- 26 March, 2005 -
- 05 All Articles, 05 HSBC - U.S., Household Watch and You, HSBC Global -
- Tags : complaints, Credit, customer, customers, Household International, hsbc, HSBC North America, HSBC Plc, late fee, late fees, lending, Pay Online, payment, payments, Phone Number, predatory, predatory lender, regulator
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Complaints continue to pour in at Household – HSBC Watch regarding HSBC’s predatory lending facility HSBC Finance Corporation. Formerly known as troubled predatory lender Household International, customers of this HSBC subsidiary report the following problems daily, and in mass:
1. Not receiving statements
2. Unable to pay online
3. Payments applied late
4. Unwarranted late fees
5. Interest added during interest free promotions
6. Unexplained address changes to billing address
7. Improper credit reporting
8. Consumer are told to call a telephone number that gives them another telephone number to call.
Issues continue to mount which cause intelligent minds to ask when authorities, regulators, HSBC board members and HSBC management will step in to stop predatory tactics. When will HSBC limit their liability? Do they want to, or do they make so much money every hour that fines and penaties are less than ill-gotten profits? Traditionally companies that rely on high fees and penalties to produce income do not fare well over the long run. HSBC Finance Corporation is one of those companies, and it reflects poorly on HSBC Plc, HSBC North America, HSBC management, shareholders, and the finance industry overall.