I have dealt with Beneficial in Kansas, and found them no more objectionable than any other creditor. However, upon moving to Louisiana and obtaining a vehicle loan, I had an entirely different experience.
To begin with, the reresentative we (my husband and myself) dealt with made several mistakes on the paperwork. We were issued a credit card which we had specifically declined. We were charged for insurance that duplicated coverage we already had, and her solution was to hand us the amount in cash rather than go back and correct it. Finally, when inquiring about the interest rate, we were informed it would be 'the same as our last loan.'
Herein lies the problem: our last loan carried a ridiculous 18.99% interest rate... But the new rate was 29.9% by one page of the documentation and 34% by another. (Upon calling the company I was quoted yet another figure.) Just as my age was given as 25,23, and 22. (I was 20 at the time). I understand this violates 'truth in lending, ' but the burder of proof appears to be on me and none of the debt management people I have contacted will touch this because it is a loan and therefore a legal contract.
So, I have spent the last three months trying to obtain a straight answer from Beneficial/Household/etc. As to why I'm paying in the neighborhood of 30% interest. Their customer service center cannot be reached by any number their willing to give out, the representatives at their various call centers do not know the national number, and the local rep's whom you're instructed to contact know absolutely nothing. After discovering this and that no documentation could be found of my first two loans (in the state of Kansas), I finally obtained their national number from the Better Business Bureau.
I was referred to another number, which happened to be a direct line to someone's office (I have no idea who, this was the fiftieth individual I'd talked to) who explained that ALL personal loans made in the state of Louisiana are AUTOMATICALLY given the 30% interest rate.
Therefore, the local rep's suggestion that I 'apply for the loan again and see if it comes out different' is useless; this is the best that the local people can come up with, since like everyone else who works for this company, they know absolutely nothing.
Heather
New Orleans, Louisiana
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