name of the person and address to whom my advocate should address the legal notice.

Appreciate your immediate response.

Thanks
Ashok Kumar Vemula


--- On Mon, 2/8/10, ashok vemula <[protected]@yahoo.com> wrote:


From: ashok vemula <[protected]@yahoo.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: "Head (GE Capital consultant)Services" <head.[protected]@ge.com>, Rohit.[protected]@ge.com
Cc: [protected]@nhb.org.in, [protected]@nic.in, [protected]@nic.in, [protected]@nic.in, [protected]@nhb.org.in, [protected]@NHB.ORG.IN, [protected]@NHB.ORG.IN
Date: Monday, February 8, 2010, 10:47 PM


Hi AVP,

All my concerns that I raised when Ms. Priyadarshini Malhotra called me were not addressed in your mail dated 20/1/2010 hence I sent you a detailed mail of our discussion on 28/1/2010.

It is more than 10 days I have been waiting for a reply from you.

Appreciate your immediate response.

Thanks

Ashok Kumar Vemula



--- On Thu, 1/28/10, ashok vemula <[protected]@yahoo.com> wrote:



From: ashok vemula <[protected]@yahoo.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: " Head (GE Capital consultant)Services" <head.[protected]@ge.com>
Date: Thursday, January 28, 2010, 12:11 AM


Dear AVP,


Firstly, I welcome your offer to waive pre closure charges as this charge/clause is not specified in NHB Act/Rules/Guidelines.


Secondly, when Ms. Priyadarshini Malhotra called me over phone, I clearly stated the following:

a) Lost confidence in GE Money regarding its fair and transparent methods of conducting business for rest of the loan period. (Refer to second para of your mail dated 16/9/2009, last sentence of last para of your mail dated 21/10/2009 and the contract clause No.2.4(i) that you have got signed by me. These clearly prove that the GE Money has deliberately included said clause against RBI Guidelines and got the contract signed to treat clients as bonded slaves).

b) Borrowers from the Wizard Home Loans were not intimated about integration / amalgamation of Wizard Home Loans with GE Money. As per RBI guidelines, these must be brought to the notice of the borrowers of Wizard Home Loans.

c) GE Money deliberately took more than 8 months time but not resolved a simple clarification on notice of interest rate revision.

d) Above points prove deficiency in service and violation of law of the land by GE Money. Hence I decided to foreclose the account and it is GE Money’s responsibility to own and compensate all my losses and damages for the said acts of the company. Following are the details of my losses / damages apart the pre closure charges:

i. You have been charging me 0.75% extra interest rate (that was not intimated to me till I raised my concern) since 18 months.

ii. I need to pay 0.5% tax again to the government and also the processing fee to the bank, when I take new home loan from other lender.

iii. By evading my genuine concerns / queries, GE Money has deprived me the opportunity to avail 8% interest rate housing loan available from other lenders in the market since April 2009. If GE Money responded wisely and timely, I would have foreclosed the account and availed 8% interest rate available in the market in the month of May 09.

iv. My family and I are having funds in saving accounts since April 2009 to pay for part of housing loan. If you would have acted wisely to my genuine concerns / queries, I would have utilized it for paying my home loan i.e. taken new loan for the difference amount from the other lender.

v. By evading my direct and genuine queries, GE Money subjected me to high tensions resulting in no peace of mind all these days.

vi. Due to the acts of your company I was constrained to suffer a mental agony and physical stress, due to which I sustained financial as well as physical / health loss for which your company is liable to pay the compensatory and consequential damages.

I have been restraint all these and it would be difficult for me to continue with these mails. Request your good selves to evaluate the above points and resolve it at the earliest.

In case if you want to discuss with me to have clarifications on the above, please feel to contact me.

Appreciate your immediate response.

Thanks

Ashok Kumar Vemula

--- On Wed, 1/20/10, Services, Head (GE Capital, consultant) <head.[protected]@ge.com> wrote:



From: Services, Head (GE Capital, consultant) <head.[protected]@ge.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: [protected]@yahoo.com
Date: Wednesday, January 20, 2010, 12:53 PM


Dear Mr. Vemula,

With reference to enclosed mail and further disucssion with Ms. Priyadarshini Malhotra, please find enclosed the details of the amount for pre-closure of the loan. The password is your date of birth in the format: ddmmyyyy. Kindly opt for the read-only mode while opening the attachment.

