JF in Tennessee said: “Four years ago, I made the unfortunate decision to cash a check for a personal loan that was sent to me by HFC. I borrowed $10,000 to use to help me start a new career in the insurance field. My experience with HSBC company has been horrible. HSBC has repeatedly lied to me and have now closed ALL office in the US and have moved overseas, only maintaining a P.O. Box here in the US.
I have paid on the loan for four years, but my balance never comes down. I sent extra over and above the principle with instructions to apply the extra amount to the principle, but it never is.
When my local offices closed, I stopped sending any payments for fear that they would go overseas and might not be credited properly.
The following are my specific complaints:
1. From day one, I told the young loan officer that I would need to have a due date for the second Friday of each month since I pay my rent from the first paycheck of the month. He said that is no problem. After I got loan, I was told the due date COULD NOT be changed as originally told, and further that the loan officer WOULD NEVER say that.
HSBC Finance then proceeded to add late charges to EVERY payment that I sent on the 20th of the monthy, but never told me. I didn’t discover this until months later.
2. I often tried to send MORE than the payment due to bring the loan amount down. None of the extra funds I sent were applied to the principle as I instructed. When I inquired as to why, I was told that it went to FUTURE INTEREST and could NOT be changed.
3. I have paid over $12,000 back to this company on a $10,000 loan, but they say I STILL OWE them $9500.00.
HSBC has hundreds of complaints against it from many Attorney Generals offices in MANY states.”
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