GE Money Bank

[glc4122]

im late 3 plus months and, and wondering how aggressive they are in legal action? if you had any dealings with ge money would appreciate to hear from you.received letter yesterday and threating with legal action according to store card i signed. The amount is approx $1200.00 i owe.

[Minnymouth]

Since you are 3 months behind, they will probably pursue your account in court. They have attorneys that handle large and small cases for them. So won't cost them much to sue you and get a judgement, which they probably will.

Since you have already received one letter of their possible intent be prepared to get another stating their intent and deadline....

[glc4122]

ge money bank

thanks for the reply, i plan on filing in sometime in december, any tactics to hold them off a the pass,as sending letter of current situation and let them know i have plans of filing in the near future(no date) or send them a small amount to please there appetite for cash?

[lrprn]

thanks for the reply, i plan on filing in sometime in december, any tactics to hold them off a the pass,as sending letter of current situation and let them know i have plans of filing in the near future(no date) or send them a small amount to please there appetite for cash?

They won't care that you are filing - they hear that day and day out from people. It will have no effect whatsoever expect to potentially speed up whatever court process they are entertaining at the moment.

If this is just letter #1, I'm thinking that you probably have until December before they get serious about court or sell your debt off to a collector. They are just trying to scare money out of you.

Talk with your lawyer - he/she may be familiar from other cases how quick this creditor is getting the court show on the road.

[jp2861]

By the time they file, you get served, then your response time allowed, and the slow courts, I don't think you have much to worry about if you're going to file in December.

[glc4122]

ge money bank

thanks everyone for the information.

[EveryDayAdam]

By the time they file, you get served, then your response time allowed, and the slow courts, I don't think you have much to worry about if you're going to file in December.

agreed. It will be ATLEAST 2 months from the date they file a suit before they will be able to actually enforce anything. I owed American Express 22,000...I hadn't paid them a single payment for a full year before I filed. Not a peep from them as far as a lawsuit is concerned. Most places don't think about filing suit until your late for a year. And even then, only for amounts that are worth it (depends on the creditor, usually takes a thousand or two...but the national ones usually require a larger amount to pursue legal action).

From my experience, what would happen if you don't file:
from the day you are late until 3 months late, you will get calls from the creditor themselves.
3 months to 6 months, your account will still be with the original creditor but you'll now be getting calls from a debt collector.
6 months to a year you're account will be sold to a collection agency who will call you for another year.
after 1-2 years, it will be referred to a collections law firm who will probably call you for 3 months
2 years and you'll have a lawsuit filed.
2 months after filing date for the hearing.
1 month after the hearing to get a garnishment order.

Total time from last payment to garnishment: 2-2.5 years.

Obviously, each creditor is different...but that's what i've seen from your typical bulk credit card provider, which GE Money Bank is.

The process is much faster for local creditors (doctors offices, etc.), car loans, and credit unions.

[alicias108]

Just for the record, my mother owed a measly $750 to GE Money Bank. They sued her and got a judgement. They are pretty harsh. Her $750 JCPenney credit card (given by GE Money Bank) went to $1600. They will go for the throat.

[jp2861]

I only owe them $245 and they were calling me after 30 days. So, yes they seem to be pretty aggressive.

[pa308]

And if they win the suit and you cant pay then what? I live in Pa which is a no wage garnishment state. I have ge and have been getting calls since 30 days late and will be more than that by time i file. My questions are would they file in Pa, if they won and couldnt garnish then what for them, and how long before they usually sue?

[jp2861]

If they win a judgement and you're in an exempt state then can't do squat. Judgement means absolutely nothing if they can't collect. That's assuming you have no other assets for them to put a lien on. Worse thing they can do mess up your credit report. If that doesn't bother you, then string them along until they offer you a decent settlement. Then pay them and make sure they clean up your credit report.

[GoingDown]

You probably have 2 to 3 years after you stop making payments before they will file a lawsuit against you, in most cases.

Even after they get a judgment, unless you have wages to garnish or significant assets, they can't do much to you.

People fear judgments way too much.

One of my friends owed $27,000 on a repossessed car, and after 3 years they sued her and won a judgment, but so far they haven't got a dime from her. They are now offering to settle the judgment for $5,650. So obviously, they are desperate because they can't figure out how to collect anything from her.

[jp2861]

You probably have 2 to 3 years after you stop making payments before they will file a lawsuit against you, in most cases.

Even after they get a judgment, unless you have wages to garnish or significant assets, they can't do much to you.

People fear judgments way too much.

One of my friends owed $27,000 on a repossessed car, and after 3 years they sued her and won a judgment, but so far they haven't got a dime from her. They are now offering to settle the judgment for $5,650. So obviously, they are desperate because they can't figure out how to collect anything from her.

That may be fine for her situation, but not most. Depending on someones age and potential for future earnings, it's not a good idea to just blow them off. If a person plans on staying judgement proof for the rest of their living days, they can play this game. However, most won't stay judgement proof forever. That's when the sharks will get them.

As far as fearing judgements, yes, people should fear them. Future employers, landlords, power company, insurance agents, etc. are seeing the judgement. Someone may duck and weave the payment of the judgement, but it can have negative consequences in alot of other areas of ones life.