Beneficial Finance aka Household Finance Ripoff If this is how they REWARD a "valued customer in good standing" I don't want to know how they treat someone who has had problems with their payment. GLEN BURNIE Maryland

In March of 2002 I got caught between a rock and a hard place so I turned to Benefical Finance for a small personal loan. Which they turned me down on, but offered me a $15,000 home equity line of credit.

On March 26, 2002 I went to their office to sign the paper on Home Equity Line of Credit with Benefical for $15,000 at 19.980%. After all the papers were signed, they slid one final piece of paper in front of me and casually said, "Oh by the way did I mention this loan has a pre-payment penatly." The state of Maryland passed a law in July 2003 that outlawed pre-payment penalties on ALL loans.

In Sept of 2003, I went to them and tried to refinance my 1st and the home equity line of credit into one loan. They agreed to do it at 9.75% but withdrew the offer when they found out I was applying to some other finance companies for a better rate - and claimed it was becauswe of my credit rating. I got a MUCH better rate that they said they couldn't touch, in fact I had multiple lenders willing to refinance me at a much better rate than they offered. You got it they are rewarding me for being a "valued customer" by charging me a $1500 pre-payment penalty - after they refused to service the loan - a penalty that is fully waveable.

If this is how they REWARD a "valued customer in good standing" I don't want to know how they treat someone who has had problems with their payment. By the way, it is going to cost me almost $18,000 to pay off $15,000 loan in good standing, no lates after almost 2 years of payments.

Martha
Baltimore, Maryland
U.S.A.