Beneficial Finance Complaints & Reviews

Beneficial FinanceDebt never going away

We took out a loan 12 years ago for $10, 000, paying $200 a month and still owe $8900. I'm curious how many customers do not have the same account # from their original signed contract?

  • Li
    lisbella May 10, 2012

    Once...9 yrs ago cashed a check for $500 ... do you have an account with them

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  • Li
    lisbella May 11, 2012

    We wrote to our state bureau to complain and they stated that it's the daily rate of 18% Our payments are only $150 and we have always paid $200... Isn't that crazy!! I think I'm on to something though and I hope that it falls through because this is absolutely wrong. Anything I noticed I thought NC interest rates were not suppose to be over 16%

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  • Li
    lisbella May 14, 2012

    I don't see no terms because it's considered a revolving account like a credit card and we did no realize that when we took the loan out. uhmm that makes sense about interest rate in thier state I will have to look into that. thanks.

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  • Pb
    P. Bryan Jul 16, 2012

    I just want to scream!!! I took out a loan in 2007 for $9000.00, under the impression that it was a "term" loan! Little did I know that it was a "revolving" loan! I have paid 147.00 a month for five years now and have never, ever been late since it is an auto deduction out of my checking account and I still owe $8, 252.97!!! 18% interest...this is just wrong!!! I have called several times asking for the loan to be converted to a term loan or for the interest rate to be lowered and all I ever get is a person that can hardly speak English and that tells me they can do nothing to help me! Certainly something can be done to stop this!

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  • Pr
    Professorlane May 27, 2014

    I co-signed a loan for a friend with them in 2005 also for 12, 000.00. I paid $250.00 a month and at times would pay more telling them to apply the remaining monies to the principal, but they did not. I was also out of work due to surgery in 2006, and 2007; but the insurance never paid any claims for me being out of work due to major surgeries according to what an agent from Beneficial told me. When I and my attorney started questioning them about how much money I owe them and requested copies of all payments made to them, they transferred my loan to Springleaf who states, "we do not have their records only what was sent to us that you owe, but we will be glad to request copies for you and mail them to you. Now Springleaf Financial have not given me any problems yet, but the same practice of the load not decreasing is what I am seeing in them also. According to their records, although I have paid over $19200.00, I still as of 5/13/2014 owe them $10, 453.88. According to their records I have only paid this loan down a little over 1400.00 and that's all. This is robbery...They are trying to make it legal to steal money from people this way. I am very angry because they are stealing. I cannot talk to anyone about the loan local because I am told my case is out of state and all they can do is take payments or refer me to call the 800-742-5465. I was told my loan would be paid out in 2014...but based on the amount they claim I owe, and am not late...I intend to fight them on the legislative level. They are loan sharks with a license to practice stealing!


    Brenda

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  • Is
    isabell320 May 27, 2014
    This comment was posted by
    a verified customer
    Verified customer

    I"m in the same boat, it's so ridiculous how the way the figure their loans and the principle never comes down. I have disputed my amount and finally stopped paying while in the dispute and now they are turned over to a lawyer and reported me late to the credit bureau. Their own contract states they can not report delinquent while the account is being investigated. I'm reporting them to our State Attorney General . If you had your account with them in 05/2009 see if you can get a report of your credit because they posted two bogus accounts on our credit and we found out because when we went to purchase our home we were denied because of showing an additional $10, 000 of debt that was not even ours.

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Beneficial FinanceStay away

If anyone starts a class action - I am there!

They keep taking mortgage payments out of my account, every couple of weeks, and I have never authorized them. When I call, I am never allowed to speak to a manager, only advised to send a fax, with all the details to the Research Department. I call every day and am told it can take 4-6 weeks to get an answer. In the meantime, my account is completely overdrawn. My bank is being great in trying to help me, but I can't get the payments to stop. I put a block on any more payments, and did get a phone call stating that if I don't remove the block and do not allow the payments, that I will never again be allowed to make a payment over the phone or internet or by check and will be required for the life of the mortgage to pay by certified bank check. I am stuck. The Bank Manager suggested opening a new account. This company is so full of fraud it is ridiculous. If they want you...believe me managers, etc will call you, but if you need to reach them, all I can reach is a service rep. I am so frustrated...

