BENEFICIAL FINANCE CORP. ripoff Stillwater Oklahoma
WE GOT A OFFER FOR A REMODELING LOAN IN THE MAIL, OUR HOUSE NEEDED WORK SO WE WENT TO BENEFICIAL TO SEE WHAT THEY HAD TO OFFER.BENEFICIAL TOLD US IF WE BORROWED MONEY TO REMODLE AT 23%, AS SOON AS THE REMODELING WAS OVER THEY WOULD REFINANCE AT 5 OR 6%, WE GOT MONEY TO PUT NEW VYNL SIDING AND NEW WINDOWS IN THE HOUSE, ABOUT 15,000. WE HAD A SMALL LOAN WITH THEM ALREADY, BY THE TIME THEY ADDED THE REMODELING WITH THE OTHER SMALL LOAN AND THEN MADE US PURCHASE ABOUT 7,000 DOLLARS WORTH OF INSURANCE, WE HAD ABOUT A 30,000 DOLLAR LOAN AT 23% INTEREST, BUT WE KNEW IT WOULD ONLY BE A COUPLE OF MONTHS,AND THE WORK WOULD BE DONE, AND WE WOULD GET THE LOW INTEREST MORTGAGE. THIS IS WHERE IT TURNED INTO A NIGHT MARE, ALL THE WINDOWS AND THE VYNL SIDING WAS DONE, BUT BENEFICIAL WOULDN'T GIVE US THE MORTGAGE, OUR UPSTAIRS IS NOT FINISHED, WE DIDN'T BORROW MONEY TO FINISH IT, NO ONE CAME OUT TO LOOK AT OUR HOME BEFORE THE REMODELING LOAN WAS APROVED, AND NO ONE TOLD US IN ORDER TO BE APROVED FOR THE LOW INTEREST LOAN, THE UPSTAIRS HAD TO BE FINISHED, THIS LEFT US WITH A HIGH INTEREST MORTGAGE.IS THEIR ANY HELP OUT THERE.
Jerry
stroud, OklahomaU.S.A.
Jerry
stroud, Oklahoma
U.S.A.
1 Updates & Rebuttals
Teresa
Brentwood,Tennessee,
U.S.A.
I have always been told not to ever promise that a loan can ever be made
#2UPDATE Employee
Wed, March 01, 2006
Jerry,
As an employee of Beneficial, I have always been told not to ever promise that a loan can ever be made. I am not sure what type of loan you have, but it sounds like an Express Equity loan. The Account Executive should not have promised you that, by taking one loan and doing home improvements you would be qualified for another. That is also against policy.
My suggestion would be to contact the Branch Manager and inform them that you feel you were mislead into believing you would get the new loan. That's a good starting point. Also, if you do not get a satisfactory response, you can always request to speak with the District Manager. Per company policy, the Branch Manager has to give you the contact info for the district manager. This is usually the best way to get things done. I know this is not a solution to the problem, but I hope it helps.