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GE looks to off-load loan book

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Australian Broker | 30 Mar 2011, 05:30 AM Agree 0
GE Money is looking to off-load its remaining $5bn loan book, it has been reported
  • 1martym1 | 30 Mar 2011, 11:29 AM Agree 0
    How can you redraw surplus repayments if you are technically in arrears? I think they meant had missed a payment which if still ahead of the loan schedule is not really arrears in my book.
  • L3nder | 30 Mar 2011, 12:02 PM Agree 0
    When wizard was sold, it was reported CBA "cherry picked" the best customer. Since then they have written no new business.

    Their customer service has been the subject of many complaints last 3 years.

    They have increased customer rates to well above market, causing good borrowers to leave.

    They have waived DERF for a 3 month period last year giving the opportunity for those with lower LVRs, not in arrears, and could prove serviceabilty, to leave.

    They have pi**ed off all their previous manager causing them to refinance customers wherever they could.

    There is an unspoken rule amoung lenders in the industry that any GE customer refinances are taboo.

    So my question is, what is the quality of the book now that those that have stayed appear to be those that for whatever reason could not move to another lender? I hope whoever buys it puts much effort into their due dilligence first.
  • Gabrielle Amateur | 26 Apr 2011, 02:56 PM Agree 0
    All you need in this life is ignorance and confidence, and then success is sure.
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