  • Mi
    Michael Blackburn Jan 19, 2012
    This comment was posted by
    a verified customer
    Verified customer

    Possibly the best solution at this point is maintain a written record instead of communicating by phone. Write a letter to the legal department and ensure to send it certified mail so that you have a written record. Also ensure that the letter is notarized and ask for written documentation that supports their ability to withdraw funds. In other words what authorization do they have from you to withdraw funds from your account. If no authorization exists well that would present a different scenario where legal action may be an alternative or ask for a principal reduction of the amount owed. Hope that helps. Good luck.
    [email protected]

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  • Li
    lisbella May 02, 2012

    We took out a loan 12 yrs ago for $10, 000, have paid $200 every month and still owe $8900!!! Most of thier branches have closed down and we have tried for them to make a settlement but will not unless we want to go 3 months with not paying and ruin our credit. I've been doing reseach and I'm curious how many customers have a different account # right now compared to the original signed contract?

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Beneficial FinanceThieves

My husband and I have a mortgage with HSBC aka HFC aka BF. They give you the runaround when you call. Their reps are extremely rude, uneducated and experts at getting you angry. We tried for a loan modification. We wasted 6 months of our time. We have not received mortgage statements for over 6 years. We are in bankruptcy and paying them back an obscene amount of money on arrears. Big mistake taking a mortgage with you BF. I bad mouth you to everyone I know and tell them to stay away. I'm doing my best to refinance and get away from you thieves.

  • Li
    lisbella May 02, 2012

    I'm curious how many customers do not have the same account # from thier original signed contract?

    0 Votes

Beneficial Financerude and very frustrating to deal with

Have tried and tried working with Beneficial for a modification plan. Spent over two years with numerous phone calls and faxes and dealing with rude people and still nothing. Can't get informatioin from them. worst company I have ever dealth with, so sorry my loan got sold to them...I want out!!! All they do is give you the run around. I have wrote to my senators and congressman and they have been no help. they say they don't regulate Beneficial. Don't know why the government can't help. They bailed everybody out. Seems like everybody is scared of Beneficial, so those of us who got their services are just screwed!

Beneficial FinanceSick of this company and their lies

I have tried and tried and tried to work with this company have spent countless hours on the phone talking to person after person. Faxed the same items requested over and over again to differnet people and nothing ever changes.

Our account is now more than we borrowed from this company over four years later of paying them thousands and thousands of dollars. They lied to me for four months telling me they just needed a payment to get our modification thru.

It took six months of them charging me interest and late fees ect. before the modification went thru and now it is six months later and they are doing the same thing again. I hate this company they are the worst mistake I ever made in my life.

Never never never never never never never never never do business with this company and there should be something that the government or someone can do about these horribly rude, lying and deceitful people.

  • Is
    isabell320 May 27, 2014
    This comment was posted by
    a verified customer
    Verified customer

    I"m in the same boat, it's so ridiculous how the way the figure their loans and the principle never comes down. I have disputed my amount and finally stopped paying while in the dispute and now they are turned over to a lawyer and reported me late to the credit bureau. Their own contract states they can not report delinquent while the account is being investigated. I'm reporting them to our State Attorney General . If you had your account with them in 05/2009 see if you can get a report of your credit because they posted two bogus accounts on our credit and we found out because when we went to purchase our home we were denied because of showing an additional $10, 000 of debt that was not even ours.

    0 Votes

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Beneficial FinanceLoan high interest rate

I have been paying on a loan going on 3 years, and its more now than what I borrowed. I borrowed 8, 000 dollars from Beneficial Finance 3 years ago.

I was paying 170.00 dollars a month. I never missed a payment on my loan.

Two months ago I called to get a balance on my loan and they said my balance is 8, 400.oo dollars. I was furious and asked for details on why I still owe that much money. They told me out of my 170.00 dollar monthly payment only 15.00 dollars was going on the principal and the rest was interest. It was hard to believe.

