• Report: #590394

Complaint Review: Beneficial Mortgage (HSBC)

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  • Submitted: Wed, April 07, 2010
  • Updated: Sat, April 10, 2010

  • Reported By: Sledge — Indianapolis Indiana United States of America
Beneficial Mortgage (HSBC)
PO Box 4153-K Carol Stream, Illinois United States of America

Beneficial Mortgage (HSBC) Victimizing clients and ripping off customers Carol Stream Illinois

*Consumer Suggestion: (ic3)internetcrimes commission

*Consumer Comment: What?

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This company is very good at scamming its clients.  When we opened a poan with them in 2005 for $15,000.00 we were explained that it wouldbe a 60 month term loan.  Unfortunately I obviously didnt read the paperwork closely enough to realize they put us on some type of revolving account at closing and did not explain this to us.  We have paid $225/month since January 2005 and our balance as of today is still $14,000+.  When I called them they were very short and rude and offered to settle on the account with me.  Hah, they wanted to settle for $12,000.00 and ruin my credit for settling on the account.  So after being paid almost the full amount of the original balance they want another $12,000 and want to ruin my credit report.  Unreal!!  Please let everyone you know not to do business with this company!  Any suggestions on how to deal with this would be greatly appreciatted.

This report was posted on Ripoff Report on 04/07/2010 08:10 AM and is a permanent record located here: http://www.ripoffreport.com/r/Beneficial-Mortgage-HSBC/Carol-Stream-Illinois-60197-4153/Beneficial-Mortgage-HSBC-Victimizing-clients-and-ripping-off-customers-Carol-Stream-Ill-590394. 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 Suggestion

(ic3)internetcrimes commission

AUTHOR: Nudist - (U.S.A.)

to get get even use the above form after this form is filled it will b sent out to all law enforce world wide another one is federal trade commission hop this helps. ray corning arkanas
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#2 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

I don't think your problem is that they put you into a "revolving" account.  Your problem also seems not to be that you didn't read your paperwork closely enough, it seems more that you didn't read the paperwork at all.

Because if it was a 60 month loan, at $225 a month you are only paying a TOTAL of $13,500.  Which if true would mean that not only are you getting 0% interest, they are paying you $1500 to take out a loan from them. 

Not knowing what they "explained" to you verses what you "heard" is impossible to say exactly what is going on.  So the only thing that may help you is that if you go back over the paperwork.  If the paperwork you signed shows that if you paid $225 a month for 60 months it would pay off the loan, then you may have a vaild case. 

But if that is not the case, you are probably going to have to pay off the loan for the term that you signed for.  Depending on the interest rate and actual term it is very possible that you still owe around $14,000.

 

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