HFC Beneficial Reviews

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Last Updated On: October 20, 2015

HFC Beneficial Contact Information

Business Name: HSBC Finance Corporation
Corporate Address:
26525 N. Riverwoods Blvd.
Mettawa, Illinois 60045 USA

HFC Beneficial Customer Service

HFC Beneficial Phone Number: 800-365-0175
Company Contact: Patrick J. (Pat) Burke - CEO
Corp Website: beneficial.com

HFC Beneficial Ratings

Average Rating: 3.00 out of 5
Based On: 3 Reviews
Number Of Comments: 22

HFC Beneficial Reports

Reported Losses: $5,030.43
Average Reported Losses: $1,676.81

Most Recent HFC Beneficial Complaints

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Category: Financial Directory ListingHSBC Finance Corporation Listing

Charging for their mistake

March 7, 2014, we received a notice that our account was past due and that we owed actually about $29 more than what our payment was. In reading the letter, it appeared that it had something to do with the optional life insurance, but nonetheless, I checked with our bank to make sure the payment we had made on February 27th (not due until March 16th) had cleared. It cleared March 4th. I called the customer care number at 1-800-365–0175.

It turns out that they supposedly sent some letter out the end of December stating that due to a system malfunction, the optional insurance did not get properly credited and that our payment went only to principal and interest. We now owed the $30.43 that did not get paid towards the insurance. The letter and our payment credit for March 16th had crossed, so now we only owed the optional insurance amount, but if we did not pay that by March 16th, we would be assessed a $15.00 late fee and they would also report us to the credit reporting agencies.

I said that it was not our fault that they misapplied portions of the payment. We are not responsible for that. They insisted that we were. I hung up dissatisfied with how this was handled, knowing that they had me unless I was willing to avoid the late fee by giving in and paying them an amount which should have been adjusted internally. The second mortgage loan we have with them is a set monthly fee with the chance of getting the interest lowered each year for paying on time. You can count on the amount to always be the same unless it goes down a bit at the beginning of the year. I do not budget for sudden unknown increases in set loan payments that are not any fault of my own, so am very upset that now I have to scrounge up an additional amount that they should have either written off or adjusted within their own company. I wonder how many others that did receive this letter (which we never got) just went ahead and paid it? It does not seem right to me that they can get away with this.

If I am offering a service to someone and incur additional fees after a contract has been agreed upon, it is up to me to fix or write off if the expense of my service exceeds the amount agreed upon, not charge the person more money.

I have reported this to the Idaho State Attorney General Office as well as Consumer Affairs. I attempted to report it to the Better Business Bureau but find out that they have no ratings with them.

Submit a Complaint or Comment For HFC Beneficial

  • Brandy Demaris

    A friend of mine has 51000 twenty year loan with hfc this year is her 20th year and they are saying she only paid 2000 twords her loan in 20 years and she keeps trying g to get ahold of someone other than customer service and they keep telling her there is no one to talk to and that they have no offices only through the telephone they’r won’t let her talk to a higher person and we figured that she paid 96000 to date and they are saying she been only paying interest and only 2000 has been put to principal we are very upset with the whole thing they are a bad business and don’t care about the people who work with them

  • freakdog

    The same thing happened to my father’s mortgage. He had two EasyPay payments set up for one of his accounts…one for the minimum payment, one for an extra amount (which was slightly less than the minimum payment).

    Their EasyPay system broke down, and we started getting calls from HFC’s collection department. It took a ridiculous amount of haranguing regarding the POA, etc, before someone finally told us what had happened.

    It’s amazing that instead of just fixing the system and then taking the payment as originally arranged, they chose to let things sit in some sort of delinquent state.

  • hopeful

    …there has to be an attorney with b***s enoughto face these people head on…come on guys…be gung ho like you were in law school…help us out already…and what’s the deal with the BBB not having info on HFC/BENEFICIAL…are they scared as well!!?….HFC will be brought down..in time they will be brought down….this can’t last!….we need attorneys and other authorities to jump in instead of being wimps and selfish, with no backbone…..Washington is aware of the misconduct of HFC but doing nothing…but that will soon change….

