Household Finance Corporation rip-off deceptive company false promises Maryland

as a recent ex-employee of household finance,i have some advice.first of all,cancel the automatic draft or "e-z pay" because hfc charges a $5.00/mo fee for this and they net $4.10 of this charge(most sales people claim the bank charges that fee which is not true).

if you do pay bi-weekly, make those payments in the branch office and stand there until that payment is posted.

you can request a computer generated receipt on any closed end or installment loans,and it will show the amount applied to interest and the amount to principle, never simply leave a payment on the counter and walk away.

if you can get a life insurance policy to cover the amount of the mortgage; get some because the cost of a truncated credit life from hfc(shorter term than the loan term)is a ripoff and you pay interest on that premium.check with your insurance agent for a cheaper option.

another piece of advice is to handle all communications with hfc via certified mail that way you have a paper trail that is date specific...

i left hfc recently due to the enviroment that they generate in their company which is basically"SCREW THE CUSTOMER"AND SPIN EVERYTHING TO SEEM LIKE YOU'RE DOING THEM A FAVOR,when in fact you're raising their interest rates,increasing their amount owed on their home and locking the customer into a loan that they will never payoff on time...

i would say that 99% of hfc/beneficial cust don't understand the terms of the mortgage loans nor the conditions of them,because the person "helping" thru it and explaining the terms and coditions at the closing is being paid by hfc based on the amount of that loan,and others every month.the corporate attitude is one of arrogance and nastiness,but they are getting their just rewards for their business practices...

as a recent ex-employee of household finance,i have some advice.first of all,cancel the automatic draft or "e-z pay" because hfc charges a $5.00/mo fee for this and they net $4.10 of this charge(most sales people claim the bank charges that fee which is not true).

if you do pay bi-weekly, make those payments in the branch office and stand there until that payment is posted.

you can request a computer generated receipt on any closed end or installment loans,and it will show the amount applied to interest and the amount to principle, never simply leave a payment on the counter and walk away.

if you can get a life insurance policy to cover the amount of the mortgage; get some because the cost of a truncated credit life from hfc(shorter term than the loan term)is a ripoff and you pay interest on that premium.check with your insurance agent for a cheaper option.

another piece of advice is to handle all communications with hfc via certified mail that way you have a paper trail that is date specific...

i left hfc recently due to the enviroment that they generate in their company which is basically"SCREW THE CUSTOMER"AND SPIN EVERYTHING TO SEEM LIKE YOU'RE DOING THEM A FAVOR,when in fact you're raising their interest rates,increasing their amount owed on their home and locking the customer into a loan that they will never payoff on time...

i would say that 99% of hfc/beneficial cust don't understand the terms of the mortgage loans nor the conditions of them,because the person "helping" thru it and explaining the terms and coditions at the closing is being paid by hfc based on the amount of that loan,and others every month.the corporate attitude is one of arrogance and nastiness,but they are getting their just rewards for their business practices...

I read your rip off report and just had to respond. As an Ex_employee of this company, (EX DUE TO THESE PRACTICES) I felt I could help you out. First the automatic draft is an option and not a requirement.

Put a stop payment on the draft with your bank and they can not get the money, also call the local branch and have them stop it as well as write a letter and drop it off.

You are only required to pay once a month, and that payment is the minimum monthly payment you signed up for not double. You can go to their office every month and make it or mail it to their payment center.

As far as your credit insurance. This is too an optional product that you pay interest on. You are entitled to cancel at anytime and receive a refund of the unearned premiums. You must put it in writing and go to the local office.

Once you receive the check for the premium please make sure you put it back on the principal of the loan as you are paying interest on these high premiums and most people do not even realize that the insurance is only good for five years and not the term of the loan.

The class action suit was settled over the last few months so I do not know if you are still eligable to join but I do know that with some persistance and a call to the DISTRICT MANAGER you will get these issues resolved. Household is running scared from all of the deceptive practices they force their employees to take part in to keep their jobs.