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Tawna of Machesney Park IL (04/24/08)
I was sent a check for $6,000 from Beneficial Financial in 2006. We were having financial difficulty and needed to pay off some hugh interest debt/credit cards. When I called they said I was approved for $9,000. When I went in to talk to the loan officer and sign papers, I was pretty comfortable with what they told me. I was told the loan was like a credit card and as you paid the balance down you would have that credit available. It was never explained to me that out of $203.00 payment that about $189.00 was going towards finance charge. This is absolutely rediculous.
They explained it to me very differently and made it sound like it would help my financial situation. This has made my financial situation worse. I have paid them on time for the last almost 2 years and guess what the balance has not changed at all. I have tried to pay more than the payment but that is hard to do when you are trying to make ends meet. I have given nothing but bad reviews to my friends and family so that they don't make the same mistake. I am going to have to get two jobs just to pay Beneficial off. I am the type of person who refuses to file bankruptcy but I have been considering it since getting loans with them. It makes me sick to my stomach to thibk that I have paid them over $5,000 in finance charges and my balances are still the same. Help!
I cannot get credit with anyone else because of the high loans and no difference in my balance the past two years. The stress from this is sickening!
Paula of Neenah WI (04/15/08)
In 2006, My husband and I took out a second mortgage with Beneficial, to pay off several bills that we incured and wanted to consolidate. Due to multiple illnesses and injuries that my husband had and was out of work because of, we fell behind in payments. In April of 2008, I was looking in the court access website and found that Beneficial tried to take me to small claims court. I never received notice of this and was suprised and upset at this since I am looking for work with the State. I also found that even though they told me that I was caught up with payments that I now owe over one hundred dollars more than the loan was for. (I have been paying for 2 years) my APR for this loan is 17.9%, and they have collected $3109.00 in finance charges on a 15,000 dollar loan. we now owe 16,446.66. Something is wrong with this picture.
I may now be ineligible for work for the state or county. My credit scores are now so low we can't refinance our first mortgage which is 1600 dollars a month.
James of Shelby NC (04/14/08)
Recently we refinanced a loan with them and we explained to the loan officer that we needed a fixed rate moratage and he gave us that we went from a adjusted rate of 9.74 to a fixed rate of12.0 this did not help us it infact made us have to stuggle even more. I think that we were handled unfairly because of our eagerness to get a fixed rate if we dont get refinanced again we will not be able to make it and may lose our house in foreclosure.
the damages in loss of livelyhood that may result in homelessness.
Robert of Pennsauken NJ (04/12/08)
I've been a great customer for Beneficial for many years.Since 2001.I recently(Sometime in jan Or FEb of 2007)took out a loan for 20,000 dollars.Before I closed the loan I called Beneficial I spoke with one of their loan officers.On the phone I told them I did not need the money for a long time.I was to take a loan from my 401k to pay them quickly.The lowest loan I was able to get was for 5 yrs.He called me back and gave me the details of the 5 yr term. I went to the Beneficial branch in Voorhees N.J. to close the loan.The loan officer I was dealing with I did not see.The contract preszented to me was a 20 yr term for which I would be paying much more in interest.I said this was wrong and the term was for 5 yrs.The manager told me there was no lawyer present to reverse the contract and also the payment amounts and would take time to do.I was desperate for the money and they knew it.I signed the changed contract deal.
As I was walking out I saw the loan officer I was dealing with hiding in a room.I was told he was not there.I felt like telling him off but instead shook his dirty scummy lying hand and thankede him. I've been paying $259 a mo. for the loan.$242 goes toward interest and only $17 toward the interset.They gave me a whopping rate of 14.39%They made me believe this is lowest home equity loan they could offer and the rate would go down if my payments were met ontime.I've never missed a payment or been late paying them for 7 yrs now. I took a loan from my 401k as I told them I would.I sent them $15,ooo a week later I sent another $2,500.I sent looked online I notice I was paying interest with my principle payment(I wrote principal payment only on check itself).The interest they were trying to charge me was just over $6000.I called the main office and explained this is wrong.I was put on hold for quite sometime.They reversed there ripoff supposedly mistake.Yeah right!!The principal payment brought my balance down to $2100.I was told my next payment was due Apr 11,2008.
Since I made $17,500 to the loan.I had them stop taking the automatic payment from my checking account.I told them I would be making all principal payments to the balance and let them know $400 was coming which should of brought my balance to just under $1800. I checked my balance Apr 1,2008.The balance was $2179.I called them up and said there was another mistake.(supposedly).They never recieved my $4oo.They also told me my payment was due today and not Apr 11.I told them I was told Apr 11.I told them to take the payment automatically the 4th of Apr. I checked my bank statement and they cashed my check Jan 29,2008.I sent them a copy of my statement to their tracking department. I called them back a few days later and was told they did recieve my $400 and $259 was applied to my March payment.I told them my next payment was not do to Apr 11,then it was Apr 1 and now they say March 1 payment.The other $140 was being held towards the Apr payment.
I took a loan with PNC bank to payoff the $2179 which should be around $1800.I don't want anything to do with Beneficial's lying, money stealing ripoff ways.They sent me a payoff statement and also to PNC for the amount of $2218.75 which was dated Apr 4,2008. I checked my balance todayApr 11,2008 online.Now I owe $4304.10.They have a unapplied balance of 2279 which should be $2379($2200 from PNC and $129 payment which is still not applied to my balance from Apr 4th.Also my payment was now past due for 11 days and I had to call the collewctions department. I called the collections department and told the lady I was going to record the conversation just like they do without our permission.She said she minded me to record and would not speak to me about situation and said I had to call customer service. I called customer service and was immmediately put on hold.A few minutes later I was hung up on.I called back And was hung up on again.
