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Beneficial

Clydeen of Liberty, KY January 19, 2009

Clydeen of Liberty KY (01/19/09)
I'm writting on behalf of my elderly, disabled mother. several years ago she got a letter from Beneficial offering a debt consolidation loan. She talked it over with my sister & decided to take out a loan for 4,000. Now almost five years later, she was still making monthly payments of 162.25 [always on time]. I called beneficial in Dec& got a pay-off amount of 2,165.22,& mailed the check the next morning, so the loan would be payed in full.

In Jan. she got a letter saying she owed 268 for her Jan. payment. The loan was payed in full in Dec. So I called beneficial & was told the pay-off amount I was quoted in Dec. was for that day only & she still owed more money. I think they are trying to swindle my Mom because she's elderly & they think they can get away with it.

Henry of Danielson, CT January 18, 2009

Henry of Danielson CT (01/18/09)
I was struggling with a 63,000 loan from Citicorp Trust Bank. I had been laid off! Collections would call and harrass and threaten and phone every 15 minutes of the day. They even called a relative and disclosed I had a loan with them and they wanted money! I started a new job- I was so desperate, that I begged Beneficial to take over the loan. Haley offered a 40 year incorporating my 18,000 auto loan for under 500 per mo. Then she said the underwriters wanted a 30 yr. with the auto. I really did not want the auto loan incorporated, but they would not give the loan without it! I did not want the property taxes escrowed. Haley said she would have the escrow taken off- but this never happened!

My credit was bad (60-90 day lates) with little income verification also! They were in a hurry to sign-by Friday or else we would have to re-apply. The manager drove to Long Island, NY from Norwich, CT to witness the transaction at another Benedicial Branch at night! The new loan was over 11% and was supposed to drop to 8% after 8 years with the option of re-financing after 24 months. Credit would have improved. The closing points were too high according to my tax people! Everyone took their hefty commissions! payments were 1100 per month. I was still struggling to make the payments.

A year and a half later I had to leave the job because of the industrial hazards. I became ill! I was behind again in payments. Thanksgiving 08 Beneficial gave me the option of extending the overdue payments or deferring to the back of the loan-They wanted 3000 up front- I did not have the money as I am out of work! This offer was not in writing- but per phone conversation with personnel from collections. They said they could reduce the interest by a point on a temporary basis. Merry Xmas- Foreclosure summons stuck inside my door-not even in an envelope! It says unemployed have relief rights sec.49-31d to 49-i CT. gen statutes- No one has bothered to explain any of this!

I believe Beneficial set me up for failure knowingly providing a loan that I couldn't possibly afford and not even discussing insuring the loan against unemployment or illness or disability. Currently seeking State assistance and dealing with some health issues (cancer survivor with only 1 partial kidney functioning-I am not looking for sympathy here!) I neeed to get health status before more damage is done!

Tried Hope Now-They seem real busy -but I know of no-one they have helped. I welcome anyone who might be able to help! I could get a co-signer once back to work but can't even file for bankruptcy if not presently working-Willing to pay back as soon as I possibly can! I have no place to go once they take my home!

Rich of Concord, NH December 25, 2008

Rich of Concord NH (12/25/08)
I was in search of a home refinance and debt consolidation loan with a specific interest rate criterion of 5.1% with no points and Stacy said that she may be capable of providing the loan and that I was to fax over some financial documentation to support my eligibility. We set up an appointment; I faxed my documents, and waited for the allotted time. Being handicapped, my time vertical or sitting is severely restricted so any appointment I make must be and expected to be short and to the point. With this in mind, my wife and I arrived a few minutes early on a cold and blustery evening to notice an office area devoid of customers with three loan officers attempting to look busy.

