This is a WARNING for Household-Beneficial users$
IN Beneficial household or visa versa, Were busted out for Preditory lending Practices. I and many other folks lived the same nightmare! Anyone who took out a mortgage between 1999 and 2002 got burnt pretty bad, so bad we ended up loosing our homes. Household -Beneficial went over the value of our homes appraised my home for 74,000 when actuallly my home only appraised for 35,000.
If you all are wondering why your first or second mortgages or even revolving credit is showing a higher balance than you started with year{s} ago. Well, I will tell you whats more than likely happening!!!
First of all its on a daily peridic rate. Their on a 28 day billing cycle, if your payment is due on, lets say, the 14 of every month, don't make an early payment because, lets say your due on the 14 of every month. You make an early payment on the 7th well, the next month you better pay on the 7th of the following month because of the 28 day billing cycle you will be late on your actual due date (the 14th of every month) which causes you more interest incurred. That is a secret they dont tell you. If you look at your statement, you will more than likely see $3 dollars going to the baance, the rest going to interest!
Folks, I am getting back on my feet after bancruptcy (thanks to Beneficial) Going to buy a house in about a year. My advise to you all is Leave the finance companys alone. They prey on low and middle class. If your Local BANK, Says no, RESPECT them
because a preditory lender (most finance Companies) will put you through H*LL!!!
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