I called back and spoke with a woman.I explained the situation with her.She said the $4304 balance was correct cause I have a $20 yr loan.I told her just last week it was $2179 and now it;s $4304.Shhe started laughing saying it is interest from a 20 yr loan.I told her I'm pretty good with math and there is definetly a big mistake.I asked to speak with a manager but supposedley he was on the phone.I was transfered to his mailbox and left my information and home phone.It's been 4 hr's now and no call back. I;d like to talk to someone immediately and put this blood sucking,money hungry lying stealing company in it's place.I am sure they are ripping off many more good faithful,honest and hardworking people.
Starbrina of Farmington-Hills MI (03/21/08)
I've been a faithful and consistent paying customer over 8 years with Beneficial. As of Nov. 16, 2007, I had a child. So I requested a hardship for the months of Nov-Jan (08). I am unemployed and just recently got on my feet recovering from the delivery, all of which I explained. As of Feb. 08, I called and requested an additional hardship due to unemployment. I was told to submit a letter of request. In the meanwhile, my account was inactive as well as suspended. As of March 15, 2008, my checking account was overdrawn the amount of the monthly payment. I was assured that because the account was considered delinquent and that the company does not debit by ACH, I would have to submit payment by mail. When I contacted the company, they told me it was an error that occurred and that's why they were able to reactivate my account without notifying me--and that my request for a six month hardship was denied. I was unaware of this fact.
Now my creditability with my bank account institution is in question, as well as I have a host of fees that they said they could not credit back. They didn't give reason why my hardship request was denied, and I assured them that I didn't have the money for payment and asked if they would be willing to work with me, until August, giving me time to find a job and catch up on my payments. The answer was no. I feel as if I have been slapped in the face.
They said they took it upon themselves to reactivate the account and make withdrawals from my account due to an error in the previous month on there part. My account is overdrawn, as well as fees have incurred tremendously. The stress from this company is causing a state of depression in my life and taking a toll on me, which is effecting the care I give to my children. Please help me.
Lou of Missouri City TX (03/15/08)
First and foremost, Beneficial's integrity is zero. I ended up choosing the company to refinance my home because my mortgage holder at the time and another contacted did not do escrow. Beneficial did. Initially, at the time of closing, I had planned to be out of town for a few days and told them I would like to schedule the closing when I returned. The manager put the pressure on and told me they would arrange for me to close within a few miles of where I would be. The manager would not take no for an answer. The afternoon of the closing, I called to tell them that I was headed to the town, and then was told that closer wouldn't be there, and it was ok to wait until I returned home. (huh?)
The next day I got another call that a mistake had been made in the paperwork, and I would need to come in and sign a new set of paper work. I was also told that given the time left in the year, my escrow wasn't enough to pay my taxes and they had set up a side loan to pay the difference. (WARNING #2 that I didn't question or heed). A few months later, I received return check notices for several bills paid, and even though my finances were tight, I couldn't understand why I was overdrawn. On research of my account, Beneficial had changed the payment amount being deducted from my account because they had not received a copy of my homeowner's insurance documentation (which was not a part of escrow), they refunded the amount they took out, but not my bank charges. I provided paperwork to show the charges, but they said instead of where the shortfall showed, they needed to see bank documentation before the date reflected to get a true picture. I decided to eat those charges, because there was no way I would allow Beneficial, who by then I trusted less than a Cobra, to see over a month of every financial transaction that went through my bank account.
In January, I received my statement and noticed that I had paid in excess of $1700 escrow and called to request a refund. First they said that they arranged to reduce my monthly payments by that amount. I told them, no, I wanted my refund since my taxes for 2007 had been satisfied. Then after being on hold a long time, they came back and said they would process the refund and I would receive it in 10 working days. A month passed, and still no refund. I called and they didn't give a reason why the refund they promised on 1/28 had not been done, but they would send one out in four to seven work days. Seven work days passed, still nothing. I called again, and was told by Customer Service that a letter was sent to me on the 10th of March but he couldn't tell if it was a check for $700 or a reference number. I decided to see if the document was in the mail since three days had passed and with paper in hand I would have some kind of idea of what the heck he was talking about. Well, it's the 15th and still nothing, no letter, no check, no call, no nothing. My goal now is to make sure anything relating to this company is paid on time, and work toward putting myself in a financial position to get out of this mess ASAP. Given the tight money situation with lenders now, I hope that I can get refinanced through a reputable company soon. To everyone take care, and BEWARE!
Janene of Mission Viejo CA (03/14/08)
We borrowed $9,000 from Beneficial Finance. An example of a monthly payment: Paid $500 - $175.00 finance charge, so only $325.00 went to principal. Do the math. Each month when we would get our statement, the amount due was almost the same as the one before. Finally, I sent them the balance on our account which was just over $6,000. I sent in the New Balance in full. A month later I got a bill for $61.90. When I called, I was told that it was a finance charge. When I asked how I could have a finance charge on a zero balance, I was told that the new Balance was not the real balance. I asked how I would know what the real balance was because it wasn't on my statement. They said I would have to call in to find out. I told the person on the phone that this was dishonest and deceitful. She said it is stated on the bottom of your statement.
Sure enough, it is. It says: New balance may or not include interest accrued since the billing date. So, in other words, I'm accruing interest between the time the bill is sent out and I pay the bill, even though the bill says the amount due isn't until 3 weeks after I receive the bill. This is downright fraud. I called a legal service and was told that, unfortunately, these sharks can get away with such unethical business practices.
Whatever you do, don't borrow money from Beneficial Finance (or any other hard money lender) because you will be caught in the undertow and sucked back into deep waters of debt which you may never be able to get out of.
