HH in Michigan says: “I had a credit card from hsbc. The limit was $300. I was unemployed over the summer because I teach. Already miffed by the high interest rate , My bill kept rising, even though I had not used the card in a year. I made a settlement to pay off the nearly $1000, in 3 payments of $333 . I paid the first two on time the last on due July 22 , I sent $75 and a note explaining that I was unemployed and would send it off asap. They in turn sent it to collections and they kept my money and want $1000 again.”
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I don’t understand how that is fraud. If you know you are not going to be employed over the summer why would you open a credit card, or even charge on a credit card, knowing you won’t be able to make all of the payments. Any credit card will report you negatively if not recieving payments. I can understand why they didnt respond to your note. With financing companies as big as HSBC, they use machine and computer operated payment processing centers. With as many payments as they recieve in one day there is no way they can hire enough people to open the payments and apply them by hand. So nobody was there to recieve your note. The computer picks up ink on your check and your statement, not your letters. If they didn’t do it this way, your payments would take forever to post to your account and their would be 1000 times the errors.