• Report: #735112

Complaint Review: Beneficial Finance

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  • Submitted: Tue, May 31, 2011
  • Updated: Mon, June 13, 2011

  • Reported By: S.E.Mears — Modesto California United States of America
Beneficial Finance
500 Woodward Ave Suite 4000 Detroit, Michigan United States of America

Beneficial Finance Household Finance Are they Real? Where does YOUR loan live Detroit, Michigan

*Consumer Comment: Mexico and Middle East.

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Hi - I just got done with the most frustrating situation:  I have two long-standing loans with Beneficial (they used to have a local office - no longer).  I have to make some adjustments to my current loans, mostly beneficiary info and name adjustment (I am a recent widow).  I was passed around through their nightmarish phone system, was hung up on 5 times, given bogus customer Service numbers, was not allowed to speak to a supervisor, even at one point had an extremely loud screeching sound into the phone suddenly for a full minute (it wasnt a fax sound, and I had already been speaking to someone and got transferred). This is 25 minutes of this!! The whole system is a joke, and these are people that have the mortgage to my house!!  I believe it may even be criminal.  I cannot ever speak to anyone locally, or even from this country!  Ive always known about the notorious reputation of Beneficial, and class action suits etc  but at least I was able to call and talk to a branch about my loans.  Where does my paperwork reside now? I believe I have a right to know.  Can you provide any resources so I can subpoena my records and demand a loan representative?  I have never been late on a payment, never defaulted -but I wonder now why Im holding up my end, but they are not on their end, why do I keep paying?  Who am I paying??  I dont feel that my loans are even legitimate if there is no access to them or a rep.  Your thoughts?  Is this company even legitimate?  Is there any recourse?
 

This report was posted on Ripoff Report on 05/31/2011 11:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/Beneficial-Finance/Detroit-Michigan-48226-3425/Beneficial-Finance-Household-Finance-Are-they-Real-Where-does-YOUR-loan-live-Detroit-Mic-735112. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Mexico and Middle East.

AUTHOR: end the kaos - (United States of America)

You asked where does your loan reside?  That is a great question, so I decided to see what I could find on the internet about HSBC Group, the parent company of Beneficial that bought HFC in 2003.  Answers were vague and confusing all over the place.  However one these kept coming up, Mexico and the Middle East.

In a recent news report, the article states that HSBC Group is a London-based company, but other indications around the web point to Mexico and the Middle East connections.
http://www.bloomberg.com/news/2011-06-07/hsbc-agrees-to-pay-62-5-million-to-settle-u-s-class-action-madoff-suit.html

Originating in Hong Kong is 1865, HSBC was a british colonial investment firm.  After the WWII, the British Bank of Middle East was added to the mix.  During the late 90's and into the millineum,  Mexican banks were added to the considerable holdings.  Some reports have high level executives of Middle Eastern citizenship in power. 
http://www.answers.com/topic/hsbc-holdings-plc-adr

Trying to find information on the HSBC Group site was worthless. 
This is a financial take-over of our economy.
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