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WM in Ohio said: “This covers 3 topics, the future of HSBC, HSBC insurance and customer responsibility. At this point, HSBC in USA plans on FHA loans and adding Auto Finance to states that currently don’t offer it. I’m not certain that this will save their financial woes in the US.
On the insurance matter, customers should make sure they pay their premiums on their homeowners insurance with their own agent. Recently there was a customer that had HSBC insurance (not sure whether or not it was a lender’s placed insurance due to non payment of homeowners with current agent or not), but the homeowner had one of his buildings on his property burn down. HSBC would only give him 30 percent up front until the building was replaced. He didn’t have the money so he was told by HSBC to call HFC or Beneficial to see if he could get a 2nd mortgage. Obviously since he had fire damage to his garage he would not qualify. I’ve never heard of an insurance company paying out this little before.
As far as customers, the ones that get loans through HFC and Beneficial, they do need to get more educated or at least have an attorney with them to explain any terms they don’t understand during signing. If you can’t afford an attorney to look over your paperwork, you can’t afford to refinance. Many people don’t even read the paperwork they sign. In some cases the loans will help people who have considerable credit card debt, but instead of using the money they save to pay down their loan, they start charging up credit again to land themselves in the same situation.
My best advice to desperate people is to seek help from HUD. They can direct you to a counselor in your area. Don’t fall for any of those credit counseling scams that advertise on TV. They can actually hurt your credit since payments are not always made to your creditors by the due date.
I don’t believe in a finance company calling people trying to get them to sign loans, I highly disagree with this practice, but people need to take responsibility for their actions. Some people got into ARM’s because of the initial low interest rate so they bought more than they could afford without thinking what is going to happen to their finances when those interest rates adjust. People live beyond their means and you can’t prepare financially when you choose the quick fix.
HSBC customer service stinks and part of that problem is the language barriers. The customer service in India has very polite employees and some are easier to understand than others, the problem is the English comprehension. Different cultures interpret different words to mean different things. As far as the credit cards, I wouldn’t do business with anyone that uses HSBC as the financier of the credit cards. Personally, I wouldn’t do business with HSBC at all, but that’s because I know a short-term fix will not be a good choice for the long term.”
This article, 3 point analysis of HSBC and customer responsibility, is just one of our articles from Bank Horror Stories, HSBC Secrets
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
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