HSBC Horror Stories

LM in Connecticut says: “Due to loss of our house in Michigan in turn due to the depression in that state and our stupidity with finances (all eggs in one basket: that house), we are filing bankruptcy. Once we made that decision, the harassing calls have not stopped, in particular the “toll free call” from 800-395-2274. I tried to “reverse lookup” the number, to no avail, then on a whim typed it into Google search and found your website. It is comforting to know we are not alone. What is NOT comforting is the knowledge that the harassment is legal and will continue until our case is docketed. Then, depending on whether the judge allows Chapter 7 or Chapter 13, the next horror begins. Turns out that in the IRS rules used in the calculation of your ability to repay your creditors — as would be required under Chapter 13 and which my wife and I wish to do, if nothing more than from a sense of honor. We did borrow the money with a promise to repay, after all…— one can not include the expenses one has for any dependent children over the age of 18, for college or any other reason. So one is penalized three times: once for falling into the credit trap, once for wanting to do the legally correct process (bankruptcy) and then for wanting to send your kids to college. Yes, it is our fault for getting into this jam. But the “system” is designed to punish you and your children.”