Further the prepayment charges amount of Rs. 34669.01/- is due on this account however we would like to inform you that as a service exception we here by offer you the waiver of Prepayment charges. This is the best possible offer we can provide as on date.

Please further note that the foreclosure amount would change upon completion of the cycle concluding on the 22nd of every month.

Kindly note that, the payment towards the foreclosure needs to be made vide demand draft/pay order in favour of GE Money Housing Finance.



We hope this clarifies.



Assuring you of our preferred attention at all times.



For any further clarifications, please feel free to contact us at our customer care helpline number[protected]Prefix the city STD Code). Alternatively you can write back to us at customercare.[protected]@ge.com <mailto:customercare.[protected]@ge.com>

Yours sincerely,



AVP-Customer care
GE Money
Happy 2 Help You

________________________________

From: ashok vemula [mailto:[protected]@yahoo.com]
Sent: Monday, January 11, 2010 12:13 AM
To: Services, Head (GE Capital, consultant); Pathak, Rohit (GE Capital)
Cc: [protected]@nhb.org.in; [protected]@nic.in; [protected]@nic.in; [protected]@nic.in; [protected]@nhb.org.in; [protected]@NHB.ORG.IN; [protected]@NHB.ORG.IN
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331


Hi Rohit,

Could you please expedite your response at the earliest?

Further to your second para, please note that most of my queries are not addressed at all hence I am following up with you since last 8 months.

Also request your good selves to take back the last sentence of your mail dated 21st Oct 2009 as the same is far from truth.

Thanks

Ashok Kumar Vemula


--- On Mon, 12/21/09, Pathak, Rohit (GE Capital) <Rohit.[protected]@ge.com> wrote:



From: Pathak, Rohit (GE Capital) <Rohit.[protected]@ge.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: "ashok vemula" <[protected]@yahoo.com>, "Services, Head (GE Capital, consultant)" <head.[protected]@ge.com>
Cc: [protected]@nhb.org.in, [protected]@nic.in, [protected]@nic.in, [protected]@nic.in, [protected]@nhb.org.in, [protected]@NHB.ORG.IN, [protected]@NHB.ORG.IN
Date: Monday, December 21, 2009, 9:11 AM


Dear Mr. Vemula,

We would like to state that all the while, we have been in touch with NHB regards your queries, would also like to state that we contacted you through our Customer Care Department on 18/12/09 and as a special case, a rate drop on your loan account was conveyed to you, but, you insisted to have answer to your queries before accepting any such proposal.

Further, it is stated that you have been communicating regularly with the Company and all your queries have been redressed time and again, now, that you have raised query of pre-closure charges, to answer the same along with others as you have communicated in your latest e mail dated 21/12/09, we would be requiring two days time to provide you the details.

Thanks & Regards
Rohit

________________________________

From: ashok vemula [mailto:[protected]@yahoo.com]
Sent: Monday, December 21, 2009 1:11 AM
To: Services, Head (GE Capital, consultant); Pathak, Rohit (GE Capital)
Cc: [protected]@nhb.org.in; [protected]@nic.in; [protected]@nic.in; [protected]@nic.in; [protected]@nhb.org.in; [protected]@NHB.ORG.IN; [protected]@NHB.ORG.IN
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331


Hi Rohit Pathak,

Refer to my mail dated 22/10/2009; it is almost 60days but no response.

I would like to once again bring to you the following:

1. Refer you mail dated 16/9/2009, it was clearly stated that your.

"Company's policies are in consonance with all the prescribed guidelines, rules and regulations issued by NHB. The Company conducts its procedures with a high level of integrity and transparency".

i. I read all NHB Guidelines / rules / regulations etc till date, but couldn't find pre-closure charges. Unless this is clarified by you, I cannot proceed for pre-closure of the account.

ii. I have been requesting this clarification since last five months, but there is no response. Hence unable to pre-closure the account and take the opportunity of less interest housing loans available in the market.

2. RBI has published guidelines on Fair Practice Code for NBFC, the same is detailed below for your reference:

"NBFC should give notice to the borrower of any change in the terms and conditions including disbursement schedule, interest rates, service charges, prepayment charges etc. NBFCs should also ensure that changes in interest rates and charges are effected only prospectively. A suitable condition in this regard should be incorporated in the loan agreement."