Gina of Winnemucca NV (03/09/08)
Last year we needed to refinance because we were on an adjustable interest rate, and it was going up again real soon. Our credit at the time was not real good, and the only person that we could find was Beneficial Finance to help us get out of the adjustable rate and into a fixed rate. Beneficial told us about the bi-weekly plan and that the interest rate was fixed, but it was a pay right rewards program, and the interest rate would go down after 10 years of paying on time. Beneficial ran our credit and said that they could get us on that pay right rewards program with an interest rate of 10.99% interest rate, and it would go down to a 6.5% after 10 years. We thought that was quite high for an interest rate; but they told us that after getting the loan and consolidating some our debt in with the mortgage, our credit score would go up, and they would be able to redo our note within a year for free to get a lower interest rate. We only agreed on this 10.99% interest rate because we were told we could redo the note. On the day of signing I asked one more time: Are you sure that we will be able to redo the note They said that things haven't changed in 15 years, why would it now? We went ahead and signed the papers knowing that the monthly payment and interest rate was to high. They reassured us that they would redo the note and get the payments and the interest down after our credit was better.
HOOK LINE AND SINKER: Three months went by, and our credit went up so I called Beneficial to have them redo the note. Their response was my house was too old now. Guidelines had changed. (I have a manufactured home that was built in 95; it is only 13 years old.) They pulled our credit before they told us that our house was too old which I don't understand. I then called them a couple of months later at a different Branch and acted like a new person looking into refinancing my manufactured home. I ask them how old of a house can you finance? There reply was 15 years old. I then told them I was already a customer and was told that my house was to old too redo the note, and it is only 13 years old. They asked me what the amount was that we financed. I told them that it was financed at a 95% loan to value. They said that's why, we can only go 60% loan to value.
They are Predatory Lenders! I have been trying to get out of this loan into a different one with a lower interest rate, and they have made it imposable to do that. I found out that they put our mortgage down as three different loans, and on our report it says that we are paying out over $6000.00 on three home loans. Our payments are $1780.00 a month, not $6000.00. Also, since we refinanced at a 95% loan to value, there is no bank that will loan that much on a manufactured home, except FHA. We cannot get an FHA loan because our house has been moved more than once. We bought it as a repo and moved it to our own land from a park. To sum this up, I have been told we were a victim of predatory lending. I had to pay them $8000.00 to do the refinance; they told us lies just to get us to sign the papers, and to get out of the note we have a prepayment penalty of almost $10,000.00.
I would like to know if there is something I can do, or some legal advise on what I can do to put a stop to Beneficial and their games of victimizing people like me--and there are plenty of victims out there. I have to refinance to get our payments down so we can afford to live, and I can't. They have made our lives a living nightmare. Have they done anything against the law, or is it just fine that they can mess with your credit and tell you lies to get you to sign a loan with them? HELP, PLEASE.
Kristy of Jay OK (03/03/08)
In February of 2008 my husband and I received a notice from the IRS, that we had a income adjustment that did not match on our 2006 tax returns, and therefore owed $632 in taxes. Their income adjustment had come from a forgiven debt with BENEFICIAL listed as the lender whom was forgiving, or basically had written off this debt, in the 2006 tax year. My husband and I have never done business with Beneficial, that we can recall. Usually, you remember whom you have any loans with and owe money to, right? So I contacted their company to see what this was, as I have already pulled all three credit reports from Experian, Equifax, and Trans Union, and none of them show this so-called loan, in the amount of $2,743.
Ryan from Beneficial, told me that we actually had a judgment against us with them in 1998. So I asked him, well, we do not even have any records or memory of ever having any loans with your company, and if you had indeed obtained judgment against us, then wouldn't we have been notified to some degree? Further more, if your company wrote this off in 2006, shouldn't we have received a 1099-C?.He put me on hold, and then I was disconnected. I called back, Ryan answered again, I told him that I was disconnected, in which he replied, Yeah, sorry about that, I couldn't find your file, so let me have a number that I can reach you at, and I will call you back. I then asked him if he was going to return this call today, and he said yes, that he would call me back today.
I know one thing, if he calls and says that he has located a file, then I want a copy of it, that shows mine and my husband's signatures, otherwise, I am disputing it. I will admit, that I have in the past forgotten to call someone back, or one of our kid's ball practices, but NEVER, have I forgotten that I had a loan that I was responsible for to someone, or that a judgment was obtained against me, that now I would be responsible to claim it as income. I don't think that the credit reporting bureaus would forget to put it on our credit reports either. I have never done business with this company, but somehow they have written off this balance, and sent it to the IRS in our names.
Now reported to owe the IRS $632.00, for this forgiven debt.
Jo of Chesapeake VA (02/20/08)
Two years ago we refinanced with Beneficial and consolidated some other bills with the refi. We decided to go with Beneficial when their offer seemed the best of a couple other responses we got through Lending Tree. Looking back, the refi probably was not a good idea, even had it not been an adjustable rate mortgage, as it only saved us about $380/month. We were so elated at the time we actually didn't didn't even concern ourselves with the consequences of an ARM. On the 2 year anniversary of the loan (Aug 2007) our mortgage payment went up $600/month. I was in shock! It resets every 6 months, fortunately at this 6-month point it did not go up (based on several factors, that I don't understand--and that is my fault).
