Complaint / review text:
In July of 2008 my wife and I went in to Beneficial Finance and requested a $12,000 loan. Before we had time to react the loan rep had us signing the loan at a 23.732%. Outrageous! Our total payment amount was $21,535.20. The interest on this loan was $8,991.14. I can honestly say we were conned into this loan by this shark from Beneficial. On top of that he added auto insurance, unemployment insurance, and when I told him I did not need these he ignored me. These were already added without my consent on the contract. Several months later I was layed off from my job and filed a claim for unemployment. That's when the problems arised.
First, I was told to keep making my montly payments. So I did using what little savings I had and part of my wife's pay. Thinking I would get reembursed from HSBC for this, I went ahead and kept making those payments for three months. I did not here from HSBC so I called them and could only reach their call center which had nothing but incompetent operators who did not know what was going on inspite of my claim number and information taken from me. Finally I found out through the local office that a check had been mailed out by HSBC, not to me, but to Beneficial and they could not issue me a refund check for the payments I had made personally while still unemployed.
This has been a stressful agonizing ordeal that my wife and I have been dealing with since Nov. 2008 till now. I am still unemployed and have not received my refund check. On March 5th I called the Beneficial and asked them about my check and the lady told me that Beneficial and HSBC were no longer Part of the same company and that Beneficial is closing down their offices this week. I still do not have my refund check promised by HSBC and at this point am in limbo about what is going to happen with this situation. I am still unemployed and desperately trying to make ends meet. We need HELP!
My wife and I have been put through the most stressful situation I can ever think of. I have developed a sleep disorder thinking of what I have been put through by Beneficial. My wife is constantly nervous and wonders how we are going to pay that huge debt pushed on us by Beneficial. I feel angry and dumbfounded and still can't figure out how we were duped into singing for that loan.