"Fair Practices Code based on the guidelines outlined hereinabove should be put in place by all NBFCs with the approval of their Boards at the earliest possible, but not later than June 30, 2006. NBFCs will have the freedom of drafting the Fair Practices Code, enhancing the scope of the guidelines but in no way sacrificing the spirit underlying the above guidelines. The same should be put up on their web-site, if any, for the information of various stakeholders"

iii. The above two conditions prove that the contract clause No.2.4(i) is in complete violation of RBI guidelines.

iv. Further your claim of intimating the interest rate revision is not at all acceptable, hence I request your good-selves to immediately correct the higher interest rate collected from me on top most priority. This should be treated as the deficiency in services from your end.

v. You have subjected me to lot of mental pressure all these days by evading my direct and genuine queries.

3. Further, RBI Guidelines for loan recovery states the following:

"Where a grievance/complaint has been lodged, banks / lending institutions should not forward cases to recovery till they have finally disposed of any grievance/complaint lodged by the concerned borrower"

vi. I have registered the complaint / grievance; however the same is not addressed even after six months. I request you're good selves to immediately resolve the above or hold the cheques (not to present for the payment) till my complaints are resolved or properly addressed.

Appreciate, if you could respond all the queries that I raised till date and allow me to pre-closure of the account to avail best interest rates available in the market.

Thanks

Ashok Kumar Vemula



--- On Thu, 10/22/09, ashok vemula <[protected]@yahoo.com> wrote:



From: ashok vemula <[protected]@yahoo.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: " Head (GE Capital consultant)Services" <head.[protected]@ge.com>
Cc: [protected]@nhb.org.in, [protected]@nic.in, [protected]@nic.in, [protected]@nic.in, [protected]@nhb.org.in, [protected]@nhb.org.in
Date: Thursday, October 22, 2009, 12:45 AM


Hi,


Firstly, I would like to reiterate that, I have no intentions to avoid legal payment. Following details prove your statement is far from truth and it was in fact GE Money has backstabbed me by charging excess interest rate since last one year without intimating me.


1. Already paid Rs 2 lacks as pre payment in the month of Feb 09. If I had the intention to avoid legal payment, I would have not paid the said amount or regular monthly installments.

2. I clearly stated in my mails that Wizard Home Loans has every right to increase or decrease the interest rate as and when required. But as a Fair Corporate practice, it is to be intimated to the clients properly.

The above two points vindicates your statement of my avoiding legal payments.

Secondly, I strongly condemn your last Para; the statement in itself prove once again that you are treating me as a bonded slave by forcing unethical / unfair trade practices on me.

Hence I request your good selves to take back your statement.

Though all my queries are simple, I strongly regret that you have not responded for many of my queries. However you are stating that you have responded to all my queries and concerns. ...

I once again list the following queries / cncerns that were not addressed by you.


1) On what basis the principal amount is arrived at? You need to give the breakup of arriving at this principal amount.

2) Refer to your mail dated 16th September 2009, it was clearly stated that GE Money follows NHB Guidelines. Hence I would like to know whether the 2% foreclosure charge and 2% pre closure on pre-payment charge clauses are as per NHB guidelines or Act. If so please provide me the section or rule NHB.

3) Not responded to any of my queries raised in my mail dated 23rd September, 2009. (Don't want to re-write the same. Please respond each and every query or concern raised).

Lastly I have one additional question, when was Wizard Home Loans integrated with GE Money?

Appreciate your response to each and every query. In case if you feel any of my particular query / concern is not genuine, please state that particular query / concern is not genuine. This would clear all my (as stated by you) confusions.

I am expecting this would be my last mail, if you respond to each and every of my above concerns.

Regards
Ashok Kumar Vemula

--- On Wed, 10/21/09, Services, Head (GE Capital, consultant) <head.[protected]@ge.com> wrote:



From: Services, Head (GE Capital, consultant) <head.[protected]@ge.com>
Subject: RE: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331
To: "ashok vemula" <[protected]@yahoo.com>
Cc: [protected]@nhb.org.in
Date: Wednesday, October 21, 2009, 12:15 PM


Dear Mr. Vermula,

With the reference to the enclosed mail, we would like to reiterate that we have already answered each and every query of yours in our numerous e-mails on the subject, please refer to your e-mail dated 30th September, 2009 through which you had asked for the amount of foreclosure, as you wanted to foreclose your account, to which we have submitted our reply dated 7th October, 2009, wherein we have supplied you the letter of foreclosure, the details as sought by you thereafter through your e-mail dated 12th October, 2009, are as follows.