Little did they know, my wife and I was standing outside the doorway longer than they thought and was surprised at the look busy attempt that was extremely over practiced. Upon arrival, we were scurried into an office and Stacy proceeded to try to sell us an auto refinance loan. I reminded her that we were here to refinance my home with debt consolidation that would roll any auto loans into the final mortgage. Stacy stated that she had already applied for a personal loan for me. I asked her who authorized her to apply for a personal loan in my name and Stacy said that that is what they do. I reiterated my criterion of 5.1% with no points and Stacy said she was capable of providing the loan but she wanted to find a better solution for our needs.

Stacy proceeded to ask for information I had faxed over to her office earlier in the day. I started getting agitated because I spent my time gathering up the documents that seemed so important to Stacy but she could not find the time to read these documents prior to my appointment. At this time another loan officer came in, introduced himself as the manager, and tried to sell us an auto refinance. I reiterated my original request for a home refinance and if I consolidated all my debt I would not need an auto refinance. Now, the other loan officer, or manager, stated that we were being difficult and would not listen to them because they knew what was best for me and my financial situation. I reiterated my original loan request where Stacy said they could not meet my criteria. At this point I told Stacy that the meeting was over and I proceeded to leave all the while the Manager? told me how unreasonable I was not to hear their solution to my problem.

I left the office feeling overly pressured into purchasing something I did not need; insulted that I was not capable of handling my own finances; and frustrated at being lied to about a loan. Furthermore, to be told by somebody you would not listen because you know an auto refinance is not what you need compounds the insult. These people need to be recognized as bait and switch artists that they are and to be receive a refusal letter when I terminated the process shows their arrogance.Wasted my gas and time to meet with scammers who had no intentions of meeting my needs financially. The added pain I suffered driving 35 minutes and sitting an half an hour I did not need to should be recognized as unneccesary.

Roxanne of Independence, MO December 17, 2008

Roxanne of Independence MO (12/17/08)
I had hail damage to my home. My insurance company gave me a bid and I hired the work to be done. The insurance company release the 1st part of the claim and the local office endorsed the check. I paid this amount (5800) to my contractor. The second portion of the claim was release after the insurance company verified the work was almost complete. Beneficial would not endorse the second check and required me to mail it in to the Loss Draft Department.

I was told it would be endorsed and sent back to me within 2 weeks. They sent the check back - not endorsed - with a multitude of paperwork stating I had to endorse the check and send back to them which they would then determine when to release the funds to pay the contractor. They continuously tell me that they have the right to hold the money even though the money is for a contractor for repairs.

My deed of trust does not state anything of the sort. After review of my paperwork, it states that Beneficial has the right to insurance funds IF I VACATE THE PREMESIS, which I have not. They have now had the contractor's money for 3 weeks. I ordered their final inspection 2 weeks and sent them all of their required paperwork, they still have not released the 2616 to pay the contractor.

Called again today and was told inspection was never ordered. Every time I call, I am told it will be another 2 weeks and even though the check was overnighted to them to process, they cannot overnight the funds back to me. I believe it is their intention to never release the funds. After reading different complaints here, I see that there are plenty of other consumers with the same problem. I cannot get an employee numbers or last names to document properly. They have stolen the insurance money with the intentions to withhold it from the contractor.

Contractor putting lein against property because of non-payment. Causing tension in the home due to mental aggravation. They should be sued for practices that cause such aggravation, distress and legal issues.

Gregory of Hawthorne, FL December 4, 2008

Gregory of Hawthorne FL (12/04/08)
One day in July2007 We had an envelope delivered to us from some joe off the street stating we had 10 days to move out. WOW what is this all about? Called BENEFICIAL and of course nobody wanted to talk.What do you do? Wewnt through a Legal aide.Bad mistake.They do absolutly nothing for you.She did find out that our house was sold 6 months earlier.

Here we are making payments on our house that we lived in for 22 years and just lose it for no reason.This legal aide says we had been mailed several letters and a couple had to be signed for. We recieved no such letters and signed for no such letters.Not even a phone call. Time to sue for BIG BUCKS.Enough to shut the Bussiness down.

Try to move your wife,kid and grankids.All your belongings after 20 plus years stll work and find another place to stay.YES I was worked up but it took it's toll on the wife and kids.

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