Dealing with Beneficial HSBC
Date: Tue, 04/19/2011 - 11:22
I have had an account with Beneficial Finance since 2004. The current balance of the loan is 11,442.68. I stopped making payments about 150 days ago because I could no longer afford their high rates and pay my regular household bills. I have since tried to negotiate a settlement with them, first by letter, then by telephone calls. I was told that the account would be overviewed by a "supervisor" who would then look at my payment history and contact me. That is the last I heard from them. Yesterday I received a letter saying that my account is now being serviced by their "recovery center" and due to the delinquency of the loan they have accelerated the entire balance due. I have already settled a credit card debt with HSBC and had no problem doing it. I have had the personal loan with Beneficial under a debt consolidation plan and it seems I am paying and paying and the balance never went down much. I would like to know how to proceed now, should I offer another settlement letter (patterned after the letters in this forum like before) or call the recovery center? What would the next step be, just need a little guidance here, thank you.:confused:
I would call up the recovery area (likely their internall collec
I would call up the recovery area (likely their internall collections dept) and try to work out a settlement. Can you afford to pay 30 - 60% of the balance due in a lump sum in the next 30 days?
I sent a settlement proposal to their recovery center today outl
I sent a settlement proposal to their recovery center today outlining what I can afford to pay. I can do the 30% in payments, but it's just getting them to answer that stalls everything. I am going to call them again also, once I think they have received the letter. I want something in writing from them and also something that shows I have tried to contact them, meaning a second letter. I settled a HSBC Direct Merchants account the 1st telephone call with no problem.