Although, the letter of foreclosure, bearing the breakups of each and every component is very much clear on its face, still for your better understanding, we would like to clarify that with reference to the calculation of foreclosure amount, It includes the principle outstanding as on date with preclosure charges of 2% along with 10.3% service tax on it.

With reference to an amount of Rs. 4420, we would like to inform you that it is being charged on the part pre-payment done in last 12 months, we would like clarify that the prepayment charges communicated to you are in line with the terms and conditions of the loan, the same have been accepted by you. For the purpose, please refer to Clause 2 of Agreement, which lay s down and explains the policy of the company on pre payment, we would like to refer to clause 2.7(V) of the agreement, which lays down as under:

" All the part pre-payment made in last 12 months will be taken into account for the purpose of calculating the principal amount outstanding for full pre payment. "

We would like to inform you that post the date of validity, the foreclosure amounts would change as already conveyed to you . Furthermore, in case, the cheque under presentation (overdue installment) is cleared from your bank account, we would request you to submit the bank statement showing the clearance of the particular cheque(s) along with the payment towards foreclosure of the loan deducting the equivalent amount.

You are once again requested not to backtrack on the issues and raise the same query time and again, by doing so you are creating confusion and frustrating the object just for the simple reason to avoid payment of your legal dues to the company.

We hope this suffices and clarifies.

Yours sincerely,
AVP-Customer care

GE Money
Happy 2 Help You




________________________________

From: ashok vemula [mailto:[protected]@yahoo.com <http://us.mc325.mail.yahoo.com/mc/compose?to=[protected]@yahoo.com> ]
Sent: Thu 10/15/2009 1:45 AM
To: Services, Head (GE Capital, consultant)
Cc: [protected]@nhb.org.in <http://us.mc325.mail.yahoo.com/mc/compose?to=[protected]@nhb.org.in> ; Services, Head (GE Capital, consultant); [protected]@nic.in <http://us.mc325.mail.yahoo.com/mc/compose?to=[protected]@nic.in> ; [protected]@nic.in <http://us.mc325.mail.yahoo.com/mc/compose?to=[protected]@nic.in> ; [protected]@nic.in <http://us.mc325.mail.yahoo.com/mc/compose?to=[protected]@nic.in>
Subject: Re: FW: FW: FW: <AUTO> 'CaseID=[protected]' Interest Rate discrepencies: --A/C # GHWL 00000331


Hi,

I called your customer care center yesterday and requested to connect you (AVP) to detail my grievances of GE Money's unfair, unethical and non transparent business process imposed on me. I am unfortunate that you are not available at your desk to discuss.

I would like to once again bring to your notice the following:

1. In your mail date 1/9/2009, you have stated that the Company's policies are in consonance with all the prescribed guidelines, rules and regulations issued by NHB. The Company conducts its procedures with high level of integrity and transparency hence the onus lies on you to prove my concerns are wrong.

2. Regarding clause 2.4(i) of the contract, the said clause is not found in NHB Act or the guidelines issues by it till date. Incorporation of this clause in the contract is fraudulent and malice intentions.

3. Regarding additional prepayment foreclosure charges of Rs 4420, thoroughly verified and not found in NHB guidelines.

4. Further, RBI Guidelines clearly stated the following:

"Where a grievance/complaint has been lodged, banks / lending institutions should not forward cases to recovery till they have finally disposed of any grievance/complaint lodged by the concerned borrower".

5. In view of the point 5, I would like to state to your good selves that you have no right to present the cheque or intimation to my banker for payment of installments till you dispose of my grievances / complaint.

Appreciate your good-selves to respond immediately to the above or call me for any clarifications or provide me your contact number to clarify you my concerns.
Thanks
Ashok Kumar Vemula
A1, Shambhavi apartments, Padmarao Nagar, SECUNDERABAD -500025 (AP) INDIA
Mobile: [protected]

I'm sunil of prashanth agency who is authorised to collect the emi of home loans, personal loans etc. nowadays ge money is actually looting the money of customers.even i had to collect money by wrong means, like, taking money from customers and issuing the receipt of the bounced cheques and all other cheap methods of harassing.this comment is actually a confession to my wrong deeds .i had to do so due to the pressure given by my superiors like rohith (ph:[protected]), seema([protected]), and many others.
this seema is one of the most popular prostitutes in bangalore.if any one is interested in having sex can contact her. she is really very harassive in nature.i had to cheat many customers bcoz of the instructions given to me from them.

i request all the customers whom i have cheated to forgive me.

