SW in Montana said: “We have had a property secured loan with Beneficial Finance since 1995- the interest rate is high, but we have been on time for the whole loan. We still owe about $12,000.
ON March 1, 2009 when we opened our bill to pay - we discovered that the payment has gone to 2.5 x the payment. When we called to ask - we were told they had the right to call the loan closed 10 years from the last time you borrowed money on it.
The higher payment is effective until Aug 2009. Then there is a 7,000 balloon payment which was never in our original aggreement. However they do have “ferengi” print that allows them to pretty much do anything they want.
We were able to talk to the local Beneficial office - they all lose their jobs at the end of March.
I saw that someone in California is going after HSBC - more power to ya!!
I hope there is a class action suit - as I would love to participate.
Hopefully, we will be able to maintain the payments, and we will use our kids college money to pay the balloon.”
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