Complaint Review: HSBC Beneficial

In the late summer of 2005, we needed some cash to catch up on several bills. We went on line to Lending tree and from there Beneficial contacted us and said they could help. All we wanted was a loan.

They sweet-talked us into remortgaging with a large sum of cash to help.

Well everything finally came together and we got the loan. 2 month after we got it, I lost a good paying job, could not get unemployment and it took several months for me to get a job with very low pay. we contacted Beneficial and asked for help. They supposedly tried to rewrite the loan and said the underwriters refused. I called and wrote several times. They did defer a payment, but it did not really help. We paid a payment and a half twice to catch up. we gor behind again and the phone calls started. I talked to the collection agents several times. They sent us preforeclosure letters and we called them again.

One agent told me that they would get the house and if it did not sell it did not matter, they are a multi-billion dollar company who would just eat up the cost.

We applied twice for hardship assistance and were denied. We appealed and were denied.

All we want is the loan reworked for a lower payment so we can get them off our backs.

I believe we were coerced into this stupid loan because the Agent we saw knew we were needy and talked a good line. All we wanted was a cash loan and we end up with this. I wish I would have never heard of Beneficial!

Kimberley
Mineville, New York
U.S.A.