• Report: #308992

Complaint Review: HSBC Beneficial Finance

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  • Submitted: Thu, February 14, 2008
  • Updated: Sun, March 09, 2008

  • Reported By:Vernon New York
HSBC Beneficial Finance
827 Black River Blvd. Rome, New York U.S.A.

HSBC Beneficial Finance We Were Hood Winked! Rome New York

*UPDATE EX-employee responds: buyer beware

*UPDATE EX-employee responds: buyer beware

*UPDATE EX-employee responds: buyer beware

*UPDATE EX-employee responds: buyer beware

*UPDATE EX-employee responds: does not make sense

*Consumer Comment: Ouch! Ouch! OUCH!! You MUST have had a stupendously great reason for taking THAT loan...

*Author of original report: HSBC Beneficial, Rome, NY Re: Hood Winked

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We had 2 lending institutions reading to lend us 2nd mortgage money. 1 of them, Lending Tree, pulled the rug out from beneath us with this lame brain excuse "you live in a disaster area" (flooding). Hogwash, a gentlemen representing Lending Tree was in our home ensuring we signed all documents correctly for the loan. He seen our home. So we went to Beneficial, our back up. Each time we called them from beginning to end, the interest rate continued to climb, no lie. Finally it settled in at about 13 or 14 percent with this plan that as each year went by and as long as we paid on time, the interest rate would drop like in 10th's. Our understanding was, "we had a derogatory entry in our Credit Report from the Military." We questioned the entry with the organization (we knew who they were) and they categorically denied any such entry was ever made and gave us a letter. This was after we had signed on the dotted line. It was recent that we pursued it with HSBC Beneficial. According to our understanding, "nothing derogatory was written" but yet when we asked HSBC for a copy of what they claimed to be the derogatory remark, they said they couldn't do it. We produced evidence and submitted it via e-mail to: beneficial.feedback@us.hsbc.com with all necessary information, it was dated January 19, 2008. We challenged HSBC stating, "we've produced the evidence in writing, you've made accusations but have proven nothing nor showed us anything in writing." Our reason for the dispute was that our Credit Rating and our Credit Report was in good if not excellent condition and they threw us "over a barrel" due to the situation, as "high risk consumers" using this derogatory remark from a company that denies any such remark and we found none in our credit report!

Our second year on the 2nd mortgage will have its anniversary in July of 2008 at which time our interest rate should drop a second time but it never should have been that way for consumers with good credit!

Mad consumer
Vernon, New York
U.S.A.

This report was posted on Ripoff Report on 02/14/2008 05:59 PM and is a permanent record located here: http://www.ripoffreport.com/r/HSBC-Beneficial-Finance/Rome-New-York-13440/HSBC-Beneficial-Finance-We-Were-Hood-Winked-Rome-New-York-308992. 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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REBUTTALS & REPLIES:
0Author 7Consumer 0Employee/Owner
Updates & Rebuttals

#1 UPDATE EX-employee responds

buyer beware

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

Did you read the 2 rebuttals before mine? I agree if the APR keeps going up why did you sigh the papers? There was probably a reason that Lending Tree pulled out and it could be tied to why the APR was going up. And good advise you should pull a credit report you can get a free credit report from each of the 3 credit bureaus at www.annualcreditreport.com
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#2 UPDATE EX-employee responds

buyer beware

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

Did you read the 2 rebuttals before mine? I agree if the APR keeps going up why did you sigh the papers? There was probably a reason that Lending Tree pulled out and it could be tied to why the APR was going up. And good advise you should pull a credit report you can get a free credit report from each of the 3 credit bureaus at www.annualcreditreport.com
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#3 UPDATE EX-employee responds

buyer beware

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

Did you read the 2 rebuttals before mine? I agree if the APR keeps going up why did you sigh the papers? There was probably a reason that Lending Tree pulled out and it could be tied to why the APR was going up. And good advise you should pull a credit report you can get a free credit report from each of the 3 credit bureaus at www.annualcreditreport.com
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#4 UPDATE EX-employee responds

buyer beware

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

Did you read the 2 rebuttals before mine? I agree if the APR keeps going up why did you sigh the papers? There was probably a reason that Lending Tree pulled out and it could be tied to why the APR was going up. And good advise you should pull a credit report you can get a free credit report from each of the 3 credit bureaus at www.annualcreditreport.com
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#5 UPDATE EX-employee responds

does not make sense

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

I actually worked for Beneficial and we loved when our customers qualify for lower interest rates because it's easier to sell. There is no way that the loan officer you worked with came up with some ficticious negative reporting on a credit report. You claim that you contacted the company (military), but did you ever think to pull your own credit to check this out? By some guideline or law we were not permitted to give copies of credit reports to customers. They are for lending purposes only. The rate reductions are given for every 12 months you pay on time you will receive a rate reduction...either .20, .30, or .40. We never had one that reduced by .10.