But what really showed me how bad Beneficial is as a lender, is when we started trying to do a refinance again in August--just about the time the mortgage industry went bust. I had another lender ready to lock me in on a fixed rate loan, that was really the answer to my problems. Beneficial told me if I brought the good faith estimate to them, they would guarantee they could match it or do better because I was an existing customer. I put the other loan process on hold and started working with Beneficial, and for more than 30 days got nothing but excuses as to why it was taking so long, and how everything was approved in different offices out of state, etc. I ended up losing the other loan and then Beneficial could not do my refi either. I am now 3 months into a hardship application that is going nowhere fast. I have taken hours to fax documents an inch in height, called numerous times only to be told something different about the program; and my options each time I talked to a new rep. My hardship has been denied, and the Rep could only tell me that it was because I didn't meet the income requirements; but when I asked what that was, she didn't know them specifically. I went through the channels to appeal, which required resending all the documents again, but this time I sent them FedEx. That has been 3 weeks ago, and I've heard nothing. I had a direct number to a Rep who was helping me with the appeal, and I've left him 2 messages, with no call back. Lenders are supposed to be experts in their field, guide the consumer through the loan process, and advise on the best solution. Beneficial simply put me in very bad loan--just to close another loan and make more money.
At this point, my husband and I can't make minimum payments on our other bills and we have watched our credit scores drop 40 points in 3 months. I doubt we could even rent an apartment right now with our credit. Before this experience, we had very good credit and a bright future. We are now looking at all other options, to include bankruptcy and we've put the house up for sale.
Louisa of Boulder CO (02/13/08)
I do not have an account with Beneficial Finance. My 11-year-old son has a new cell phone for emergency purposes. They have called his phone number more than 70 times in the last month. I have called them 5 times, and they are unable to remove this phone number. They said that are unable to track the number to remove it from their system.
Numerous telephone calls to the company without resolution.
Helen of St Paul MN (02/13/08)
We took out a refinance loan with Beneficial to get lower interest and lower payment. At first we thought our payment would only be $458.00 a month, but it turned out to every two weeks for that payment. They would not include our taxes or insurance either. Then we were doing ok with ez payments until all of a sudden we were three months behind. We got that worked out but did not get back on ez pay. In 2005 we needed a roof on our house, and we asked if we could get a home equity loan to fix it; and we were turned down. Then after we were turned down we got a call that we could get a loan which we thought was a home equity loan and turned out to be a revolving loan. Our payments started out at $400 and something, and now they are at $700 and something; and the loan is almost $10,000.00 more than we bowered.
We get the run around when we call them. We get letters telling us they cannot get a hold of us, but they just hang up on our answering machine; they tell me they don't do that, but I know that is from them. They will not leave a message. I get calls all day, and I'm at work and tell them that. I get calls at work, and I told them not to call me at work. They even faxed to my office to get verification that I work there, and it's just to make a payment arrangement; the fax machine is where anyone can get the fax. They keep telling us to let them know if we are having trouble making our payments but will not do anything about the 2nd loan. We need help, and we cannot get any because our credit is messed up, and we are behind on our bills.
We are behind on our taxes, our gas and electric and other bills. My husband is disabled and has a limited income.
John of Walnut CA (02/01/08)
I took out loan from Beneficial to consolidate some bills. I got behind in my payments due to my house note. First a Beneficial loan officer told me over the telephone that they could get me the money I need to pay off some bills. When I went down to the office in Rowland Heights, CA, the loan officer told me that the paper work was ready and that my new house payment on my second mortgage would about $500.00--at the time. I told the loan officer that the person from his office never told me about refinancing my home loan. He told me he was sorry for the miscommunication, and if I still wanted to do the deal to call him. Needless to say I did not.
Fast forward 2 years later to today, and I have finally caught up with most of my bills (at least 50% paid off), and Beneficial is still hounding me. Beneficial, I was advised, has taken over HFC; and now I have two bills from Beneficial. If my payment is 3-12 days late, they call my home at least 5 times a day. I did talk to one of their callers, and he told me that it is their policy to place an account into their collections division when the payment is not in their office on the due date. To make matters worse, the person I was talking to was of Indian decent, and I could barely understand him. He also did not want to hear what I had to say, because all he would say is "when can you send the money". I think Beneficial is a bad company. I also think that they have very little regard for their customers when contacting them. I will be paying Beneficial off soon, and I will never do business with them again. I recommend that anyone who needs a loan to seek another company other then Beneficial.
Cherie of Macedon NY (01/29/08)
I originated a personal loan in July of 2005. I have never paid late, and I normally pay a few dollars over every month. I receive my bills, and late fees or other charges are not noted upon them. In January of 2008 I received a bill that had a $70.75 Amount Past Due charge on the bill. When I called I was passed around to several people, all who verified that I had never paid my bill late. I then asked them to look at my December 2007 bill; they did and admitted that the late fee was not noted on this bill. I got transferred to another man who told me that the fee was from July of '05, the month I received the loan. I argued with him for 15 minutes, on how I could owe a payment in the month that I originated a loan! I was then told that the late fee was from May of '06, then that it was not from May of '06 but from December of '06. Then that it was not from December of '06 but from September of '07.
I asked to speak to the legal department but was transferred to the deadbeat payment department. I asked for the legal department again, and Keisha told me that she didn't know that number. I asked her for the Corporate number; she said she didn't know that number either. I asked her how she worked in a company where she didn't have any numbers to any other departments, and she was extremely rude and said that since she couldn't help me the call was over. I said don't you hang up on me, transfer me to someone who does have a company phone list. She proceeded to put me on hold for 38 minutes, then hung up the phone on me.
I have had my entire good payment history damaged by this error. I have never been late on a payment once, and now Beneficial is saying that I was late from the first month--and all of my good payment histories and my credit rating is going to be impacted. I'm going to be forced to pay this erroneous $70.75 dollar fee, and who knows how many more times they will unjustly charge me.
