• Report: #565049

Complaint Review: Beneficial, HFC, Houshold Finance

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Fri, February 05, 2010
  • Updated: Sat, February 06, 2010

  • Reported By: TonyB — Plainfield Illinois United States of America
Beneficial, HFC, Houshold Finance
PO BOX 88000 Baltimore, Maryland United States of America
  • Phone:
  • Web:
  • Category:

Beneficial, HFC, Houshold Finance HSBC, Beneficial Finance High Interest Rates, 7% above prime! Predatory lending! Baltimore, Maryland

*Author of original report: Crazy is that word!

*Consumer Comment: Crazy is the word.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

After reading all the reports on this site, I , unfortunately am glad that I'm not alone!

Approximately a year and a half ago, my wife and I wanted to consolidate all our debt into one loan. My credit wasn't the best, but it wasn't the worst. We were contacted by HFC and advised that we qualified for a consolidation loan for our first mortgage and a line of credit to use for all other outstanding credit. We were charged extensive processing, administrative, and legal fees for the loan. We were also given a 11.5% interest rate on the mortgage and a 18% rate on the line of credit! Crazy right!

The loan officer told my wife and I that we would only have this for a short period and then the loan would be rewritten after our credit report reflected an increase in our credit rating. Unfortunately, like my life story, we took the loan at the wrong time. The economy dropped, housing prices,as well as the value of my property fell tremendously. We received a letter from HFC that all of their branch locations were closing and they would no longer be refinancing loans.

Now my wife and I are stuck with this mortgage loan for 11.5%, we cannot refinance because the value to loan on our house is upside down and HFC refuses to rewrite the loan, but gave us a hardship modification for 9.5% for six months! please remember that at this time rates are currently at 4.5-5%. I would have been happy with 6%!

I was told by one of their loan specialist, a new name for debt collector, that since HFC or their subsidiaries did not take any stimulus many form the US government that HFC was not obligated to go along with the Obama plan or HUD plans. I was also advised by their loan specialist that maybe I should sell the home since I cannot afford it! They do not take into consideration any daily expenses, utilities, vehicle, education, or any other personal loans. They only consider the mortgage, property taxes, insurance, and any medical expenses that you have in your debt to income ratio. I believe that is extremely wrong, if not illegal some how.

I want to know why the US government isn't doing something about this company since they are obviously allowed to do business in the US. I have read that they are based out of England, not sure though. Where is the US Attorney General, Illinois Attorney General, or any other government agency that this would fall under? It is companies like HFC that are forcing homeowners like my wife and I to short sale our home that we would so desperately love to stay in and rent a home! This has torn apart our credit, self confidence, and any hope of living the American dream. I probably wouldn't care about this whole situation and just foreclose and walk away like so many others are doing, but I have two daughters that are in the prime of their education and need to stay in this area.

Somebody please stand up to this company! Force them out of business in this country so that this type of predatory lending is no longer conducted to the thousands of middle class Americans that are working so hard to just live a simple life!

This report was posted on Ripoff Report on 02/05/2010 01:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/Beneficial-HFC-Houshold-Finance/Baltimore-Maryland-/Beneficial-HFC-Houshold-Finance-HSBC-Beneficial-Finance-High-Interest-Rates-7-above-p-565049. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Beneficial, HFC, Houshold Finance

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Crazy is that word!

AUTHOR: TonyB - (United States of America)

Wow! Now that is completely ignorant! Obviously Flynrider is an employee, investor, or just a plain arrogant jerk off. Either way, they are all the same family.
Respond to this report!
What's this?

#2 Consumer Comment

Crazy is the word.

AUTHOR: Flynrider - (USA)

"We were also given a 11.5% interest rate on the mortgage and a 18% rate on the line of credit! Crazy right!"

  Not that crazy.  If your desperate enough to have to use one of these finance companies, you could have been offered much worse. What would be crazy would be to actually accept those terms.

"Unfortunately, like my life story, we took the loan at the wrong time."

  Now that is crazy!  Basically, you took a high interest loan and were gambling that you'd qualify for a better loan down the road.   Sometimes when you gamble, you lose.  You've got exactly what you signed up for. 

"I want to know why the US government isn't doing something about this company since they are obviously allowed to do business in the US."

  There's a reason you had to stoop to getting your loan from HFC.  No one else would touch you (certainly not at 4.5 - 5%).  Now you think the government should force HFC to make you a better deal than the one you signed up for.  This sense of entitlement boggles the mind.   You seemed to like them well enough when they had money to lend you, now when you can't meet your obligations it's "predatory lending".   Take a little responsibility for yourself.   

 

Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory