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A.J.
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Category: Bankruptcy Law
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GE Capital is stating that the FCC will not allow them to give

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GE Capital is stating that the FCC will not allow them to give me a refund of $5,500 that I paid to them trying to obtain a loan. They say I have an outstanding debt. I just got out of chapter 13 bankruptcy and I have no collectable debt.

SavyLawyer :

Hello, and thank you for contacting Just Answer.


 

SavyLawyer :

Did you mean the FTC (the FCC governs communications, and would not generally be involved in debt, whereas the FTC does deal with consumer credit issues)? Also, what was the money for, was it a down payment? Was there an agreement showing that the money was refundable?


 

Customer:

It was all over the phone and all was to be refundable. I have some of these conversations I had with them recorded stating these fact. I have all the original cards & receipts. I did mean the FTC

SavyLawyer :

I cannot imagine why the Federal Trade Commission would prevent a loan company from refunding money paid down on a loan that was not obtained, and a good place to start might be with the Federal Trade Commission themselves. First, to file a complaint with the FTC, you can go to:


 

SavyLawyer :

https://www.ftccomplaintassistant.gov/


 

SavyLawyer :

To call the FTC, you can go to:


 

SavyLawyer :

http://www.ftc.gov/ftc/contact.shtm


 

SavyLawyer :

If a lender who has agreed that deposit money is refundable where a loan is not approved, and they are refusing to then refund the money, the debtor's recourse would be to sue the lender for return of the money. Now, each state has different rules, but often such a suit can be brought in small claims court (depending on the state, the maximum can range from $2000 to $10,000).


 

SavyLawyer :

A breach of this kind would arguably fall under a breach of contract theory of law, even when there is no written agreement (although this is very much why attorneys encourage people never to give anyone money without contract terms in writing).


 

SavyLawyer :

I hope this helps, and please do not hesitate to ask if you require any additional information. Otherwise, please remember to RATE my answer so that I can receive credit for my work.


 

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