Linda of Virginia Beach VA (01/28/08)
I was strapped for money to pay off pay day loans, and I stopped in to see if I could get a personal loan even though I have bad credit. While there, they talked me into refinancing my mortgage instead and getting cash out. (I had just refinanced my mortgage 3 months before.) The payments were only $1000.00 including taxes and homeowners ins. So, I refinanced. I was between a rock and a hard place. The payments went up to $1600.00 and that didn't include taxes and home owner's.
After two months, I missed a payment and have been unable to catch up. Now on Feb. 12, 2008, my house, which I have owned and lived in for 29 years, is going to be auctioned off. I have no place to live, but they don't care. I did not want to refinance, just take out a small loan. That has cost me my house. Do not ever, ever do business with them.
Lisa of Mechanicsburg PA (01/23/08)
We took out a small loan from Beneficial 3 yrs ago. We had a loan and owed only $1,800 with 1 year left to pay on it. Then we took out another for $6,000. I have paid in 2 lump sums of $8,000, and they still say we owe them $11,000. Found out that we are paying 25% interest. If I knew that, we would never had gotten the loan. With the combined loans, when all was said and done, we owed them $16,000 with 60 months to pay. In June of '06 we lost our house and everything we owned.
My husband had lost his job the month before. We ended up taking a job that pays almost $23,000 less a year plus my income. We moved out of state-- much more expensive to live. I have been trying to contact the hardship department to try to get some relief . I have told then I want to work with them because we are going to file for bankruptcy but don't want to hurt out credit too bad--before we can't make anymore payments. We have been putting down lump payments with our tax return money. I also have a mortgage with HSBC, and they wouldn't even work with me on that small loan. Our house is in the works with a buy-out with FEMA, and they don't even care.
Christine of Lackawanna NY (01/14/08)
These people are awful and should not be in business. It all started in 7/07 when I wanted a home equity loan and somehow got talked into refinancing my mortgage. BIGGEST MISTAKE of my life. I will admit I am young and naive, but I needed money to pay off old debts. My interest rate jumped from 5.75% to over 11% by the time the papers were signed. It didn't seem like I had a chance to get a word in--they were so quick to get everything signed and sealed. More trouble started back up in October when I got a late notice from the city stating my taxes were past due. I called Beneficial and complained, and they told me to fax them the bill(s), and they would take care of it right away. November rolls around and I received a letter from the city stating my taxes were never paid, and if they weren't paid in a certain amount of time, then I would basically lose my house.
I called Beneficial; they claimed they never received the bills and to send them again and they would take care of it right away. This time I made sure to keep following up with them. Finally at the end of December, they sent out a check to cover the taxes and late charges. Now more trouble in January....I received a letter from Beneficial this past Saturday, stating, they mis-calculated my taxes, and there is a shortage in my escrow and now my mortgage payment will go up an additional $175 + per month. How can this be legal? I am living pay check to pay check as it is. Am I going to lose my house now because of their mistake at closing? Every time I call them, I either get passed from department to department or get the run-around. The breakdown of my taxes they sent in the letter doesn't even match my paid receipts from the city. I called the city treasurer today to have them mail me the breakdown of my taxes and what is due, when. Come to find out, Beneficial never paid my taxes out of escrow on the vacant land right next to my house that I own. I wish I could file a lawsuit against them and get them shut down. They should NOT be in business.
I haven't had a good night's sleep in many months. I have panic attacks throughout the day, and I am constantly upset/crying from the extreme amount of stress that I am carrying on my shoulders from this company--not to mention the strain on my relationships because I am constantly miserable.
Scott of Apo, Ae OTHER (01/05/08)
I am deployed with the Army in Iraq. I have a loan out with Beneficial and I cannot access the information online. I am current and making the payments, but there is no way for me to check the balance, read my tax information or pay extra on my account. They give me the run around with their hardship department and haven't helped at all.
Beneficial is taking my money with out giving me any feed back as to where it is going.
Rebecca of Moreno Valley CA (01/04/08)
In Oct. 2006 I was supposed to view different loans that I qualified for. Instead I was only offered one choice. I had been waiting over one month for this meeting. Thereby my house insurance and house taxes were due. I informed them that I was told I would be reviewing different options. Then I was told by Thomas Sawyer the Branch Manager that if I paid 3 payments without being late they would redue my contract and lower my interest rate which would lower my house payment. I had no choice because I had to make these large payments.
They paid down my credit cards and were to payoff my car but since they waited so long to send the payoff, there is still about $350.00 owed on the car. I returned after making the 4th, 5th, 6th and 7th payment with no late fee and to no avail. They never honored their word. Since then I have $900.00 less income coming in and have been late for the last 4 months. But not a 30 day late. I have submitted 3 times Hardship Documents in hopes that I would be approved and my interest rate be lowered thereby lowering my payment, but with no luck. We are a family of 8. I have 3 adult children that are in college and my daughter has 3 children who are currently in grade school. I have been told repeatedly that I don't qualify because of our income. I believe that they are just waiting to see how long it will take me to go under. Yolanda from the Hardship Department told me today, even if I support my grandchildren they can't be counted as my dependents because I don't have legal custody of them. I informed her that I have had them covered since birth on my dental, vision and medical and current school records show that they live here. There is just no way of changing their minds. I also have an early payoff penalty that will be up in Oct. 2008 so you can rest assure that in August I'll be searching for a new mortgage company.
My health has been affected. I am stressed all the time. My diabetes is hard for me to handle and sometimes I feel like I am going to have a stroke from the stress. My husband works nights so I deal with my grandchildren in trying to make ends meet for us.