Another thing that would drive the interest rate would be a low appraisal. Loan to value is a huge factor when determining interest rate. Customers would always think their homes were worth a lot more than they actually were, so the original proposal may have reflected that. And a company wide non negotiable that we were subjected to was to have the customers come into the branch and go over the proposal entirely, rates, fees, etc. Did that happen with you?

Another thing is that customers always feels they have excellent credit because they pay their bills on time. I can't even keep count on how many custmers told me that they had great credit and when I pulled the report, it was always less than perfect. Was your score above 720? That would be excellent.
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#6 Consumer Comment

Ouch! Ouch! OUCH!! You MUST have had a stupendously great reason for taking THAT loan...

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

Good grief:
''So we went to Beneficial, our back up. Each time we called them from beginning to end, the interest rate continued to climb, no lie. Finally it settled in at about 13 or 14 percent with this plan that as each year went by and as long as we paid on time, the interest rate would drop like in 10th's. ''

1. ''interest rate continued to climb'' and you persisted...?
2. '' it settled in at about 13 or 14 percent'' [Which was it???]
3. ''as each year went by and as long as we paid on time, the interest rate would drop like in 10th's'' LIKE in 10ths??

OK, OK, your were ''dealing with weasels''..... But really, WHY did you PERSIST ?

You forged ahead in spite of admitted enormous negative changes....
You seem vague on your understanding of what you had agreed to....
You do not seem to appreciate that 14% interest is a good bit worse than 13%...
And you bought off on a seemingly vacuous claim about the 'possibility' of some minor reductions to your interest rate.... that you seem unsure of....

I hope you put that money to really good use, because it is going to really cost you. Personally, if it were me, I would find a way to pay the money back to HSBC Beneficial Finance, thereby cutting my losses, and then start over..... and not be in a big desperate hurry..... If that were possible....

My take is that if YOU are not going to take care of YOU, then WHO should take care of YOU? Answer this and your situation might be helped.
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#7 Author of original report

HSBC Beneficial, Rome, NY Re: Hood Winked

AUTHOR: Mad consumer - (U.S.A.)

February 15, 2008

HSBC Beneficial Updating my Original Posting Rome New York

February 15, 2008 - I'd like to add to my original posting as not to confuse this delicate issue and the support I might receive. The Beneficial Office in Rome, New York closed recently. In my attempts to speak with the manager, I was told, "sorry, but nobody is here but me, please call our City of Oneida Office, located at: 2072 Glenwood Plaza Shopping Center, Oneida, New York 13421, Phone: 315-363-3300, Fax: 315-363-7068.
From what I understand, two things have happened since the Rome Office (where I made the loan), 1) Our account was forwarded to the Oneida Office in the City of Oneida, NY and 2) our Account number has been changed!

Let me add, we originally applied for the loan via the Internet thinking we were applying to the Rome office but discovered the request went to the Oneida office. We didn't much like the people there so we went over to the Rome Office to make the loan.

We told the manager of the office our reason for applying for the loan through his office and he basically remarked, "don't pay them any mind." (meaning the office in Oneida)

But evidently he did inasmuch as from what I've derived, that office over seen his office and what they told him, evidently went and that is why we believe, this false accusation about a derogatory remark in our Credit Report was the purpose and excuse for the high rate of interest.

But even then ladies and gentlemen, since my wife and I uncovered what we strongly feel to be the truth and presented it to HSBC Beneficial a year and 5 months later, they refused to act upon it as an oversight and stick by their original loan procedure. And as I wrote, even when I spoke to a Beneficial Officer out of Albany (she called me after I reported the incident to the e-mail address in my original posting to HSBC Beneficial Feedback) she insisted on this derogatory statement by Military STAR Program. I asked for a copy so that I could approach AAFES (Army/AirForce Exchange) and demand to know why. The Beneficial Officer refused. I have a letter which indicates otherwise from AAFES and I presented that to HSBC via their feedback system and I remarked, "I've produced the evidence and the argument, what have you produced in return.

In a letter from AAFES, they insist nothing derogatory was submitted to any Credit Reporting Agency and as well in their letter to me they indicated "they notified all Credit Reporting Agencies of our on time payments and good credit history."

So I ask, "why the detrimental and punishable treatment in terms of a loan with a high interest rate under their standards of being a "high risk" married couple with our own home and property, residing at the same address for some 19 years?" This is what HSBC won't answer nor will they produce the derogatory submission to the Credit Reporting Agencies they say AAFES Military STAR submitted against us!

I hope this clarifies and satisfactorily updates . . .

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