CM in Indiana said: “I worked for HFC/BFC/HSBC for 5 years in one of their call centers. I saw so many wrong doings with peoples financial lives. There wasn’t a person, a household on the other end of the phone, just fresh meat.
The management there and company wide didn’t have a clue. It seemed the less intelligent you were, the higher you climbed. I saw people that I wouldn’t trust to tie my shoe rise to be over several mid level managers and then continue up the ladder.
It was all about numbers and not the path that was followed to get those numbers. Hundreds of loans were made everyday that HSBC knew would never make it and that were actually putting the customer in bigger hole. Whatever the cusomter wanted to hear to make them feel all warm and cozy inside. Most of the sales staff giving finanacial advise to the customer were in collections themself which always troubled me.
Our collection department was not what you would consider ethical, constantly breaking State and Federal law as they pounded customers into submission. Leaving comments off a customers account was not unusual, they would say anything to get to that number, to meat that goal. I don’t know how many times arrangements were made and payments were either held too long, or sent through too early and do you think the customer were ever refunded late or overdraft fees…the answer is NEVER!
If you were to upset a collections rep. retaliation in any way they could was very common. The most common scam was a loan restructure. If you say were behind with your loan for three payments, they would take those three payments and put them to the back of the loan, making you appear to be current (doctor the books). When/if you were ever to actually make it to the end of your loan, you would get a letter in the mail advising that your are interest short. Those three payments had been sitting there, growing from interest.
I’ve seen 2k loan interest short notices for a 5k original balance. Not to mention that the customer paid 29% in interest for the life of the loan. The customer cannot make a one time payment of 2k so what can they do. Their credit is shot due to the games so their only option is to sign another loan for the balance. Like I said, customer for life, and so it begins again.
The sales departments made used car salesman look like angels. Once HSBC sunk its claws into you, it went straight for the neck. Getting your mortgage, your auto loan, and credit cards. Once they played games with your credit to the point of no return, they would refinance all of your debt to a payment and term they knew you could not make. Once they were done playing games, no other finance company would touch your FICO score. Their customers are customers for life. By the time the customer surrenders and declare BK, they’ve already made so much money in interest on you it doesn’t matter – they still profit.”
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