What does HSBC have in common with Saxon Mortgage? Both love to call account holders to the point of annoyance. Both have been accused of being predators. Both companies deal in subprime. Both are poorly rated and have many complaints on file. Both seem to have issues with holding payments until the payments are late. That is where Saxon Mortgage, now owned by Morgan Stanley, and HSBC actually differ.
Apparently holding mortgage payments is much harder than holding credit card payments. Saxon Mortgage said they fixed the problem, streamlined their system, and process payments immediately. We verified that, and it is now true. At HSBC it seems to be another story entirely.
For HSBC Finance, issues with timely payment processing have been around since the old predatory Household International days. The problem has never been rectified. HSBC contracts strangle customers with binding arbitration, and allegations are hard to prove.
When all your other payments were received and processed in a timely manner, there may be a problem at HSBC Finance. When a payment is mailed to HSBC and it does not clear for 14 to 18 days (usually after the due date) HSBC falls back to onerous contracts, not the letter of the law.
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