ED Magedson – Founder
HFC BeneficialInternet United States of America
Be aware this company has zero integrity. We refinanced with Beneficial about 5 years ago. Every year we have had one battle or another. This year is my breaking point.
We renewed our home owners insurance about9 months ago through our local insurance broker. A month later the statement comes through from Beneficial saying that we owe $400.00 a month more for their provided insurance. Along with my insurance company, I jumped through all the hoops to try to prove that my insurance was never cancelled. They agreed over a 3 way call with my insurance company that I had insurance and I thought the matter was over.
Another two months later I get a call from Beneficial stating that I had not made a house payment for the prior month. Long story short we found out that they didn't really agree I had insurance and held my payment from two months prior until I sent in the next months payment where they deducted the $400.00 from it and any late fees aquired while they were holding my money.Thenthey said I owed the money deducted from the prior payment, plus another $400.00 and more late fees. Or else they would start foreclosure. I paid the money and began dealing, yet again, with my insurance company.
(On a personal note, I make all my bill payments on time but I live paycheck to paycheck so every late fee and unwarranted ins. payment was making me go further into the hole with my bank account).
After sorting it all out, they refused to give me back any late fees or the extra money. This caused me to be late again because now I was short in my account from paying the fees to begin with. After struggling a few more months, I called and asked for help because I was getting further and further behind due to increasing late fees. They offered me a deal that if I paid a certain amount that they would put the rest on the end of the loan, giving me a fresh start and hopefully able to get back on my payment schedule. I borrowed to make that payment and have family in the room with the agent on speakerphone. I aske pointedly do I have to pay anything else before my regular payment in Jan.? The agent said no, I didn't have to make any more Dec. payments and I could continue my regualr schedule in Jan.
Today I got a call from a different agent telling me I owe all the rest of the money by the first of the year or they will foreclose. I asked what happened to my deal and I was told that the agent that offered the deal lied to me and wasn't authorized to offer the deal.
That was the final straw, I have an appointment with a lawyer tomorrow. This business practices shady tactics. I realize that my dilemma was because of late payments, but I would not have been late if they hadn't started the proverbial s****.>
This report was posted on Ripoff Report on 12/20/2010 02:51 PM and is a permanent record located here: http://www.ripoffreport.com/reports/hfc-beneficial/internet/hfc-beneficial-hsbc-beneficial-run-in-the-other-direction-they-scam-you-on-home-loans-in-673652. 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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