Like others, we got way behind in our bills and got sucked in to Beneficial's spiel about a 10- year consolidation loan at a 'low' rate. Turns out the 'low' rate is over $280 per month for 15 years. And that's on the so-called 'hardship' program they have.
Because we fell a few payments behind, they cancelled the life insurance we had on the loan, so if anything happens to my husband and I can't make the payments, they snatch our dumpy house. There is also NO way of getting life insurance again, even if the loan is brought current. How's that for future security?
For a 15,000 loan, we will be paying over 40,000 when all is said and done. We are now trapped in twelve more years of sky high payments, if we aren't driven to bankruptcy or worse before that.
I called Beneficial to see if I could get some concrete help, and all they did was give me yet another sales pitch about another loan with another long term. And the beat goes on. I feel as though we are one step ahead of foreclosure, just treading water. The equity we had in our home is long gone. All because of this bullshit loan from this predatory lender.
If you are considering a loan, do NOT deal with Household Beneficial. God help you if something unforeseen comes up and you can't make the payments. Before you know it, you will lose your home. You will rue the day you ever did business with this insatiable money hog. We regret it daily.