Beneficial FinanceScam

After being told in July that they were going to process a deed in lieu of foreclosure and it would take approximately 6 weeks. I never received the paper work to sign. I contacted the company and documented who I spoke with every time. I was put on a list where my account number could not even be answered by a customer service person. I was told that the deed in lieu had in deed been requested and they went out and put a lock on my home to secure their property. As of 9-9-09 I still had not received paperwork to complete the deed in lieu of foreclosure. I spoke to a Mrs. Brown and she said she would expedite this matter since I had turned the property back over in June and it had been on hold for a long time. The very next day I received a call from A Kurt Soley telling me the deed in lieu had been declined. And that I would have to get a Real Estate Agent to sell it for me. He said they would take any offer on a short sell and I would not be responsible for the remaining balance. I do not trust this company and would like to know if this was a legal transaction and if their word is true that I will not be responsible for the balance. Yes I do want it in writing.

  • Do
    Dottie1969 Feb 26, 2010

    These stories are so familiar, Maybe 1 voice can be ignored but not many, if we have learned anything from the past. I have a support group on FB if any are interested you can find it by my email. [email protected] or just shoot me an email. I

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  • To
    Total Oct 13, 2010
    This comment was posted by
    a verified customer
    Verified customer

    We have our house financed with beneficial and our house payment is 1035 a month thats without taxes and insurance my husband became disabled and i havnt worked all summer with some major illness. they dont care you dont have as much money comming in like you used too. on top of what we owe them we have 14, 000 added to our payoff called deferred interest this is bull. we are never going to get this paid off. we cant afford 1035 a month anymore.we told them we only make half of what we uses too. WELL SO WHAT!!!

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Beneficial FinanceTerrible company

Beneficial finance is the mortgage company. i received notice from them that i was (3) years past due on my property taxes and i was charged appx $1390 to my existing mortgage for the taxes which i had already paid. i called and talked to someone & thought I had fixed the problem. my payments are set up on ez pay draft and was i pissed when my next payment was for an additional $140.97 to pay back the property taxes. i tried talking to them again; was sent to appx 3 different people. they said i would have to pay the extra each month until the problem was resolved & them i would be refunded for anything that i had overpaid. this did not set right with me. i went to the court house (city & county) and got them to print me copies of my tax receipts for the past (3) years and each receipt stated date amount & who paid the taxes. none of the receipts were paid by beneficial. i made copies of these receipts, i faxed & mailed these receipts to beneficial (after 7-10 payment was made). i open my statment for 8-10 and what does it show? that i owe an additional $140.86 again this month. i called and liked to have never got to talk to a real person. they said the problem was still under investigation and was not resolved yet. this has been going on since may 10, 2009. i told them to take the ez draft payment off, that i would send them a check and it was going to be for the regular amount of $1555.11 not $1695.97 as they requested. if i ever get out from under this mortgage, i will never do business with beneficial again.

Beneficial FinanceWill not lower my interest rate

I am so completely lost and have no way of getting out of this loan!! At first I paid on time, then I had a little financial problems, and fell behind. I called them and they showed no mercy whatsoever.. I really just decide to let the whole thing go and slide into bankrupcy. My mother convinced me to talk to these idiots and try to catch up with the loan. Well I have done so, but there is a huge amount that they have added to the end of the loan. I feel buried up to my eyeballs and no way out---I will be paying this thing off for 50 years!!! I pay 1800 a month and the loan never seems to go down!!! Please Help me, I need advice on what I can do!

  • Di
    diannepatriotlaw Jun 10, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I do Loan Modifications and this company hangs up on me time after time and i rarely get anywhere. I have several dozen borrowers sending a letter to a few banking officials the ceo, cfo and British banking committees as well. The company is based out of London and acts with no moral compass. Most likely you did not close your loan in an attorneys office, nor a title company. Most likely at closing the rate changed, most likely they had you sign a new application and new good faith and til at closing. I work for an attorneys office, we hear the same story time and time again from borrowers with BEN.

    You most likely you owe far more on your loan than your house is worth, you may wish to get a chapter 7 or 13. in the meanwhile set up a efax account for being able to record the communications with your bank and offer to pay them 4% over 30 years. get your homeowners ins down lower and get your property taxes lowered. Check out http://patriotlaw.blogspot.com/ that's my blog. I'll be adding free information that may be helpful to homeowners stuck with
    Beneficial loans.

    I hold free conferences every Saturday at 8am MST, where people can get general information, and add themselves and their cases and petitions for modifications.

