Hello,

I am emailing in response to the comment I received on my pissedconsumer.com review #267659 on 10/12/2011 from Nicole at GE Capital.  Thank you for offering to settle the matter on my account.  Here is the information that was asked for:

- The full name associated with the account : Megan L Corse

- Mailing address associated with the account : ***** ***** **,   Eau Claire, WI 54701

- Your contact phone number : ***-***-****

- Reference code : DM 101711_pccc

Two weeks ago I was examining my statements online prior to making my monthly payment and I quickly called your customer service center to get some questions answered.  What I noticed that concerned and confused me was my "Balance Subject to Interest" appeared to be going up each month.   But what most distinctly made me take notice is that my total balance has somehow reached nearly what I originally purchased on the card 3 years ago.  The "account manager" I spoke to during this customer service call, after much prodding, finally identified that the interest I was being charged each month was going directly to my "Balance Subject to Interest Rate" which is also listed as my "Purchases", and then that TOTAL amount was being charged interest each month.  While I was on the phone with this woman, I told her I wanted to review my entire account history, but she said I was allowed to request and receive statements from the last 12 months only, over the phone.

Again, the table on my statement entitled "Interest Charge Calculation" lists this "Type of Balance" as "Purchases", which is my "Balance Subject to Interest Rate".  Obviously, any additional purchases are listed on a separate line.  Therefore, this amount should not be increasing, seeing as how it was a one-time purchase 3 years ago AND I have faithfully been paying towards my account each month. Often times, I “over-paying.”

Prior to the statement dated on 12/16/2010, this "Balance Subject to Interest Rate" was going up by a few dollars per month.  I understand this might reflect the interest I hadn't been charged during my promotional period (1 year no interest).  However, I do not believe that this amount should be going to my "Purchases" seeing as how GE Capital is then charging interest on my purchase balance AND the additional newly charged interest from the promotional period.

Furthermore, as of December 2010, I made additional purchases with varying promotional periods.  The statement prior to this shows my balance subject to interest (still from my first purchase) as $1708.69.  Again, up until this point this amount has been increasing, and all I can figure is the promotional period interest is being added to this balance, with interest on the interest!  However, the 12/16/2010 statement shows this specific purchase balance randomly going down to $1691.35.  Then on the next statement (January 2011), it reflects only a 3 cent increase. ( ***Just a reminder, this purchase amount is far past the completion of my 1 year promotional period!)  Then suddenly, the February statement shows this specific balance jumping to $1721.39 (a $30.04 increase).  Then in March, it is $1736.13 (an additional $14.74).  April is another HUGE jump to $1773.85 (a new $37.72).  May was an increase of $40.44 to $1814.29, June is an extra $41.38 at $1855.67 and so on.  This continues at over $40 increments each month up to the present billing cycle!

Unlike my conjecture on the small increases of my “Balance Subject to Interest Rate” being due to past promotional period interest, I cannot fathom a reason for such large sums being added to my purchase balance each month.

Not to mention, the "Balance Subject to Interest Rate" on the purchases I made in December 2010 also went up each month.  3 of them I had 6 months to pay off and did, despite the increasing amounts, and the last one I have 12 months to pay off, which will be coming to an end two months from now and I am almost finished paying that purchase.

Yet somehow (and this is a rough estimation), I've paid approximately $3,000 towards my nearly $3,000 in charges, and if I had actually been charged interest every month for the last 34 months (roughly $40/month), then I should only have approximately $1300 left to pay.  And this, of course, is not including the amount I was able to pay off within the promotional periods, during which I should not have been charged any interest.  However, as of the October 8th, 2011 statement, my bill says I still owe $2.009.52.

Something intrinsically wrong is going on here, especially starting March of 2011, in which my balances subject to interest have “inexplicably” jumped by more than $30 or $40 each month.  I demand a review of my account and that you examine the law, which says it is illegal to charge interest upon the already charged interest (Usury Laws), and for this “strange” occurrence of the added $30-40+ each month.  I would then like the balance of my account to therefore be adjusted accordingly, which should bring the amount I owe to its appropriate level.  Should this matter not be taken seriously-- if I am given the brush-off in response to these facts-- I will take legal action immediately, in conjunction with the hundreds of people whose complaints I have in record regarding the questionable business practices of GE Capital (formerly GE Money Bank).

Thank you for your time, I expect to be hearing from you immediately regarding this matter.

Sincerely,
Megan Corse