Anyone else get raped by Dell financial services?

Once again, they are only doing exactly what they told you they would do if you screwed up so why are you complaining?

It's all explained in their terms and conditions, you did read them right?

Technically, you got raped by GE Financial Services, as they own the Dell credit.

Most of these consumer loan programs carry onerous rate changes if you pay late, or dont pay off by the proscribed period.

(For example, most Dell computers can be bought for 0 interest for 12 months, as long as the balance is paid within 12 months. If you owe even a dollar after 365 days, the interest rate will be recomputed to day one, usually at 18%)

You need to contact your state attorney general, and find out if there is a maximum interest rate allowed under state usury laws. However, little chance that they are breaking it, because they charge the maximum allowed in each state.

Sorry to tell you, but afraid you fell into their trap.

This is very common with creditors today, not just Dell. When you were late with the payment they moved you into what is known as the Universal Default interest rate. If you read the terms of the agrement you will see a line where they are allowed to do this if you are late on a payment.

Now, it might get worse for you, if you were more than 30 days late and it got reported on your credit report. You will see that your other creditors have a line in their terms that let allow them move you to a higher interest rate if you are late on ANY creditor. So don't be surprised if your other creditors start to raise your rate with them to the Universal default.

I just bought a laptop from them. The computer itself is just great, but I've not rec'd my first bill yet. I wanted to pay with a credit card, but they didn't want me to telling me that I couldn't get any other 'offers' unless I went with the financial services. I plan on paying it off with my other CC once the bill gets here. It's no doubt a way for them to make money...like KMart wanting you to buy that 'insurance' for a lousy toaster!

I know someone with this same problem. Why Dell hasn't been run out of the business before this amazes me. Their computers are absolute crap and their service record is dismal. Their business practices can best be described as predatory. Look over the contract and maybe talk to a lawyer.

all of this was outlined in the contract terms you were presented with before you agreed to take the credit extended to you..you cant be mad at them now that you were late and they told you this would happen....from now on read the terms more carefully before accepting credit.

I don't ever expect much from credit agencies.

EVER.

I don't play their game. I pay off my balances immediately and on time.

no different than any other credit card company