Complaint / Review
Beneficial
Signed Arbitration Rider with Beneficial, was told that if something was wrong, this paper was just to give them a chance to correct it without going to court

I wrote to The complaint when Beneficial kept adding what they called "deferred interest" onto our loan. I was advised to read my contract.

The only thing I can find in the contract is an arbitration rider. When we signed papers, I questioned this. Beneficial told us that by signing that paper we were agreeing to give them a chance to correct any errors that they may have made during the loan without going to court right away.

It sounded fair enough to give them a chance. It says that we have the right to pay $100. Plus 1/2 of all costs over $100 to have an arbitration firm check out any descrepancies. It says that if either party elects arbitration, then the matter cannot go before a judge or jury. I have never asked for arbitration. I can't afford to pay their insane interest. Did we mess up? Did we accept arbitration when we signed the contract?