Household Retail Services Inflated Account Balance Carol Stream Illinois
Bought an ATV with fixed-term loan from GECF 3/2003. Total amount financed was around $5700.00 at 8.95% for five years, making the monthly payment $119.30. I've consistently overpaid the loan... tracking the loan amortization with my financial software yields an estimated current balance of just under $4200, including my most recent payment on 9/10/2004.
The account was purchased by HRS effective August 2004. The first statement I received (dated 8/3/2004)from them indicated a balance due of $5158.00... almost $900 more than my records indicate the balance *should* be. I called Customer Service on 8/10, they said my account balance was indeed $5100+... but the *payoff* balance was $4366.68... exactly what my computer said it *should* have been a month prior. "Beth" in CS said she'd adjust the account balnce to reflect the payoff.
So I just got the September statement. Guess what the account balance is now? That's right, it's $5033... or the *original, INCORRECT* balance, less my most recent $125.00 payment. Now normally, I'd be patient, call CS again and go through the same routine... but I'm paying off the loan and I'll be damned if I'm giving them a penny more than is actually owed. I'll be calling CS agin tomorrow, too late now, but after reading the other horror stories I'm deeply concerned...
Full Disclosure: I have another account, for another ATV, serviced through Retail Services (note the difference in the name). It's under the Household umbrella, but a different name, mailing address, etc. No problems with that account (other than exorbitant late charges!) since I've opened it.
Dave
Simi Valley, California
U.S.A.
3 Updates & Rebuttals
Dave
Sparrow Bush,New York,
U.S.A.
GE CF now household retail services
#4REBUTTAL Individual responds
Mon, September 20, 2004
I bout a ATV in 2002. I took out a loan with GE CF for 60 months. Now Household Retail Service has the loan.
Household Retail Sevices says I missed a few payments with GECF. I told them they are lying I have every check written to GECF. They told me to call GECF to clear the matter. GECF phone number is no longer in service.
Help.. anyone have any numbers to call
Dave
Simi Valley,California,
U.S.A.
I just hope there's no more questionable accounting practices when I send in my payoff...
#4Author of original report
Tue, September 14, 2004
Called Customer Service today. The payoff balance listed on their records seems to jive with my records...and they told me that the "Balance Due" on the statement includes the current principal balance, current accrued interest...and ALL future interest scheduled to accrue on the account over the scheduled term of the loan. Some quick figuring with my records adds up within a few dollars of their figure.
While this seems to be a very strange (and misleading) way of calculating an account balance, the numbers DO add up. Thank God I'm paying this loan off, I just hope there's no more questionable accounting practices when I send in my payoff...
Dave
Simi Valley,California,
U.S.A.
I just hope there's no more questionable accounting practices when I send in my payoff...
#4Author of original report
Tue, September 14, 2004
Called Customer Service today. The payoff balance listed on their records seems to jive with my records...and they told me that the "Balance Due" on the statement includes the current principal balance, current accrued interest...and ALL future interest scheduled to accrue on the account over the scheduled term of the loan. Some quick figuring with my records adds up within a few dollars of their figure.
While this seems to be a very strange (and misleading) way of calculating an account balance, the numbers DO add up. Thank God I'm paying this loan off, I just hope there's no more questionable accounting practices when I send in my payoff...