HSBC did not shut down credit card operations at HSBC Finance. HSBC will retain the credit card business, but HSBC Group Chief Executive Michael Geoghegan said that “it is clear that this business will have a difficult two years as the U.S. economy contracts.”
HSBC, Bank of America, GE and Citibank have, or announced intentions to, come to the aid of their asset backed securities (ABS) transactions. Collateral performance, especially the charge-off rate, is expected to continue to deteriorate.
Credit card write-downs soared to record levels in February, representing an all-time high in the 20-year history of the Moody’s Credit Card Index, as job losses mounted, the rating agency said on Wednesday.
How does Geoghegan intend to counter the problem? What does Geohegan intend to do if payments are late? Apply predatory pressure apparently. Here is an example:
AK in Washington reports:
“I’ve received 62 calls from this number (800) 395-2274 in the past 10 days. I can’t figure out what they want because I can never talk with them. No messages left. No one there when I do answer. Following is a list of the calls. For whatever purpose they are calling, this is outright harrassment and should be illegal.”
Dates: Mar 1 2009 to Mar 31 2009
From Name From Phone # Date
CARD SERVICES (800) 395-2274 3/31/2009 9:54
CARD SERVICES (800) 395-2274 3/31/2009 9:16
CARD SERVICES (800) 395-2274 3/31/2009 8:22
CARD SERVICES (800) 395-2274 3/30/2009 20:53
CARD SERVICES (800) 395-2274 3/30/2009 20:32
CARD SERVICES (800) 395-2274 3/30/2009 20:22
CARD SERVICES (800) 395-2274 3/30/2009 19:57
CARD SERVICES (800) 395-2274 3/30/2009 19:34
CARD SERVICES (800) 395-2274 3/30/2009 19:16
CARD SERVICES (800) 395-2274 3/30/2009 18:50
CARD SERVICES (800) 395-2274 3/30/2009 11:04
CARD SERVICES (800) 395-2274 3/30/2009 9:54
CARD SERVICES (800) 395-2274 3/29/2009 11:27
CARD SERVICES (800) 395-2274 3/29/2009 10:10
CARD SERVICES (800) 395-2274 3/29/2009 9:03
CARD SERVICES (800) 395-2274 3/29/2009 8:29
CARD SERVICES (800) 395-2274 3/28/2009 13:34
CARD SERVICES (800) 395-2274 3/28/2009 9:29
CARD SERVICES (800) 395-2274 3/28/2009 8:29
CARD SERVICES (800) 395-2274 3/27/2009 12:57
CARD SERVICES (800) 395-2274 3/27/2009 10:21
CARD SERVICES (800) 395-2274 3/27/2009 8:28
CARD SERVICES (800) 395-2274 3/26/2009 20:43
CARD SERVICES (800) 395-2274 3/26/2009 20:19
CARD SERVICES (800) 395-2274 3/26/2009 19:52
CARD SERVICES (800) 395-2274 3/26/2009 19:22
CARD SERVICES (800) 395-2274 3/26/2009 16:16
CARD SERVICES (800) 395-2274 3/26/2009 11:04
CARD SERVICES (800) 395-2274 3/26/2009 8:48
CARD SERVICES (800) 395-2274 3/25/2009 20:53
CARD SERVICES (800) 395-2274 3/25/2009 20:36
CARD SERVICES (800) 395-2274 3/25/2009 20:17
CARD SERVICES (800) 395-2274 3/25/2009 19:47
CARD SERVICES (800) 395-2274 3/25/2009 19:17
CARD SERVICES (800) 395-2274 3/25/2009 18:40
CARD SERVICES (800) 395-2274 3/25/2009 11:26
CARD SERVICES (800) 395-2274 3/25/2009 8:53
CARD SERVICES (800) 395-2274 3/25/2009 8:25
CARD SERVICES (800) 395-2274 3/24/2009 20:41
CARD SERVICES (800) 395-2274 3/24/2009 20:22
CARD SERVICES (800) 395-2274 3/24/2009 19:56
CARD SERVICES (800) 395-2274 3/24/2009 19:24
CARD SERVICES (800) 395-2274 3/24/2009 18:33
CARD SERVICES (800) 395-2274 3/24/2009 9:41
CARD SERVICES (800) 395-2274 3/24/2009 8:19
CARD SERVICES (800) 395-2274 3/23/2009 20:45
CARD SERVICES (800) 395-2274 3/23/2009 20:22
CARD SERVICES (800) 395-2274 3/23/2009 19:37
CARD SERVICES (800) 395-2274 3/23/2009 19:11
CARD SERVICES (800) 395-2274 3/23/2009 18:23
CARD SERVICES (800) 395-2274 3/23/2009 15:14
CARD SERVICES (800) 395-2274 3/23/2009 12:17
CARD SERVICES (800) 395-2274 3/23/2009 9:58
CARD SERVICES (800) 395-2274 3/23/2009 9:07
CARD SERVICES (800) 395-2274 3/22/2009 11:40
CARD SERVICES (800) 395-2274 3/22/2009 8:50
CARD SERVICES (800) 395-2274 3/22/2009 8:16
CARD SERVICES (800) 395-2274 3/21/2009 12:56
CARD SERVICES (800) 395-2274 3/21/2009 11:43
CARD SERVICES (800) 395-2274 3/21/2009 10:54
CARD SERVICES (800) 395-2274 3/21/2009 9:28
CARD SERVICES (800) 395-2274 3/21/2009 8:22
Before you say the person should just pay their bill, it is known that the person has no accounts with HSBC and no relationship with HSBC. Like a pervert calling and hanging up, these are calls to the wrong number.
Does Michael Geohegan need another example? What about harrassment of a 92-year old woman. She is not a Gottschalks customer, nor is she an HSBC customer. While Gottschalks immediately got involved, HSBC is the culprit. Here is that story:
“My 92 yr. old mother is being harrassed by HSBC/RS to pay for some articles of clothing that Gottschalks says she purchased in Mar. 08. She didn’t buy what they say she did so she has refused to pay. There are 5 other people in her area with the same name, but they are insisting that it was her and she is getting so angry and frustrated that she may have a heart attack and die. What can be done to stop this from happening?”
How about it Mike? When are you going to fix the problem or shut down the credit card side of HSBC?
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