  • ajb

    I have been with beneficial since 2005 and I knew that I had a high interest rate when I refinanced, but was assured it would be reduced every year as long as my payments were on time for 12 consecutive months. I have never missed a payment and have always paid with in 5-10 days after the due date. In Dec they took 2 payments instead of one out of my account and ever since then it has been a real nightmare with this company. no one understands what happened, I got a letter from them not to pay for the next month and then they returned the funds to my bank and said my payment was late and I have been fighting with them since to get my mortgage interest rate reduced. i hope to do a payoff soon to get away from this horrible company perpetrating as a fair banking co.

    • Tammy Dickman

      we were told the same thing by beneficial that after a year of on time payments (we had it set up to come out biweekly from our checking account) that our high interest would go down. after a year of on time payments I called them to see what our payment was going to go down to and was told “You don’t have that on your mortgage. There isn’t going to be a change to your rate” She told me to look at the back of a certain page in our mortgage agreement, a page we were NEVER shown or told about by the broker we dealt with, and it showed that our interest rate was going to remain the same throughout the life of our loan. and to make it worse, the people that we dealt with at their local office a year earlier with, were no longer with the company. a couple of years later they stopped taking our scheduled payments from the bank. they said it was because we had stopped a payment, which we didn’t, they actually took the payment out of the bank. I tried to get set up on scheduled bi weekly payments which they did for so many weeks then stopped them again not telling us. we are in the process of working with an attorney who believes that beneficial has committed fraud. they are going over our mortgage contract with a fine tooth comb.

  • lilly

    its so terrible to have hese foreing banks come and take advantage of americans thats what they come and do they made me believe that they where actually give me a loan modification they took my documentation for three years gave me a fake home loan modification send me pares saying it was a modification but in their papers use the terms forbearance its so sad

  • Brent

    You probably all have heard the saying "You can’t fight City Hall" well over the last 4-5 years I have file complaints against Beneficial with the Pa. Attorney General 2 times , the Federal Trade Comm and other associated agencies . I am here to tell you that the government is not even big enough to fight HSBC . They are "City Hall" and you will lose if you fight alone . We need unity . There are hundreds if not thousands of people out there that have sincerely tried working with HSBC/Beneficial/HFC and if you can get through on the phone you probably were not satisfied . If you write them it may take months to get a reply . If you request a modification online or on the phone they will not receive , lose or mishandle your documents that were faxed and by the time you get a letter from them stating they have not receive the documents your request will have expired . They work deceivingly , dishonestly , slowing and are negligent . Good Luck !!

    • Sandi

      So what do we do? How do we go about banning together?
      I have a letter drafted to CEO’s of HSBC, HFC/Beneficial, NJ Attorney Generals Office, Comptroller of the Currency Administrator of National Banks, Consumer Financial Protection Bureau, NJ Dept. of Banking and Insurance and CEO of company they transferred my loan to without notification while in dispute. I have been fighting them since November 2012, their mistake. I had a lawyer who even said they are in wrong but I can not sue them privately.
      I will not give up! I am a widow with 3 children and there is no way in HELL I will let them get away for what I have worked hard for.
      Any ideas I would be happy to help.

      • Rosemary B

        We had no other choice but sell our house. I’m living in a apartment now and I’m miserable. I even wrote to Pres. Obama. If you find the key please email me.

    • Rosemary B

      This is so true. They did a number on me and my husband too.

      • bugs

        They are trying to do a num on my husband n me we are seeing hard times.I have been with them for years,We the people need to stop them.

        • Rosemary B

          Brace yourself because they will not cave in they are horrible. They destroy peoples lively hood’s.

  • Lisa Manzur

    HSBC beneficial is he worse Bank ever, I have a mortage with them and they keep harrasing me and calling me at work even if the loan is not late 30 days. I keep giving my cell phone number so that they can reach me, instead they call me at work first and they they call my cell phone. I keep telling they do not call me at work and they don’t listen. The interest rate on my loan is very high and unfortunately I can’t refinance at this time.
    Can I report this Bank to the Consumer Affairs?

  • Springleaf

    Springleaf Financial Services would like the opportunity to address your concerns. Please contact Springleaf Compliance Services at (800) 457-3741, ext. 5232 for assistance with this matter.

