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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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Best Buy Stores and the HSBC late payment system

JY in California said: “My credit is horrible and I needed a new TV. Best Buy (HSBC) agreed to give me a $500 limit so I could get one. They gave me the option of up to 4 or 5 years to pay. Because I wanted to start building my credit back up I said 1 year (12 x @$45) which was at the time manageable. The first payment was ok. The 2nd was ‘on the last day – with postal receipt, and a ‘cashiers check’ from my bank and they hit me with a $39 late charge. Then the phone calls started…

The debt has since been shuffled to a collection agency with down right rude people and the $500 is now approaching $800. I called the collection agency and said I would agree to the original agreement if they would dismiss the late fees…NO DEAL. Refusal to pay? HELL YES. They are crooks praying on consumers and should be forced out of business.”

Posted By Timothy Blake

HSBC Watch is a watchdog and consumer activist coalition.

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off