• Report: #988162

Complaint Review: Beneficial Finance

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  • Submitted: Fri, December 28, 2012
  • Updated: Fri, December 28, 2012

  • Reported By: Kady — Pryor Oklahoma United States of America
Beneficial Finance
1301 E. Tower Road Schaumburg, Illinois United States of America

Beneficial Finance Huge finance charges almost as much as your payment amount, Schaumburg, Illinois

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In 2000 I received a letter in the mail from Beneficial Finance with a check for $6000 if I wanted to take out the loan just deposit the check.  I did and then went to the office in Claremore Ok, and filled out papers on the loan.  Every bill, every month, for the next 6 years had a finance charge of $126 added to the account each month and my minimum payment due was $150 each month and that is what I paid so inevitably the balance never came down much.  After 6 years I owed $5, 900.  My husband then got laid off and I was unable to make the payments.  After 2 months of late charges added they started adding over balance charges with the late charges and my balance ended up being in the $7000 range.  Six years later a person came to the door and served papers from a Midland Funding LLC company for the indebtedness and by this time the balance was in the $8000 range.  Now, without being served papers, Midland is being represented by Love, Beal & Nixon, P.C. and got a judgement in court and added $265.70 for court costs and process fees (I wasn't even served mind you) and $817.64 for what they call reasonable attorney fees.  The balance now is $9,259.75.  Mind you, Beneficial Finance zerod my account with them on my credit report many years ago and on my credit report is Love, Beal & Nixon, P.C. and the debt previously mentioned.  I do not know what to do but the Statute of Limitations for Oklahoma is 5 years and these companies are just now, in 2012, filing judgements in my counties court.  Help please, if anyone knows what I should do.  thanks

This report was posted on Ripoff Report on 12/28/2012 11:54 AM and is a permanent record located here: http://www.ripoffreport.com/r/Beneficial-Finance/Schaumburg-Illinois-60173/Beneficial-Finance-Huge-finance-charges-almost-as-much-as-your-payment-amount-Schaumburg-988162. 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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