Beneficial Finance Rip Off Loan!! HELP

Lisamc

I have very recently taken out a loan with Beneficial Finance :mad: I was very foolish and reluctant to do this but was doing it for my father. Anyway the interest rate on this loan is 29.9%!! which makes me feel sick! When I called the next day realising what a mistake I had made I asked about what kind of cancellation period I had. I was informed that I had 30 days to cancel. When I called back to try to cancel this 'rip off' loan I was informed it could not be cancelled as it was a 'Trade agreement Loan'?? and because I had not taken out the insurance I had no opportunity to cancel the loan at any point. I can pay the loan off early and I am waiting for the cancellation agreement to come through, but I dread to think the amount they are going to charge me!!

I may be really naive and stupid but I thought whenever you are borrowing a substantial amount of money you get a 'breather' certain amount of time to cancel?

Am I completely wrong? I'd really appreciate any advice that may help? Do I have any ground to appeal make a complaint to the financial ombudsman??

My advice to anyone DON'T USE BENEFICIAL FINANCE!! THEY ARE SHARKS!! :mad:

Thanks

saucy77

You poor woman... I know exactly how you feel. I too took out a loan with these idiots when they were "Household Bank".
I would certainly try approaching the ombudsman with your case, as by law I am pretty sure that everything as a cooling off period from Insurance to Loans... so give it a go and keep us posted on your progress.

They say they are a branch of HFC or HSBC... either way I steer clear of them now. Just wish I had the knowledge I have now back when I took my loan out, and trying desperately to get my mum's sorted too. She wouldn't have done it if I hadn't! Shameful isn't it the amount of interest they charge?

But I have to say I have seen worse, when comparing for a cheaper loan yesterday I came across a company called UCC and they charged 50.4% APR :eek: Just glad I got my credit rating high enough not to be robbed by these type's of companies.

Good luck and don't give up.

tiamai_d

OMBUDSMAN!

Phone them Monday ASAP, and get them involved. BF are horrid! They constantly call you offering you more credit, then when it comes to make that final payment, they try to keep taking money from your account, then PPI...

Call the ombusdman, you should have at least a 7 day cool-off. Check your paperwork too.

benb76

BF make me fume. 18 months ago my GF (at that time) had a rip off loan with them (approx 30% APR and overpriced PPI), so I lent her the cash to pay it off early. When she phoned up to get the balance for an early repayment they told her "that there was no point, as she'd already paid the interest off now" (she had paid 1 years worth of a 4 year term), how they can get away with misleading people like this is beyond me.

demonicangel

They truely are awful.

We have been with them for almost three years since getting a pc on credit from PC world. They would ring every few months 'checking everything was ok and if there was everything else we can do for you'. The last time they rang, dp went to see them and ended up with another loan, but this time the apr was 35% (have a good credit rating) and in joint names which wasnt explained to me, just that I was to sign it, was trying to keep the girls occupied elsewhere.

Hopefully we are rid of them for good now as we applied for a loan from Halifax to get rid of BF.

Bagpuss3

Don't give in to BF (HFC Bank), they are bullies. We had to fight 'em for nearly three years, until WE WON. They will try every trick in the book, they told us they'd lost the paperwork, when they sold a debt of ours on illegally, a debt we had paid. Anyone who wants help against BF, pm us, we are only too glad to help
:beer: