Beneficial Complaints & Reviews

BeneficialLoan amount

Ten years ago, ten years younger and not so wise, I received a check in the mail for $5, 000.00. I never applied or at any time requested information for this. I thought, "oh my, I must be doing very well." What an idiot!!! It is now 10 years later and still owe more than 2, 000 above the loan amount. No matter what I try to pay, which I will admit is never the total amount due, just don't have the funds for the that, I am always called and always charged late fees.

The original loan was just that, a loan. I remember having to go to the office after I regrettably banked the check and the lady talked me into transferring the loan over to a line of credit. WOW, I thought!!! Look, I know I took this loan and I need to repay, that is my responsibility but something has to give. Like most people, I can not afford a garnishment. I am now a single mother of three and am barely able to put food on the table. Is there anything that I can do or someone I can talk to, something.

I know this is no good excuse but was young and had no idea what anything meant on the contract .. idiot, yes I was but is it that they could approve me for a loan, by sending a GOOD check in the mail - me signing that check equaled a signed contract, with out even having my social to see if i qualified.

Please, any information is welcome.

Thank you Malinda

  • H2
    h20 Feb 24, 2009

    This number has phoned here twice today and hung up when I gave the company greeting. Very annoying and counterproductive as I have put customers on hold to pick up these calls.

    0 Votes
  • Ts
    tshoney8891 -tammy Nov 17, 2010

    Beneficial advanced me- without notifying me- the money for taxes on my property- which were already paid out of pocket by me. and now- after i have received notification from my local tax collector that their advance was returned to them 3 weeks ago- since there was no money due on my taxes in the first place- they still have not updated my account, they are still charging me an extra 300$ for the advance, and they have not returned any of my calls or faxes.

    0 Votes
  • Jv
    JVComp Mar 22, 2011

    We went through this same scam with them, best advice I can offer you is let them take you to court and stop dealing with this scam company. Judge will award a fair interest rate and you will then be able to see the light at the end of the tunnel.

    I can tell you no matter how much you pay on this it will not go down, Like I said just goto court and make sure you show up at court so it can be set up so you can get this taken care of. As long as you continue to deal with benificial or what ever ### lawyer they hire they will try to keep you paying on it.

    Just before I went to stand in front of the judge these ### tried to offer me a settlement of 8k or 11k that I could pay on, I told them no way, went before the judge. Judge set it at my remainder of what I owe (which was roughly 2k) and 6% interest compounded monthly, not daily like these jagoffs where trying to get.

    -1 Votes
  • Jo
    Joe B May 09, 2011
    This comment was posted by
    a verified customer
    Verified customer

    I owe them $11, 000 and i pay them $248 a month and they put $20.00 on my balance, how long does it take?

    0 Votes

Beneficialfurious with beneficial

I just want to say that I am fed up with Beneficial. My husband got a loan from them in 2017 for $8500 and we have paid approx. $8300 towards it. They say we still have a balance of $7400 owed to them. So, we figured out that if we continue to make the payments to them in the amount they have set up it will take 35 more years and total approx. $77, 000.00!!! Yeah, are you freakin kidding me???? These people are uncooperative and immpossible to get anywhere with. I wanted to pass on the info tha tI filed a complaint with the FTC about this company. Possible with enough complaints directly to them maybe we can get someone to listen and do something about it. I know its a long shot but... here it is, https://www.ftccomplaintassistant.gov/

  • Me
    Melissa L Aug 16, 2009
    This comment was posted by
    a verified customer
    Verified customer

    The only way this is possible is if you had an interest rate of about 70%! There is no way if you paid $8300 to your $8500 loan that you would still owe $7400.

    0 Votes
  • JGraceyStinson Aug 16, 2009

    Actually, you would still owe a lot if all they have you paying is the minimum payment every month. Just like a mortgage. You can pay that for 10 years and still not have paid off more than a couple of thousand dollars. It all in how they calculate the interest.

    A piece of advice for future - no matter where you borrow from - never just pay the minimum required payment. Pay 25% more than they ask for every month.

    0 Votes
  • Tm
    tmixdorf Oct 31, 2010

    I took out a loan 5 yrs ago with Beneficial to consoldate some of my smaller loans. BIG MISTAKE. They charge 29% interest. I was able to keep up and even started paying down the principal...then my husband lost his job this year. Took 4 months to get a new job and is making $20, 000.00 plus less. So we have had to cut all expenses and re-do our budget. We called Beneficial right away and they put us on a 6 month reduced payment/interest plan back in the fall of last year. When the 6 months was up...I called to explain that my husband lost his job and we needed to STAY at that payment. Because their left hand doesn't know their right hand, THREE different people within their company sent me in the wrong direction which caused more late fees and penalties. Finally got the new payment schedule revamped but not without them continually charging a late charge and penalities. Now they call from a 800-550-3278 every few hours. Finally talked to one gal asking about making my "special payment arrangement payment". I told her I did...she found it and said sorry for calling. That was on Thursday the 28th of October...it's Sunday...they still call every few hours. Who do I contact to report their harrassing calls to?