Elsie of Salt Lake City UT (01/04/08)
I was contacted by Brandon Johnson via telephone and offered a refinance at 8.19% Fixed mortgage. I told him I was okay financially and wasn't shopping for a loan. He said he could assure me that my condo would appraise at $175,000 to $210,000 dollars and I would be able to pay off credit balances and still lower my monthly payment over 20 years. He said he would pay for the appraisal if it didn't appraise for the $175,000 to $210,000. My daughter received a call from Brandon Johnson saying that the appraisal had come in at about $160,000 and wanted to talk to me face to face to discuss some option, because I would only be able to pay about $6,000 in credit card debt, I told him I was not interested.
I asked for an explanation because my existing home loan is $130,000, Benefial would get their closing cost at about $4,900 and there was only $6,000 to pay off debt. It didn't add up to the $160,000. I finally accused him of not being honest with me about the appraisal. He then admitted the appraisal had only come in at $151,000. I said I was not interested and he would have to pay for the appraisal as stated when we talked. He tried to convince me to take out a second mortgage and I said NO I do not want to meet with you. I turned down his offer. I never officialy applied for a loan. Today I received a letter from Spence Terrell, Brandon Johnson's Manager that stated: They turned down my application because quote: Our credit decision on your application was based in whole or in part on information obtained in a report from EQUIFAX Info Service LLC. What application I never filled out a request for refinancing. Does this affect future credit reporting?
I suffered a Bad Credit Report.
Eric of North Las Vegas NV (12/30/07)
In error I sent this company $1643.18 on 12-03-07, this was supposed to be my Mortage Payment for the month of December. I do not have a loan with this company and yet they cashed the electronic payment anyway on 12-07-07 and no attempt was made by this company to inquier as to why I sent them this money. I did have a loan with this company about 2 years ago. I filed bankruptcy but did not identify them as a creditor. I attempted to make payments after the bankruptcy was filed but they refused to accept my payments and told me the $800.00 loan was charged off. My bankruptcy has been discharged and all creditors have been paid by the bancruptcy court. How do I go about getting my money back?
I am now a month behind in my mortage payments.
David of Liberal KS (12/28/07)
They are overcharging and did not apply 3 years of payments to my account balance. The loan is a revolving note when my wife and I were told it was a term note. Three years later I"m out $20,000, and I owe more than I borrowed. They say it is due to late fees. Nonsense, I am up to date. They also remortgaged my note for $1200.00 for no reason. I need help! Thank you.
I am making payments with no balance reduction. I already paid the balance off once, yet I still owe full balance of note after three years' pay. This is causing me emotional, financial distress and gray hair. Please Help me!
Joe of Germansville PA (12/19/07)
Two times in the past they have sent me a check. One for $6000 and one for $8000. I paid them off early and had no problem. They sent me a third check for $7000.75. I deposited it and a week later it was returned! Cost me $10 in return fee.
I repossess cars for HSBC, and what a runaround they give folks. I have had them PROMISE they would not take the person's car if they would wire or do a check by phone, at least one payment. The scumbags the people talk to on the phone are paid a commission to sucker them into sending money in! After they receive the funds from them, they STILL have me pick up the car! This in turn costs them another $400 to $600. And that is after they pay them up to date, plus added charges! I have been doing this for 32 years and NEVER have worked with a more unscrupulous group of people. WARNING : DO NOT DEAL WITH THEM!
$10.00 return fee and now, after them telling me on the phone that I was cleared to deposit check, possible overdraft on my account! (I will cover it before that happens!)
Christie of Boynton Beach FL (12/10/07)
Beneficial Florida, Inc. misled my husband and I into obtaining this loan. Gave use false information. Company not really willing to help us out. I have told them that we cannot afford to pay this high interest or mortgage payment any longer. They seem to not care that we are about to lose our home.
Our entire savings is depleted, my inheritance depleted; we are living pay check to pay check. Had to obtain another loan from another company just to try and make ends meet. That money is also gone. May have to file bankruptcy again. Also seeking legal advice.
Lisa of Enid OK (10/13/07)
We were going to refinance our mortgage loan to pay off some credit cards. At the same time they encouraged us to do a second mortgage to pay off some additional accounts they approved us for this loan that was a credit line--I really feel that if the manager who signed up up explained that this loan when making the payments would be very similar to a credit card balance it never goes down!
Kelly of Wilmington DE (10/03/07)
When we first contacted Beneficial about our mortgage, they made everything sound so hunky dory. We were looking for a local office, with local people, where we didn't have to deal with someone from across the country. Turns out the local office only writes the loan. All other calls are placed from Pakistan, Illinois, California, etc. When hard times hit, we applied for a hardship loan, got the run around, eventually told the loan was denied. We tried once again and every time we called, we spoke to someone different. One time I spoke with a Mrs. Shockey. I was later told that Mrs. Shockey didn't even exist. They are very unscrupulous people to deal with. They prey on people with poor credit scores, suck them into a loan and then proceed to take them for everything they are worth. The lawyer for beneficial closed my loan knowing that there were three outstanding liens on the property. They had me sign a document that was not true so that they could get the loan closed. What a joke.
Kimberley of Mineville NY (09/28/07)
In 2005 we desperatly sought assistance on line and came up with Beneficial, they told us a pretty story and we bit. Right after we signed, I lost a good paying job. They were unwilling to help even tho they say they tried. Now we are constantly behind on our payments and get collection calls from 8AM to 9 PM 7 days a week. Also I now have 3 extra people living in my house because my son had kidney transplant surgery and is financially strapped right now. I know they can do something to help, but are unwilling .
Kelly of Wilmington DE (09/26/07)
I have been going around and around with Beneficial concerning a hardship application. The right hand doesn't know what the left hand is doing. I'm at the point where I am going to file bankruptcy and they are going to lose everything. I'm too fed up to continue this game.
