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gemoney a complete ripoff

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  • 24-12-2008 2:16pm
    #1
    richieb
    Registered Users Posts: 131 ✭✭


    i have a loan out from gemoney and i noticed that this month instead of 700 euro been deducted from my bank account they took 728 euro, when i asked them how come the interest has gone up when there has been 2 reductions in interest rates lately, they said they had to buy the money on the international money markets and this is dearer, any comments please from someone who knows how this is so.


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    #2
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    It is likely they buy their cash using the LIBOR rate.

    That is currently appraching the 7% mark.

    What they say is feasible, but I'm not certain that this is the source of their money. You'll have to ask more directly wheether this is or not.


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    #3
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    Would it not be the Euribor rate that their talking about?


    GE money are a sub-prime lender and you are paying more for it now. Is there any chance you can re-mortgage with a different bank?


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