    0 Votes

BeneficialScam and cheating

My husband & I have a mortgage and line of credit with Beneficial. I was working until May of 2007. I had to quit because my husband is disabled and I have to be home with him.

In Oct. 2007 I called the local office in Ocala, FL. about reducing my payments. I was told that was handled by the hard ship department. I was also told not to make at least 2 payments because it looked better and I would surely be granted a hardship loan because of my husband's medical condition. I was connected with the department and they took information from me. In a couple of weeks I got a letter stating that I had not furnished enough information. I called and was told what to send. I gathered 41 pages of bank statements, doctor bill, medical bills, etc. and took them to the Ocala office where they faxed them for me. In 2 or 3 weeks I got another letter denying my application. I waited a few months and in 2008 submitted another application which required less documentation and was approved.They reduced my payment by $80 a month.

Nothing was done on the line of credit. A couple of months later I called and asked for a hardship on it. I was told that when they did a hardship on a mortgage they did one on the line of credit. I talked to a supervisor and she said to call back the first of the week. I did and was told I had received one. Then I was told no. I received a call about the payment and I went through the whole thing with the man. Finally I lost it and told him I wished they would get their _____
together. I was transferred to a supervisor who gave me the run around and told me she understood my situation. I told her not to sit there and say she understood because she wasn't living my situation. We had a few more words and she finally said she would help. They reduced my payment for 6 months. It seems like the right hand does not know what the left hand is doing. You will get 3-4 calls and sometimes more each day. Each time they call they say they are noting the account but somehow nothing is noted.

Tomorrow I am calling to see if my payment can be reduced more on the mortgage and line of credit, but I don't expect much success. My only alternative is to send what I can and wait for a call to see what they offer. If they can't do anything they will have to take my house. My husband disability is genetic with no cure. It has worsened in the past year and I don't know from day to day what to expect.

Beneficial is the most uncooperative uncaring company. I would not recommend them to anyone. I don't have any complaints about the girls in the Ocala office, they have done what they could and given some advice.

  • Fr
    Fred Dec 06, 2008

    My husband & I have a mortgage and line of credit with Beneficial. I was working until May of 2007. I had to quit because my husband is disabled and I have to be home with him.

    In Oct. 2007 I called the local office in Ocala, FL. about reducing my payments. I was told that was handled by the hard ship department. I was also told not to make at least 2 payments because it looked better and I would surely be granted a hardship loan because of my husband's medical condition. I was connected with the department and they took information from me. In a couple of weeks I got a letter stating that I had not furnished enough information. I called and was told what to send. I gathered 41 pages of bank statements, doctor bill, medical bills, etc. and took them to the Ocala office where they faxed them for me. In 2 or 3 weeks I got another letter denying my application. I waited a few months and in 2008 submitted another application which required less documentation and was approved.They reduced my payment by $80 a month.

    Nothing was done on the line of credit. A couple of months later I called and asked for a hardship on it. I was told that when they did a hardship on a mortgage they did one on the line of credit. I talked to a supervisor and she said to call back the first of the week. I did and was told I had received one. Then I was told no. I received a call about the payment and I went through the whole thing with the man. Finally I lost it and told him I wished they would get their _____
    together. I was transferred to a supervisor who gave me the run around and told me she understood my situation. I told her not to sit there and say she understood because she wasn't living my situation. We had a few more words and she finally said she would help. They reduced my payment for 6 months. It seems like the right hand does not know what the left hand is doing. You will get 3-4 calls and sometimes more each day. Each time they call they say they are noting the account but somehow nothing is noted.

    Tomorrow I am calling to see if my payment can be reduced more on the mortgage and line of credit, but I don't expect much success. My only alternative is to send what I can and wait for a call to see what they offer. If they can't do anything they will have to take my house. My husband disability is genetic with no cure. It has worsened in the past year and I don't know from day to day what to expect.

    Beneficial is the most uncooperative uncaring company. I would not recommend them to anyone. I don't have any complaints about the girls in the Ocala office, they have done what they could and given some advice.

    0 Votes
  • Pm
    pm hagerstown Md Feb 26, 2010

    Yes they are.I went with them 2007 because my husband was only working pt back then
    He told me was a mistake boy was he right.Right after we did the mortage.Had to pay our on taxes and home owners ins.We had it in our contract for escrow for them to pay. I called them you know 1-800# and they said for frist year we had to pay it out of our pockets. Went to loacl branch before the left the state of Maryland. The branch couldnt give me a
    a answer. Well anyway could keep going on about this... You can never speak to same person and they always say call mite be recorded if they are doing that and doucmenting it in the computer they would have the information and would not have to keep asking same ?

    0 Votes

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