loan paid off in may 2008, i have not received the NOC and Form 35. Loan a/c No MD LM00041624
Registration No HR29M9639
SHUBH LATA SHARMA
H NO.947 Sector 22B
Gurgaon
Mob [protected]
[protected]

Dear Friends, there is a big confusion created by ge money officers, first they call the customers for collection of payments for better service, in the meanwhile they bounce the cheque collected earlier, customers here are never given a notice or officers call saying the bouncing charges applicable to the customers, parties like cheque collection agencies with local goons, some curropt policeman, and crook company legal advisers make hell of lot of money in such kind of suitation by taking law in thier hands making thousands of people live miserable in circumstances. most shocking aspects in all the customers is they pay the principal amount along with heavy interest, to add this double cheque bouncing charges along with cheque bouncing interest, add to the some sort of bribe to the collection agent and the people in line. better Humans makes rules for better livings and crooks breaks the rules for their living. please someone send me copy of new rules passed by the RBI making compulsory to the financing company to send cheque bouncing notice immediately to the customers. We just pray to the allmighty to show us the right path in the illusionary world.

rgs wilesh sawant
goa

Hi I have never taken any loan from any bank / any finance company but GE Mony legal department calling me on my cell that you are having some debt amount of loan from 2005. I am upset with this call. Even they make a call in my home town. i think they are searching the guy with same name and they are also misusing different resume job site portal for cell no or land line no. This is a worst case for me. I never believe in private sector finance company or bank. These incidents make me assure about my thinking regarding private finance sector. So it’s my request to GE Money or other finance company don’t do like that. IF they are providing loan to any body first check their paper properly than only issue loan. Your people is doing mistake and you are blaming to some other guy.

need to know how to tackle GE MONEY on a government level
had taken a loan at 10.25% for 15 years ----- wanted to sell my property and went for a foreclosure
I was now informed at this stage that my rate of interest is increased to 12.75%
I have allready paid almost 35 lakhs over the last 5 years plus ---
my principal outstanding as per there books is still about 48.4 laks ( on a poriginal principal amount of 50 laks) and for foreclosure they want to charge me 2.5% on the outstanding amount
Please advise if there is a government department that i can complain to
[protected]@gmail.com

This is the worst bank i ever seen like this bank, My co-brother has taken a Home loan, he required Rs.10 lakhs, but they forcefully sanctioned 20 Lakhs and that time interst rate is 7.48% after 3 months they have increased the interst rate to 13.62% without giving the Notice to the customer. We are going through leagal for precloser the Loan.

Krishna.N

GE Money — RE ISSUE MY PRE CLOSURE LETTER

MY NAME-MOHAMMED ZUBER
DOB-06/05/1976
ADDRESS-ST.NO.9/1,H.NO.367/1,SADAR,CANTT,JABALPUR(482001)
PERSANAL LOAN FROM GE MONEY(RWJA[protected]

I have also taken a home from GE Money in 2006 Rs 1859000 at 8.65% and my current rate of intererst is somewhere around 13.9%. My current outstanding left is Rs 82894 only and loan is supposed to be paid off in next six installments.

Due to some reasons I want to close my loan now and I am also ready to pay the outstanding amount + foreclosure charges as per the attached Tariffs sheet of GE.

But GE has put additional charge in my foreclosure letter which is Overdue Interest of Rs 130923/- apart from preclosure charge+outstanding amountand thus making the final amount to somewhere Rs235421/-
I have made all my payments on timely basis without any cheque bounce etc so there is no question of any Overdue Interest.


Also inspite of my denial for the insurance policy, GE executive has opened the policy which cost Rs 612 per month. I have paid this amount for 22 months between 2006 and 2008. But GE has never provided me the correct policy number and thus finally I have asked GE to put the insurance amount to my loan account by closing the policy.

Absolutely agree with all people who have had bad experiences with GE Money loans.
They are "the most" customer unfriendly financial institution post disbursal.
My whole body writhes in anger when I understand their totally misleading terms and conditions.
I have taken a loan of Rs.33 L, and in 5 years, having paid up nearly Rs 25 L, my current outstanding principal amount is Rs 32 L not to mention the ridiculous the additional differential interest calculation for pre-closure.

Taking a loan from GE money has been my biggest ever mistake in my life, and I will regret it for the rest of my life.
Hope no other person should be ever taken for such a ride like this.

GE-money !! GET OUT OF INDIA !!!