KAthy in New York said: “I purchased 2 ATV’S in 2006 and I was never late on a payment until I moved and did not get a bill even though I put in a change of address and a name change. When I received the bill they changed my interest rate from 0% to 21.90% and added finance charges and late fees.
I could not afford to pay both so I continued to pay the Suzuki and not the Kawaskai. The Kawaskai was repossessed.
I paid $2500.00 because I was told that HSBC could not tell me where it went or how to get it back unless I paid that amount. The day after I paid the $2500.00 I called and they said they didn’t know where it was. HSBC said I would have to call the police dept. That was March 2009 and I still don’t know where it is.
I paid 3 years on the Kawaskai and then paid $2500.00 to get it back and now I don’t get the money back or the ATV.
I continued to pay the Suzuki every month through my checking account on line. I have not been late again on the bill, but for some reason they raised my rate again from 21.90% in January 2009 to 24.99% in Sept. 2009.
When I called to ask “Why?”, HSBC said because of the late history. When they sent me a letter about changes to the interest rate in October 2009 once again I call HSBC and the customer service person Maria could not explain it to me.
I asked what would happen if I just stopped paying my bill altogether and she said it would ruin my credit. They have already ruined my credit so at this point I really don’t care what happens.
Because of this company (HSBC) I can’t even get a personal loan to pay it off. I bought the Suzuki for $5000.00, I have paid $4,500.00, I still owe $4,034.81. I pay over the amount I owe every month and because I do they continue to rise the interest rate so I can’t get ahead or ever be able to pay it off.
My next step is to contact the Attorney Generals office with copies of the letters that have been sent in by other customers with the same complaints as mine.”
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