HSBC Finance served a purpose, helped many

There are so many of these reports, with varying opinions, that we will put each one in block quotes. All of them will be filed in the ‘Afterthoughts’ category. Opinions are those of the submitter:

Right now there are many resentful HSBC/Beneficial/HFC employees due to the recent layoffs. They are writing about all their beefs about the company. HSBC did this or that. WA, Wa, Wa. Who did you invite to your pitty party!

How dare you say that everyone who worked for the company was unethical. Because, when you accuse the company for being unethical, the people who work for it are unethical. That is so, not the case!

The company is not unethical, it’s the employee that is unethical. You offer the products. If taken, good, if not, move on. You tell your manager here is what I said, here is what the customer said.

Yes, they wanted us to talk about the insurances such as life, disability and unemployment. Why? Because our customers have no back up reserves for hard times. If they are out for a medical procedure, the mortgage will be difficult to pay. Or, if one of the vested owners’ dies, in a two income household, the home will go into foreclosure, and the surviving family members will be living on the street. Yes, the coverage wasn’t cheap, but it didn’t matter if you smoked or not. PLUS, once you signed up for more insurance at work, you could cancel the Beneficial/HFC optional insurance. How many people tried to complain when a problem came up, stating they were never offered insurance. That was why we had a form stating the elected coverage or no coverage.

Every company has their bad eggs. Not every borrower who writes to this site is telling the whole truth. There are two sides to every story. I have resolved customers’ problems. Usually it was a misconception from someone they talked to, such as a family member or friend, they weren’t listening during the loan closing or something they assumed.

To the AE who wrote about the person who cashed the check, yes those folks needed money. So, who doesn’t? Maybe they tried all over to get money, and couldn’t get money. The check came at a time when they needed to repair the car to get back and forth to work.

To the woman who complained about all the phone calls to lower the rate; do your credit card companies, or lenders call you and ask if you want a lower rate on their loans? My lenders don’t call me. And, do emergencies give you time to prepare, or do they pop up out of no where? One week you may not need money, but two weeks later, an emergency surfaces.

Yes, we tried to upsell to other products. Most heart attack victims don’t know their sick until they have a heart attack. If they had gone to a doctor who kept a check on their physical health, they may not have had the heart attack.

We did financial check-ups for our customers. Wouldn’t your local bank do that for you? Wouldn’t they put together a plan that could save you money or pay your loan off faster? Is that so hideously wrong or unethical? We read a script stating we would like to use your credit report to prequalify you for other products, with no obligation, is that okay?

Getting back to the horrible check in the mail; the guaranteed lower interest rate product, a personal line of credit was the better product, if you continued to pay what you paid on the original cashed check loan. As with any revolving account, paying bare minimum will take forever. Most people forget they use the account, and complain the balance never goes down. It never goes down because you use it, or you were late paying. If you were late paying the rate does not go up like your store cards do, but daily interst still accrues, like any loan.

We did have a good product, if it was paid correctly. There is no hoo-doing here. Hypothetically, if you went from the closed-end loan at 24% down to a personal line of credit at 18%, isn’t the rate lower? It is up to you to pay the minimum or to pay more to pay off faster.

There are two sides to every story. I don’t resent my company for closing down, because we are in a financial crisis. HSBC is not a non-profit organization. Are they unethical? No. We helped many families achieve their short term and long term dreams and financial goals.

And, just because you were with a company for 10, 15, or 20 years, it doesn’t mean you will never be fired, get a job title change or be laid-off. Many factories in our area had to downsize and employers had to change titles and pay structure for their employees to stay in the black. HSBC didn’t pick on an individual, unless it was for due cause.

The company isn’t perfect, and it isn’t any worse than Wells Fargo, Chase, Bank of America or any other financial institution. They had a niche product. When people didn’t fit into a Fannie or Freddie conforming box, we were there to help, providing at least two benefits to the customer.