Fraud - Beneficial - Household Finance
TACOMA, WASHINGTON -- As an honest consumer from your state, I felt it was my responsibility to bring to your attention the following incident.
In October of 2000, my husband and I refinance our home with Beneficial. Before signing the documents, I notice that they had a 5 year pre-payment penalty.
I informed the Loan Officer that I would not sign the documents, because I did not want to be locked into a loan for five years. The Loan Officer stated that he would talk to his Branch Manager and see if he could get this reduced to a 2 year pre-payment penalty.
The Loan Officer came to our home a few days later, stating that he had got the pre-payment penalty reduced to two year. He then produced a letter on Beneficial Finance letterhead.
This letter is to confirm that your first mortgage consolidation loan which is cheduled to close on October 31, 2000, will have a reduction from our standard pre-payment penalty term of 5 years to a 2 year pre-payment term. The pre-payment penalty clause will become null and void after October 31, 2002. Please keep this document for your records. Should you have any questions, don't hesitate to contact me direct at 253-476-1710.
In May of this year, we started looking to refinance our home loan because of the high interest rate. When I contacted Beneficial regarding our 2 year pre-payment penalty, they stated that the company has a standard 5 year pre-payment penalty and the letter that I have is not valid. They stated that since it is not recorded that they would not honor the letter.
At Beneficial Finance, I spoke with the Assistant Manager, Donia Martin, who was reluctant to give me information regarding Beneficial Corporate Office, and phone numbers. I also spoke with another Assistant Manager, Jeffrey M. Broussard. (Whose name is on the letter I have.) I asked Mr. Broussard, who he reported to and that I would like to speak to that person. Mr. Broussard placed me hold for five (5) minutes. When he returned to the call, he stated I could speak with Bill Nolan, District Manager, who works out of the same office as Mr. Broussard. Why it took Mr. Broussard five minutes, to tell me his supervisor's name, was very strange to me.
As a resolution, I would like the following:
I want Beneficial Finance to honor the two year pre-payment penalty stated in the letter I received signed by Beneficial Finance, Branch Manager Kipp Cosgriffe.
I feel that Beneficial Finance deliberately produced the letter just to get me and my husband to sign the papers, and had no intentions of honoring the agreement set forth in the letter.
Please feel free to contact me if you would like more details regarding this matter.