Although I don't have a mortgage out with Beneficial, I did (unfortunately) get a personal loan through them. I was reading what was written here and saw " (mistake #1)" and figured I should post my complaint here, since I can relate with that philosophy.
Benefical made it WAY too easy to get a loan, first of all. For colateral, I just had to list a bunch of personal items and what the value of them were. They never checked if these items really existed, so I could have lied about them.
Then as everything "checked out", they pushed a bunch of papers and pamphlets in front of me and said I needed to sign for a bunch of services I didn't need, such as car roadside assistance, some kind of insurance, and all kinds of discounts you can get at a bunch of hotels and restaraunts. I was told that this was all part of the process and that I HAD to sign to complete the transaction. So I did. (Mistake #1)
So, I get the check, and proceed to the bank across the street and cash the check.
Next thing I know, I'm getting charged for all these other fees that I musn't have seen when I did all that signing. (I forgot my magnifying glass that day). But anyway, I just paid them.
Time goes on, and it's getting harder and harder to pay for this loan, especially since I was right out of college and my school loans started up. I called my local branch of Beneficial and after the EXTREMLY RUDE receptionist forwarded me to someone and explained my situation. They weren't very nice about it, but said I could refinance the loan... What? That sounded wierd, so I opted against it.
Months go by, and at this point, I'm paying not even the whole payment, since I'm close to flat broke. But I'm making payments every month, and sometimes the payment is in full, but I'm obviously struggling.
This is when the red flag should have gone up: I get a pre-approved notice in the mail stating that since I'm such a great customer, I'm entitled to a check for $1000 (about 1000, it was a while ago, and don't remember the real amount). I should have ripped it up, but an "x-friend" of mine took the notice they sent me, and MY license and claimed the check and cashed it!!! (I took her to court a couple of years later, but that's a different story).
To make a long story a little shorter, a loan that started at about $4500, ended up as almost $8000. It's been years since this happened, and it's still not paid of. A consolidation company deals with them now, I just can't do it any longer.
The moral of the story is STAY AWAY FROM BENEFICIAL!!! They are horrible!
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