Mary of Midwest City OK (09/25/07)
I'm actually writing in behalf of my elderly sister. She paid $29,000 for her house many years ago and had it paid off. Someone from Beneficial Finance conned her into refinancing it. She was in her 70's at the time with limited income. Now, unable to work, her social security is a little over 500 a month. So is her new house payment. Now they are threatening foreclosure. This is outrageous that someone would approve her credit to give her this loan.
Robert of Rochester NY (09/01/06)
In 2001 I closed on my house, at Beneficial office at 2833 Ridge Road 14626. They told us that we didnt need a lawyer,because we just had to sign the paperwork(what we did). I had the mortgage done with a 5 year disability insurance. I got disabled in 2005 and found out that my insurance is running out on Dec 2006. I guess I'm wrong that I didn't see that the insurance started from the day I signed. To think logical, you have the insurance just in case you get disabled, and last for maximum 5 years and not from the day you close (what good is that).
Since my wife and I found out,we are nervous as hell. We both are on SSD, and our total income a month is $1,250.00. Our mortgage is $1,125.00 a month. So we dont know what to do. They were not fair to us, and we in the dumps now.
Yvette of Tyler TX (04/26/06)
Mr. Jeff C. contacted me via telephone after I filed an "on-line" application for bill consolidation and refinance my home loans. I told Mr. Cox up front that my credit score was very low and I had not been in my home for a year. Several times I stated my credit was poor. He assured me that would not be a problem nor would the "six months" I had been in my home a problem. He further stated that Beneficial clients comprised of low credit ratings. He further assured me that my length of time in my home was not a problem; however, the interest rate would be 18%, which was acceptable by me. After furnishing Mr. C with all the required paperwork and my race, a week later I was denied approval. With the assurance Mr. C gave me up front, I am convinced my race was the deciding factor in the denial of the loan.
I do not expect a "remedy" because the "system" will never acknowledge that race plays an important role in the determination who will be granted a loan. Racism is still alive and thriving in this land of the "free."
Mike of Juneau AK (9/1/05):
I am in the process of closing on selling my home in Jefferson City, MT. My wife, Sherry, requested a payoff amount from Erin of Beneficial and was told it will take 10 days to get that information. We are using a relocation service to help with the closing which has power of attorney to get information and close. This has the potential of losing the sale of my home; but, will definitely cause me to have more interest charges on my primary loan, as well as the secondary Beneficial loan.
Steven of Whitehall MT (8/16/05):
I borrowed an initial $6,000 from Beneficial Finance in Bozeman, MT. I paid off that loan. A little while later, I borrowed $10,000. After that loan, I got myself into some financial difficulty and filed bankruptcy but I re-affirmed several loans and Beneficial was one of them.
Now, trying to get out from under Beneficial's usurious interest rates, I have tried to get loans with various lenders, only to find out that the original $6000 loan is shown as a lien against my property. That loan is paid off, my credit report shows that it is paid off and the same account number is used on the lien. I have stopped paying Beneficial altogether. All I get are threats and more threats from them. So, if they want to take the property, make it salable and make the mortgage payments until it is sold, so be it. But, enough is enough.
Carl of El Paso TX (8/5/05):
On 24 May 2005, we requested and received a payoff quote from Beneficial Finance on two separate loans (1st and 2nd mortgages). The payoff amounts were to be effective until 30 June 2005, the date of the closing on the home that we sold in Hinesville, Georgia. The attorney's office that handled the closing for us then got another payoff from Beneficial before disbursing checks.
The attorney's office sent those two separate checks in one envelope to Beneficial on 1 July 2005 via UPS. The second mortgage check in the amount of 10,904.23 was received by Beneficial on 05 July 2005 and posted the same day. Checking the status of our loans, we discovered that the first mortgage check had not posted. We then called the Customer Service Specialist telephone number listed on the statements and spoke with Angela.
The first five telephone calls we were told that the checks would not have been sent in the same envelopes and that Beneficial had not received the first mortgage check in the amount of 138,527.98. We then called our attorneys that handled the disbursements of the checks and verified that the check had indeed been sent. We then called Beneficial again and relayed the UPS information (tracking number,Beneficial representative that signed for the check, and the name of the person who actually sent the check from the attorney's office), again spoke withe Angela at the above mentioned telephone number. Angela at that time assured us that the check for 138,527.98 had been received by Beneficial and that since the check exceeded 100,000.00 it would take approximately two weeks to clear and would reflect credit for having been received on 5 July 2005.
Well as of this date (5 August 2005) that has not happened. Beneficial shows our account still with a balance and payment wasn't credited until 28 July 2005. We feel as though we have been cheated on not only the first mortgage payoff, but on the second mortgage payoff as well. We were due a refund on the first mortgage according to Beneficial in the amount of 93.00. Now having received a statement today (5 August 2005), Beneficial is only showing a credit due us in the amount of 45.52. The company is also showing a current finance charge of 47.95 that they have collected when in fact this account was paid off on 5 July 2005.
Peter of Palm Bay FL (8/3/05):
After being promised a low rate for refinance on my mortgage and being stuck in the middle of trying to catch up after a layoff, they then gave me the papers and lied throught their teeth about the interest, gave me a bunch of excuses and hit me for over 8%, with a htree year payment penalty of 6 months of interest. I had to play catch up again, with large Doctor bills with no insurance, so I went through another company and the penalty is holding me back some $8000. The company does not work for the best interest of the clients but themselves. They screw you at the last minute, after they tell you not to pay this bill and the other so they can pay it off.
