HSBC Retail Services / they are extortionists!
The U.S. government should investigate the unfair business practices of HSBC Retail Services. Simply put - they are extortionists. Our son took out a loan for a Kawasaki ATV through HSBC - my husband co-signed for him. Unfortunately, our son missed several payments. When it became known to us, we "took over" the loan in order to save our credit.
We contacted HSBC on three separate occasions and told them the situation. We requested an account history, change of address and payment book - so we could send in the payment. HSBC ignored us. Finance charges and late fees continued to add up.
Finally, we tried to make a check payment by phone through one of their representatives. HSBC charges $15.00 for this service. HSBC then submitted the account number to our bank (one number short - of course) - the check was "returned" and HSBC tacked on another $25.00 for returned check fee - and an additional $35.00 late fee. The transaction their representative walked my wife through cost us $75.00 in their fees - and it ended up that our account was still unpaid and incurring finance charges at the rate of 21.80%
It took us three full months to finally get the address changed and statement of payments. The first two phone calls you think it was just a slip-up, but after 6 - then 8 phone calls - in addition to two letters sent - you realize - they are doing this on purpose to squeeze more money out of you. NO ONE can be THAT inept. I fully believe their representatives are trained to string you along - ignore your letters - mess up your account numbers, etc. in the ultimate goal of charging you ridiculous fees.
No wonder, after a year and a half, the balance due is MORE than the original loan was. BEWARE of HSBC - and someone - please help put a STOP to these extortionists!
Kim K. Sutton
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