JG in California said: “I lost my job in August 2009 and as soon as I found out I called and wrote HSBC immediately to work on protecting my credit as well as my car. Here is what I wrote;
Dear HSBC,
I am writing you regarding my auto loan and to make inquiry on modifying my loan. I have fallen into the ranks of the unemployed and like every one else money is now very tight. My unemployment will not begin until sometime after September 8 and I am diligently searching for a new place of employment.
Therefore, I would like to know if we can push a few of the payments back toward the end of the loan or maybe extend the loan. If I am unable to work out a new payment schedule I am in fear I will have to lose the car and this is something that no one benefits from. I would really appreciate it if we can come to a workable solution as soon as possible.
I would like to thank you in advance for any assistance possible in order to save my car and credit.
I received no response until October 2009 in the form of a letter telling me that “we may have a solution to prevent your vehicle from being repossessed ” The letter goes on to tell me that I am now $1477.65 past due, but I made Auguest and September’s payment how can I be 3.23 payments behind?
Then the on-set of calls started coming in 8:30 am, 10:30 am, 12:30 pm, 2:30 pm, 4:30 pm, 6:30 pm and some times up until 8:30 pm on a Sunday night!
I submit a complaint to the national headquarters in Chicago in October 2009 and they write, we have since processed a one month acount extension adjusted the due date from Sept 23 until Oct 23 2009, I am thinking yeah, finally were on the same page. On the very same day I receive a more official ‘notification’ explaining the same extension info.
I found out that my unemployment claim was being challenged and I would be receiving no money until possibly December 2009. I called and they siad that if I couild make a payment that they woud adjust my payments due date and it would be like having another month leeway, cool.
Well, instead of changing the date before my original due date, she made it after the orig due date which made my account payable asap!
Let me wrap this up. I get the Credit Manager on the phone and she tells me that they are not going to be able to honor the extensions because I do nothave a job and once I had income. or another job that then they would work out a plan with me.
I called looking for a little help because I was not going to be able to afford the payments, they claim to be helping me out by extending the payment one month, changing the due date, but then turn around and tell me that they cannot help me unless I have money, how in the heck does that make sense?”
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