HSBC to Cease Operations in the US

i hope they do not get any money! they messed me up so badly, sending my account to collections and billing me at the same time! this is probably why they ended up selling my account!

another company will come in and take their place at the helm I'm sure ...

Im sure!

i'm just happy another one is down!

Ahhh yes, HSBC, the only account I have *EVER* let go delinquent. I basically feel like they "broke" our original "contract" over my credit card, when a current balance that was originally 12.9 was raised to 26.9 APR for no good reason other than that it was a high balance and I was no longer using the card, so I was paying down the balance at a pretty quick rate, as the min was $55 and I was paying about $150-$200 a month to pay it off quicker. Guess they were desperate to find a way to get more money out of me since I was obviously not racking up anymore charges on it for almost a year. When I found out the APR was being raised to 26.9, I called to cancel the account and continue paying down the balance, but they said no, and that I had to pay the new APR of 26.9 on items I bought at 12.9% 2 years ago. I'm sure some don't agree, but I believe that to be breach of contract on their part. In the fine print it may say they retain the right to raise my APR at any time, but nowhere did it say they have the right to agree to extend me credit on purchases at 12.9, but then could make me pay more than that on those same purchases 2 years later.

Anyway, enough venting out of me. Seriously, I have so much debt and am busting my hump working 14 hours a day to pay it all off on my own, and this is the FIRST and ONLY creditor that I have just stopped paying. They refused to work with me at all, so I see them as nothing but thieves and a crooked company that goes back on it's word. Good riddance.

I've heard they are hard to settle with, but if they want any more money out of me, they need to agree to MY TERMS for a change. I was perfectly willing to pay what I owed them at the original rate I owed them, but their greed got in the way and they said "no". Now, they will have no choice but to "settle for less". I have no idea what being sued quite entails ( not that they have tried that yet ), but I can only assume that if they try, the presiding court should be able to look at my otherwise perfect credit history and the fact I am killing myself working 14 hrs 7 days a week to continue paying my other creditors, and see that I am not just some negligent consumer trying to cut and run- but that I am an honest, hard-working person that just happened to say, "nope, I'm not going to stand for it" when a slimey company tried to take advantage of me.

Okay, I still am rambling. Sorry, guys!

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i know! i was so confused and I kept asking about it. Plus at the time I was making payments to HSBC and they were accepting them. they straight up refused to work with me and my "fees" were doubling every month and I just stopped.

So really this doesn't mean anything to us people that have accounts with HSBC? Some other bank will just buy out those accounts and will collect them? I'm just confused

i am pretty sure some other bank will take over your account :(

Does anyone know when they are ceasing their US operations?

Also I have an HSBC Discover Card (Platinum Rewards) ... will this affect every HSBC credit card, car loan etc, or just certain parts of their business?

Amaranth ,

You are being exactly what you said you aren't. If the agreement states that they can raise your rates to any amount for any reason and you accepted the cards with these terms, then you are "trying to cut and run".

I am not saying that they are being fair or that they should do this, but, you accept the possibilities when you accepted the card. Did you try transferring the balance to another card get a loan to pay it off.

Your interest rate is charged to the current balance and it is not tied to the date the item was charged.

It is like those 90 days same as cash deals, if you don't pay it off in the 90 days they charge the interest back to the date of purchase.

I have 3 accounts with HSBC (all maxed out) and they were the first creditor to offer me a break and continue to work with me on a monthly basis as my income fluctuates wildly.

However Chase Bank has been a thorn in my side so much so I'm ready to file bk to beat them to the punch of a judgement. Not only is their billing dispute process a sham, but they harrass me on a daily basis caliing my home and work up to 10 times a day. When I finally did speak with them they said they had filed suit against me and I would be served shortly. Geesh, I'm only 3 months behind and offered them some payment but no go. Remains to be seen if they were bluffing or not.

I have 3 accounts with HSBC (all maxed out) and they were the first creditor to offer me a break and continue to work with me on a monthly basis as my income fluctuates wildly.

However Chase Bank has been a thorn in my side so much so I'm ready to file bk to beat them to the punch of a judgement. Not only is their billing dispute process a sham, but they harrass me on a daily basis caliing my home and work up to 10 times a day. When I finally did speak with them they said they had filed suit against me and I would be served shortly. Geesh, I'm only 3 months behind and offered them some payment but no go. Remains to be seen if they were bluffing or not.

so, what happens if you have a mortgage with hfc like I do? what happens to that mortgage?

They are moving operations from the US. However, they will remain in the lucritive prime and subprime credit card market.

"During a conference call with reporters, Niall Booker, chief executive of HSBC Finance Corp., said subprime lending as a stand-alone operation is a failed business model, and the purchase of Household International Inc. was "not successful."
However, credit card business in prime and subprime "is robust," Booker said. Despite rising losses, and some decline in consumer spending and transaction volume, "the actual business model is sustainable."

cellular when a company raises or lowers their interest rates on a credit card, they NORMALLY increase or lower it on the entire remaining balance. Occasionally you will see a "promotional" interest rate listed. I currently have that with Chase right now, my original balance was changed to a promotional 9.99%, but any new purchases would be charged at 27.24%. Obviously I don't use the card for new purchases, I kind of look at it like a forced savings account that is there for emergencies. There might be some companies who might split it like that when they raise/lower interest rates, but my personal experiences have shown that they normally do it on everything unless you call and ask for an adjustment. Hope this helps.

Cellular-

You are wrong. I am not "trying to cut and run". If I were that kind of person, I would not be working my @$$ off 14 hours a day to pay over $25,000 of unsecured credit card debt when I qualify for bankruptcy and can make the majority of my creditors "disappear" if I go that route. If that was the kind of person I was, why would I have a perfect credit history with all other creditors? HSBC pulled this crap on me the same month I had the car accident that left me hospitalized in a trauma center with medical bills up to my ears and I was out of work for some time due to the injuries. I tried to negotiate with HSBC or tried to work out something with them on APR so that I could pay them the entire balance but they just didn't give a crap. When they are willing to work out something with me, then they can have their money. If they weren't so danged greedy, they should have been more than happy to accept having the entire amount of debt owed paid back to them at a reasonable, hardship rate. In the end, they are going to be the losers because at this point, I will more than likely end up settling with them for less than what I owed, or if they completely sold my account to a collector, I will more than likely be able to work out something with them now.

You don't know my personal situation, so don't tell me who or what kind of person I am.