Need some help with HSBC
Date: Thu, 10/05/2006 - 17:10
I had a $300 limit and things happened was not making payments. Its in collecions now for $625 and a collections agency says that I will have to pay $98 each month in late fees and an extra $50 on the balance.
Its already doubled and they want more. I know this has to be violating somekind of usery laws regardless of what I may have signed.
When it comes to dealing with HSBC, use extreme caution. They s
When it comes to dealing with HSBC, use extreme caution. They seem to have their own rules when it comes to credit card accounts. Earlier this year, I had my HSBC card in consolidation with T&C and HSBC sued me for over $1600.00 and the balance was $524.00. They claimed they weren't receiving payment. Low and behold, T&C had proof of the checks cashed. But, I got scared and my grandpa paid the debt. The reason for him paying, I was threatened with a lien against our property. Who has the collections account? I think CBE is the agency they use, or the one they tried to use on me, but when I sent a debt validation letter, they sent it back to HSBC.
re
Tammy they are called Accounts Receivable Management.
They refused to settle for anything less than what was stated and they also refused to send me anything in writting of an agreement.
They basically wanted me to pay $98 at the time and it would be too late tomorrow. I have delt with a few collections companies and they always say something about tomorrow being too late.
I do have law insurance so I am going to contact one of their lawyers and see if we can do anything about bringing the balance down and stopping the charges.
wondering if anyone has had any success with them and how it happened?
Look what I found. This is under the fair credit act of 1995 for
Look what I found. This is under the fair credit act of 1995 for my State. I think this is telling me that they cannot charge over 25% unless I agree to a settlement arrangement? If so then no wonder why they wanted me to agree on the spot.
(1) Except as provided in subsection (2), a regulated lender may charge, collect, and receive any rate of interest or finance charge for an extension of credit not to exceed 25% per annum.
(2) A depository institution may charge, collect, and receive any rate of interest or finance charge for a credit card arrangement