Beneficial
Never receive any credit for payments and charged me $2700 in deferred interest Borrowed 22,000, owe 25,000 after 2 years of payments

My husband and I made a home equity loan with Beneficial in 2001. We paid $421 per month for the last two years. The initial balance was $22,000. We knew we were paying high interest, but how high can interest possibly be?

After 2 years of payments we are refinancing that loan. We never got any credit for any of the payments that we made. My statement has a balance of $22,385.

I received a new statement today and there is a notice on the bottom of the statement that says I owe $2703.in deferred interest. It states that amount is due and payable with my last payment on the loan and is not included in my balance.

How can this company just add $2700. To our balance? Is this legal. A couple of years ago they added over $700 to my balance from one month to another.

I asked the company why and they could never give a straight answer. Finally one person told me that they were Beneficial/Household and they could do anything that they wanted. That was probably the most truthful answer I could have gotten.

Company: Beneficial
Country: USA
State: Pennsylvania
City: DuBois
Address: 90 Beaver Drive Suite 114 C
Phone: 8143758940

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