    [email protected]

    0 Votes
  • Su
    suprabbit4 Dec 29, 2010

    I am having the same issues as above we have asked them to lower our rates. We aske to refinace we have asked them to work with us and they refuse to cooperate in anyway. Is there anything that can be done they gave us a morgage loan and then a line of "credit" which we were told was gong to be rolled into one morgage once we made the needed upgrades. When we went to roll this in with in a few months they refused to work with us. They put the side loan at 22% and the payments at 400 plus we have made payment faithfully for 6 years and we missed 2 month due to medical issues and being off work and they have been harrassing us and putting extra"fees" on since. Is there anything that can be done????

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Beneficial FinanceIllegal policies

I went to Beneficial last month to pay my bill and I'm told that they no longer accept $$$ you know those little green pieces of paper with the words "Legal tender for all debts public and private" on them? Yes, they wouldn't take it! I pointed out their policy was illegal which the office staff agreed. So, it took me a few days to bring them a check. I went by again this month and the branch had closed! No note, no automated phone call, no e-mail, no warning whatsoever. It just shows how much they care about the customer I guess.

  • Je
    Jesse Nov 21, 2008
    This comment was posted by
    a verified customer
    Verified customer

    They haven't been taking cash payments since DECEMBER 2007! WAKE UP! The office closed which means the people working there lost their jobs, and are now in the unemployment line ... but you're right ... it was probably just their way of telling you ..."the customer" ...that they don't care about them. Get over yourself.

    0 Votes

Beneficial Finance — Account number

I called to get my account number to be set up on the hardship program the lady disscussed over the phone ...

Beneficial FinanceStopped my bank account so I can't get my money

Beneficial made it so easy to keep borrowing money. But when I tried to get the payments lowered I got no help. They started garnishing 25% of my check which financially killed me! I left that job about 8 months ago. They contacted my bank last Friday and froze my money! I was already having problems paying my bills. I am livid! I wish I knew what to do, any ideas? To go back a little I had been summoned for a court hearing. I paid $500 for help and I got none. The CEO of this place has no sole. They branch I borrowed from has gone out of business, I hope they whole place goes under.

  • Je
    Jesse Aug 16, 2008
    This comment was posted by
    a verified customer
    Verified customer

    I have idea for you ... STOP CASHING CHECKS WITH 25% INTEREST RATES IF YOU CAN'T PAY THEM BACK! What is it with you people always blaming other people? Pay your bills ... stop borrowing money you can't pay back ...

    0 Votes
  • Ze
    ZedJ75 Sep 01, 2009

    We took a loan out for $5, 000 with Benificial a couple years ago when going trough hard times. After around 2 years of paying almost $200 a month, the balance is higher than when we started. We were not informed properly of the finance charge each month that was almost the same as our payment. So, of course, each month when I pay them I might as well be burning a couple hundred dollars. Who can afford that? Recently, I have not paid (3 months) because my husband took a job that pays less, and we can't afford it. I have tried to contact them, with no response. There web site has a link for payment difficulties and lowering your payment, but when you email, nobody responds. Instead, I got a letter saying "they can't understand why we have not paid, and not contacted" I am scared to death they are going to go after our bank account, which would kill us! Any thoughts on how to proceed? Can they empty your account? I wish this company would go under! They are scan artists!

    0 Votes
  • Lo
    Lor954 Sep 01, 2009

    I did business with Benefical many years ago, many times and never had a problem.

    The contract you signed should state exactly what the finance charges are.

    You need to call them or send them a letter in writing to try to set up a different payment plan, because of your financial status change.

    The lower amount you pay though will increase the amount of time you are paying it off and the total finance charges you end up paying will be more.

    0 Votes
  • Mr
    mr friedman Jan 13, 2011

    if i were you, you should consider filing for bankruptcy.

    0 Votes
  • Mr
    mr friedman Jan 13, 2011

    you should consider filing for bankruptcy.
    jmo

    0 Votes

Beneficial FinanceFraud

Beneficial Finance, Richmond, Va. called me over and over again. I did not return their calls. I finally asked them to not call me again at my workplace.

They had the nerve to send me a letter today that "my loan«, which I never applied for, I never stepped foot in their office, my "loan” was denied and on my credit rept. I'm sure they were mad I did not return their constant calls nor come in and meet w/ them. Isn’t this fraud? I never applied for a loan w/ them? Can someone help me w/ this?

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