Meanwhile when you get less than promised, you end up paying more late fees. These practices from this company should not be tolerated by the state. They do not work in the best interest of the client. The prepaymewnt penalties are unfair. Every bank and other financial institution I speak to say they should be no more than 2% of the unpaid balance and the another months interest should not be tacked on to the 6 months already being collected. So in reality I am paying 7 months of interest, not 6.
Nadine of Billings MT writes (8/31/01):
I would like for this company to know that I do NOT feel like a preferred customer. I have had a loan with this company for about two years at 21 percent interest. I went and got a new loan from this company as a "preferred customer" on the 20th of Aug. and found out just how preferred I was to Beneficial Finance. I found that my interest had increased to 26.94 percent! I thought a "preferred customer" status would give me a lower interest rate.
Well there was no discussing the rates with the supervisor, as he told me "I don't set the rates the "company" does. Needless to say I found a Credit Union that has taken over the loan at an amazing 10.80 percent. Which will cost me a mere $700.00 in interest for a three-year loan, in comparison to the $4051.00 that Beneficial was going to charge me for interest for a five year loan!
So what do you think? I think I was a fool for financing my money through this company to begin with. That is what is meant by "Live and Learn".
Kelly of Wellington FL (8/2/01):
I had a loan with Beneficial Finance. Upon selling and closing on my house, May 25, 2001, my loan was paid in full. I was expecting to receive a refund check for money owed to me in the amount of $464.65. I phoned the company (spoke with Scott) in late June to inquire about the refund and was told the check had been sent to me at my old address. I was requested to wait an additional week to see if it would be forwarded to me at my new address.
I called a week later and told the receptionist I had not received my check yet. She said someone would ring me back as there wasn't anyone available to help. No one phoned back. I called again and was told the same story. This has gone on for several weeks.
On July 30 I told Stephanie (the receptionist) that I was not hanging up until I spoke with someone regarding this issue. Again, no one was available to speak with me. I called back an hour later and spoke with the regional manager (who was completely ignorant and unable to help). A few minutes later, Ron, the branch manager phoned me back and said that Beneficial had completely messed up but that he would take care of the matter immediately and forward a check to me overnight. He verified my address and obtained the proper authorization to cut a check manually and send it to me that day.
Three days later, I still have not received the funds. I called the office again (spoke with Stephanie) to inquire about the funds and was told that no one was available to help. Ron was out of the office until Monday and everyone else was in closings. Beneficial is owned by Household Financial.
Frances of Imperial Beach CA writes (7/19/01):
I refinanced my house and paid off my first and second mortgages. My second mortgage was through Beneficial and the loan funded on 06/29/01 and closed on 07/02/01. The two loans were paid off recorded and the proceeds were sent to me over and above the payoffs. Beneficial sent a demand for $21,738.03. They had not recorded my payments received on 05/25 and 06/20 for a total of $1000.00.
I received a payment due showing $643.24 being paid to me and an additional amount of $333.77 was being charged as interest on a loan that had already closed. that $333.77 interest charge is out of the money I paid and should come back to me. See below: Their demand was $21666.03 and was paid. The statement with a due date of 07/15 reflecting the $1000.00 I paid showed a balance of $20761.02 If you subtract the actual balance owing and the payoff demand it clearly shows I should be reimbursed $905.01.
I called the escrow company and they advised me what Beneficial was doing was illegal and they were doing the same thing to another client only she had no credits, she was being billed approximately $1000.00 after the demand had been paid. The escrow company told me to ask for a copy of my file. Tonya told me they shredded the escrow papers right after they got them and the copy of the demand would take some time to get because it is on the east coast.
It was obvious I was getting nowhere and both she and Kim said I owe the interest which is actually interest on my own money. I am not stupid and I feel sorry for someone who does not understand English or is dealing with a mortgage company like this.
A few years ago I tried to refinance and this same company harassed me and trumped up all these late fees I owed etc. I had to abandon the refinance at that time but I went ahead and did it this time. I need to know who I can appeal to for the $333.77 which is mine and file a valid complaint against a lending agency who hassles customers. I think Household Bank owns them and I asked for a phone number and was rudely told no and they hung up on me.
I was so upset when I got to work I could hardly concentrate on my job. I do not want them to get away with what they are doing. I thought there were laws to protect people like me.
Peg of Nazareth PA writes (8/15/00):
We financed our mortgage with them only to recently find out that it was not a mortgage but an open-ended credit line. We knew there was a variable rate but we did not know it would balloon at the end of 15 years and there are apparently other things in the "agreement" that we did not know about.
Also, when we tried to "refinance" with them, last December, their local office in Easton PA, was helping us, I thought, and said they were working on it, and they would put a hold on my payment only to get a foreclosure notice in February. This is really a synopsis of the situation. We will get our mortgage away from them tomorrow when we close with Conseco, on a fixed close-ended mortgage but we want to pursue something. Even the manager at Conseco believes HFC has committed fraud.
Dwayne of Rochester, NY (8/8/00):
I was harassed via phone and mail numerous times from Beneficial regarding my monthly payments. However, they knew I was going through CCCS - American Debt Management Services. They claim to work with CCCS but they refused to work with ADMS or me.
They refused to lower their interest rates, and the payment even after they sent me a brochure in the mail explaining that if you are having financial problems to go to CCCS for help. Because of the harrassment, I had to involve the Attorney General's Office. When they got the phone calls to stop, they got mad at me and turned my accounts over to the Law Offices Of Woods, Oviatt, Gilman here in Rochester, NY for debt collection. They sent me a summons in the mail, and I haven't heard anything from them since I answered this summons.
They refuse to send me monthly statements even after I asked for them repeatedly. Both the law office and Beneficial wont send them to me and my balances are not going down even though they are getting payments every month. It's not the full amount but its what I can afford at this time. This could go on for years.
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May 9 2008
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