HFC/Beneficial ,HSBC Bank Unrequested Loans by mail - Preditory Lending Wilmington Delaware
When I was roughly 20 years old, living 18 hrs away from home as a broke college student, I randomly received a check in the mail in the amount of $6,000 from Beneficial Finance. Naturally, as a young broke college student, I immediately deposited the check into my bank account and subsequently opened myself a line of credit w/ Beneficial that would follow me for years. It's been nearly 10 years now and over those years I have made my payments faithfully totalling nearly $12K. I have paid back DOUBLE what was borrowed, however due to the SKY HIGH INTEREST RATE and my inability to pay much more then the minimum amount due ($150/mo), my balance is STILL $6,000.
I have tried several times to speak with reps from this company but each time I get a rude unit manager saying "You made the decision to cash the check, now you have to live with it." I would have NEVER made the decision to cash the check if this preditory company hadn't ran my name through apre-screening database that I never authorized then sent me a check that I never requested and wasn't mature enough to think of the consiquences.
Hindsite truly is 20/20 and I've learned a lesson for myself, but it's unacceptable that companies in this country can get away with marketing tactics like this. We all wonder why debt is such a growing epidemic in this country and aside from a lack of education and too much greed, the fact that companies are allowed to practice such habits as these is another contributing factor.
I would love to talk to a lawyer about this and somehow force this company and others like it to change their practices. We need a make over in American Corporations - - - they need to CARE for the consumer rather then rip them off!!! REDICULOUS!
Disappointed consumer
Pensacola, Florida
U.S.A.
5 Updates & Rebuttals
Bestadvice
Baltimore,Maryland,
U.S.A.
Understand, BUT...
#6Consumer Suggestion
Fri, February 27, 2009
Here's the thing, while I understand your point (as a person who accumulated credit cards as a college student with no job!), you signed and deposited a check! For six thousand dollars. With no approval process.
It was a costly lesson for you, but not out-of-bounds. Good luck to you.
Bestadvice
Baltimore,Maryland,
U.S.A.
Understand, BUT...
#6Consumer Suggestion
Fri, February 27, 2009
Here's the thing, while I understand your point (as a person who accumulated credit cards as a college student with no job!), you signed and deposited a check! For six thousand dollars. With no approval process.
It was a costly lesson for you, but not out-of-bounds. Good luck to you.
Bestadvice
Baltimore,Maryland,
U.S.A.
Understand, BUT...
#6Consumer Suggestion
Fri, February 27, 2009
Here's the thing, while I understand your point (as a person who accumulated credit cards as a college student with no job!), you signed and deposited a check! For six thousand dollars. With no approval process.
It was a costly lesson for you, but not out-of-bounds. Good luck to you.
Bestadvice
Baltimore,Maryland,
U.S.A.
Understand, BUT...
#6Consumer Suggestion
Fri, February 27, 2009
Here's the thing, while I understand your point (as a person who accumulated credit cards as a college student with no job!), you signed and deposited a check! For six thousand dollars. With no approval process.
It was a costly lesson for you, but not out-of-bounds. Good luck to you.
Dave
WR,Wisconsin,
U.S.A.
My view
#6Consumer Comment
Sat, February 21, 2009
Your right that it is a problem that people are not always educated when it comes to loans but I can't blame a company, any company for trying to sell its product. In this case loans.
I don't feel it is just greed here I also think it has to do with people wanting something now and instead of waiting and saving for what they want.They take these loans or purchase things they really can't afford.
If you or I owned a business and had the ability to reach thousands of people through mass mailings, advertisements, I'm sure you would agree that we would take advantage of it to get as many customers as possible and make more money