KH in Missouri said: “On October 23, 2008 I mailed my Home Equity loan payment to Beneficial via Priority Mail. My payment was NOT due until November 9, 2008. When I received Beneficial’s statement dated November 18, 2008 it did NOT show that a payment had been made. I called Beneficial on November 20, 2008 and asked if they had received my payment and they said they had not. I immediately went to my bank and put a stop payment on the check I had written effective November 20, 2008 and reissued a check to Benefical that day as well as another check for my December 9, 2008 payment. I received my bank statement on December 15, 2008 and lo and behold…Beneficial had applied payment of my October 23, 2008 payment on NOVEMBER 25, 2008, but fortunately for me my bank applied my stop payment and debited my money back to me. I find that even though I send my payments well in advance of the due date, and send them priority mail from Missouri to our neighboring State of Illinois Beneficial fails to post the check for many days, thus causing me to pay their horrendous interest charges.
I would recommend that NO ONE borrow from HSBC/Beneficial. They only prey on people who may not have the credit to get loans from reputable companies. Don’t understand WHY the federal government doesn’t look into HSBC practices and do something about them.”
Editor’s Note: The trick to priority mail is to pay the extra small fee for delivery confirmation. the post office will scan your letter, and they will tell you exactly when the put the payment in the box at the delivery address. Nobody approves it, signs for it, or has anything to do with the transaction except the postal clerk. It has saved many people. For instance in this case you would know the day, hour, and minute the payment was received at HSBC/Beneficial. If you ask when it was received you would already know the truth from a lie. In all cases you can track priority mail online, and you know when it was delivered.
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