    • Max

      I understand , Springleaf is a sister company of HSBC???????

  • Eva Ricciardelli

    I have Breast Cancer and a pituitary brain tumor, called HFC when I was diagnosed to get payments reduced to hardship payments. They wouldn’t even consider it until I sent in my monthly payment. Then they turned around and returned my payment denying the readjustment on my payments. Everytime I call you talk to a different person, there is never anyone in charge! I have ask for help from everyone about this company! My illness is getting worse, my husband is out of work now and since congress didn’t pass The unemployment benefits we are living on my disability. HFC still continues to send me bills and get this- Payment amount due: $48,000.00. As if I can just go pick it off the money tree out back! Well now as of March 9, 2014 they are going to foreclose on my home. This is the same company that was fined by the government for landrying money! You’d think our government would still be watching what they’re doing to citizen! I’m so disgusted with this right now I don’t know what we’re going to do.

  • Tigger

    We got behind and had the "trial Period" of 6 months and double payments which after the payments were made,(and we made them all on time), were supposed to go back to the same hardship payment that we had been making. In the past 6 months we never got a balance amount just a bill for the amount that they requested. I had asked them several times to send us this information. Finally after the 6 months was up this month we got all of the bills that we should have been receiving all of this time with a demand for payment of the rest of the late amount now. I tried to call them and let them know that they had told us that the amount would go back to the hardship amount but they refuse to even tell me what the payment amount is now. They keep giving me the run around and I get nowhere. They are rude and the last guy I talked to hung up on me just yesterday. We are so sick of the games they play, and the lies. I guess it looks like we are going to have to hire an attorney with the money that we would have been sending them. My other half has paid on this property for over 20 years and we are not going to go down without a fight.

  • Karen D

    I myself have the same horror stories to tell. I have paid them $100,000 in the past five years all interest only! They refuse to talk to me about lowering the interst rate. I would like to relocate to another state and purchase a less expensive home and have a mortgage rate and payment that will work with retirement. Can anyone give us answers as to what we can do about them! It is affecting my credit! I can’t move until they are out of my life!!!

  • B Jackson

    I am so fed up with HFC Beneficial right now. I had some late fees last year and asked them to apply it to the fees, i talked to 3 different and a so called manager and nothing was ever done. my loan is current and I have called them 3 times again this year and they still won’t apply my funds to the late fees (fees that they are charging just to charge-some are bogus). I spoke with Ali on yesterday and he said he was going to fill out a work order to get it done but he filled out a work order to have my funds applied to my April mortgage when I have already made a payment on line for my April payment. I am really going to pay those evil peple off as soon as I can.

  • Linnea

    HFC/BENEFICIAL SUCK,, I HATE HAVING TO DEAL WITH THEIR CUSTOMER SERVICE, IF YOU ARE LUCKY ENOUGH TO GET SOMEONE YOU CAN UNDERSTAND, YOU ARE NEVER SURE THEY REALLY UNDERSTAND YOU. I WILL NEVER DEAL WITH THEM AGAIN UNLESS THEY MAKE DRASTIC CHANGES. and the balance never does seem to go down,,, should get an accountant to look into that…. my husband got sick and is disabled, and we pay for the disability insurance, so that has made our payment for the past 24 months (in Feb), they told us when we filed the claim that if he wasn’t able to go back to work to call and re apply for another period ,,, but now they say,, no, he would have had to go back to work and then go off work again, he is permanently disabled…… so I called to see when/how etc to start making the payments again and was told to call back next month…. am so angry right now,,,

  • Pissed

    They harrass us with phone calls, i am set up for a monthly auto deduct however receive phone calls daily requesting a payment … I ask them to refer to "page 2" where this information is provided within their system, the caller (as well as their managers when I demand to spaek with them) applogize and assure me that the calls will stop …. Well, they dont. This is a small piece of all that is wrong with this terrible company.

    • lisa

      I have the same thing happen. Paid hsbc for over 3 years, loan never went down. Found out these are interest only loans. They never revealed that to me or I would never have taken that loan. Sold my account to spring leaf, I haven’t made payments for 2 years due to falling behind after job loss. Need some legal advice….


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