HSBC Card
Date: Wed, 10/28/2009 - 23:02
They told me they sent a letter so I could opt out, but I sure as heck never received that. I get all of my statements online, the told me they sent it by mail!? So since January of this year I've been making ridiculous payments of just a bit over $200 each month. Needless, to say it's out of hand.
Without getting into all of the unforseen issues I've had this year (mostly medical), I basically can't make this payment anymore. I need to make rent, not pay a ridiculous amount of money on something I was 60 days late on ONE time. It's going nowhere and talking to them has certainly gotten me nowhere. I actually called today to try to move my due date from today to the 30th (TWO days!) and they said they couldn't do it. I then asked if they had any sort of hardship program or ANYTHING that could possibly help me out in lowering my interest or payments. That's when they informed me that in a couple months my interest will be 22~% + PRIME! Apparently that would still make it 24.99 for now, but what about later when prime goes up? (It will eventually...). Yeah, so I obviously opted out of that.
That's another thing that makes no sense. This account has been closed since late last year, but my interest continues to go up? They can do that? I thought the account being closed automatically made me "opt out" of any of their ridiculous interest rate hikes.
Almost done.... By the end of the 30 minute call I just said "You know what, I can't make this payment, and I don't know if I'll be making any others, sorry..." and I hung up. It was just too frustrating.
I want to settle this thing. I want it gone. Suggestions? Oh, and I owe about $6200... about $130-140 of my $200 monthly payment goes to the interest.
Thank you for any help you can offer. Sorry for the long post.
The issue here is that the motorcycle is attached to the loan an
The issue here is that the motorcycle is attached to the loan and can be repoed by HSBC when you default.
Quote:
That's another thing that makes no sense. This account has been closed since late last year, but my interest continues to go up? They can do that? |
Apparently no. Just wait for the experts to comment on it too.
I honestly don't care if they repo the bike. I just want this pa
I honestly don't care if they repo the bike. I just want this payment gone/minimized.
sorry forgot to login.... To add, apparently I'm currently at
sorry forgot to login....
To add, apparently I'm currently at my "default" rate as it is... and during the time I was behind on the account last year they never once mentioned anything about me owning a motorcycle and the possibiliy of repo... Even as I've talked to them the many times in the last few months, I can't remember them once saying anything about the motorcycle, which is quite odd. They always refer to my account as a "credit card" (it basically is).
I'm sure if it came down to it they certainly would repo, but again, I don't care.
kinda went through the same thing when it came to a lawn mower.
kinda went through the same thing when it came to a lawn mower. we had gotten a credit card through the company that we purchased it at and i thought that they would repo it but they didnt scince it was a line of credit not a lien. but be prepared they may, it depends on if you signed up for a creditcard or if it was a personal loan with a lein on it.
but if you dont care, call and bring it up. i cant make the payment, come get it. see what they say
I'm just going to wait for now... seems to be the first thing ev
I'm just going to wait for now... seems to be the first thing everyone does after reading through many other posts. I think I can negotiate this whole deal on my own when it comes down to it.
By all means though, if anyone thinks I'm better off having some sort of debt settlement person do it, please tell me/PM me.
Thank you for your replies so far.
I'm having the same problem with them. I haven't been able to ma
I'm having the same problem with them. I haven't been able to make my payment in 3 months. I've offered to settle with them but every time I, or they, call I get transferred to someone else. I spoke to a debt consolidation rep and they said that HSBC sent out a letter specifically stating that they would not settle on this type of account...I'm sceptical on that though; I'm going to wait and see what happens. If they're not willing to settle they aren't going to get anything, it's their call. I know that HSBC and Suzuki have split so I'll be doing some more research on that. Also, when I bought the bike I don't think I signed anything with HSBC. I'm going to request a copy of everything and consult with a lawyer. There are several message boards with loads of people who have and are going through the same thing...Good luck, I'll let you know if I have any :)