I too have a loan through beneficial/HFC. We I got the loan I was told that this is an installment loan. I was also told that after 6 months of on time payments that my interest rate would go down. They told me that if I made these payments my loan would be paid off in 5 years. I have paid for 4 years and have reduced the principal by $200.00. When I called they informed me that this is a revolving credit loan (like a credit card) and by making the minimum payment I was only paying interest. At that time I told them to remove me from the automatic bill pay. I was unemployed at that time, but the insurance I had with them would not cover me (even though when I got it I was told it would) They now call me 8 to 10 times a day. They even called at 9pm one day. It was 9pm on the dot. This way they could not get in trouble for calling after 9. Normally the last call is at 8:50pm. If you don't have a loan with them, don't get one. The only way out of their loan is bankrupcy.
0 comments