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HSBC / rip off!

1 TX, United States Review updated:

I have been a victim of the HSBC debt cancellation program. Few months after purchasing my Yamaha bike through a dealership I was going to pay off my balance and noticed that I was been charged a debt cancellation fee every month. I am very sure that I never signed any paper for such program. The customer service agent told me that I was enrolled into this program on the same day I applied for finance by a telemarketing call and it would take up to 6 weeks for them to send me the proof. In the mean time if I don't pay the debt cancellation fee then I would be charged interest on that. My promotional offer will end in few days. I am not sure how and where I can place a complaint regarding this scam!

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Comments

  • Wh
      19th of Jun, 2008
    0 Votes

    My mother has had a similar problem with HSBC. In 2005 she purchased an off-brand desk-top computer in the amount of 2200.00 at the local Best Buy. The sales man told her it was 12 months same as cash. (I know I was there with her. When she received a statement from HSBC the following month she was quite confused, since she didn't apply or have this credit card. She called HSBC and they told her Best Buy had transferred the account to them, instead of carryng the liabilty themselves. Since the amount was 12 months sames as cash, my mother divided the 2200.00 by the 12 months and made that payment. She was quite surprised the following month when she received her statement with a late charge and several other charges, one being an insurance charge that if she could not make payments due to illness or hospitalization the payments would be covered. However, the insurance did not apply to her since the insurance was only for those individuals not owning their own business (which she did). When she called to complain that she had not signed for this plan, she was told all accounts are charged and it was up to the customer to cancel it. She promptly cancelled the service and requested a credit. They agreed to cancel the charge, which they have yet to do 3 years later. She also questioned why she received a service charge since she purchased the system with the understanding that the purchase was 12 months same as cash. HSBC told her that once Best Buy had transferred the debt to them - that agreement was voided, since it was only with Best Buy that the agreement was made, and if she had read the Best Buy contract in full she would have known this. Complaining to Best Buy got her no where, so she bit the bullet and made her minimum payments plus additional monies out of her business to bring the amount down so high interest charges would not be so high and paid as soon as the bill was received so that late fees would not be added to the account. Despite all of this, after 3 years of paying this bill AND NOT CHARGING ANY FURTHER PURCHASES they say she now owes over $5000.00! Due to an extended illness, and hospital stay, my mother had to close her business, and did miss 4 payments. Since she lives with me, I get phone calls for her EVERY SINGLE DAY about this balance. I have told them repeatedly that she has been hospitalized, and we do not have any idea when she will be released, since she is being sent to a long term care institution. HSBC have tried to bully me into paying this bill (even though my name does not appear on any of her accounts). I flat out refused this solution, and they tell me that her credit rating (and mine?!?) will be affected since they will have to turn it over to a collection agency! I know they can do nothing to my AAA credit, and I am certain that due to my mother's present condition she could care less about their threats. Since my mother has paid the origional amount due at lest 3 times over, I do not feel she owes anthing at all.
    I advise anyone dealing with HSBC to read ALL of the fine print and make sure you understand ALL of the additional fees. It wouldn't hurt to ask vendors if they sell their accounts to an outside credit service before purchasing, as well as reading any fine print on their contracts as well, regardless of how long it takes! The time you spend reading, asking questions, and fully understanding what you are getting yourself into, ESPECIALLY with HSBC and Best Buy companies.

  • Sm
      20th of Aug, 2008
    0 Votes

    Re: ATTORNEY ADVERTISING

    My name is Sean McGrew, and I’m a Legal Assistant to attorney Dan Bryden, with the law offices of Sprenger + Lang. We are conducting an investigation of Best Buy and HSBC’s “Account Shield” debt cancellation program. In the past, persons have posted on this blog regarding their issues with Best Buy and/or HSBC. If you would be interested in communicating with a law firm regarding this matter, please contact me at smcgrew@sprengerlang.com. Thank you.

  • Ar
      13th of Sep, 2008
    0 Votes

    I am in the same situation. I've never looked at my statements (I know it sound weird) and suddendly today after 2 years I found I've being charged some kind of charge called 'deft cancellation co' every single month. Now I do not know how to credit those fees back. Any advice be appreciated...

  • Ar
      17th of Sep, 2008
    0 Votes

    Hey, I was in the same situation as you are. But my problem was solved by keep calling them and all my last 3 years charged were credited to my account. Thanks for HSBC.

    Just call them and explained everything. You will get the service you want ...

  • Tw
      6th of Apr, 2010
    0 Votes

    i have an account with hsbc also: I started using the debit card. I thought that when your checking runs out that they take it out of your savings: No, they give you credit and charge you overdraft. sometimes your withdrawals dont show up online for days . so you still think that you have money in your checking account. meanwhile they have given you credit and are charging you for overdrafy. You dont see it online until your next direct deposit. They use the debit card to get more money from you. I riped my up. banks suck

  • Sc
      27th of Jul, 2011
    0 Votes

    I am trying to get a group together to file a lawsuit against HSBC. If you bought a Suzuki bike at your local dealership and financed it through HSBC then contact me @ scarpenter2125@yahoo.com. We purchased a bike in 07 and we were under the impression it was a typical loan, like a car and it would be paid off in 5 years. It wasn't until several months later we realized this was a revolving account with HSBC and it would take years to pay off paying the 250.00 every month, which we thought was our monthly note. Anyhow contact me ASAP if this has happened to you.

  • Ha
      5th of Sep, 2012
    0 Votes

    Just find out the hsbc telephone number is +44 20 7991 8899 is it a correct number

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