GR in Arizona said: “In December 2006 I became disabled due to a minor accident but continued to make my payments on my Suzuki motorcycle account. In March 2007 I was informed that a secondary problem had developed and that I would be hospitalized for major surgery. I April 2007 I attempted via 3 letters to Credit Manager in 3 different locations advising of my disability. This went ignored. While in hospital they defaulted my loan, raised interest rate gfrom 4.9% to 21.9% and raised payments tp $384.00.
After arriving home I attemped to activate my Debt Security account and was turned down even with doctor’s information. They would not budge on this. In October I filed complaint w/BBB. It took over 3 months to receive a reply. Their resolution to the problem was to restore my interest rate, remove negative credit reporting, activate my Credit Security program, and remove late charges. This may or may not have been done since I never received a statement in January 2008. The next statement I received was in March to find interest rate at 17.9% and still no Credit Protection. What I did get was over 5 - 15 calls per day, 7 days a week.
The motorcycle I purchased was repossed in May after being threatened with a $5000 fine, threats of being arrested, and threatened with numerous felony charges and being called a liar. Account is now with collection agency.
Even though I took a pro-active attempt to prevent this from happening all attempts were pointless. I am living on Social Security and now have to hire a lawyer to protect myself. I can feel for those out there that are being attacked by this preditory lender because now I am as well. I also hope that each person will do all they can to bring these issues to light.
One note here. When I bought my motorcycle I was not told that my account was going to be handled by HSBC although I knew nothing about them. After researching I would have NEVER done business with them. And to those who have HSBC-related accounts - GET RID OF THEM NOW! Also look at the number of complaints on the BBB in Delaware, write to all Executives with your complaints, post your problems/complaints everywhere you can. Maybe these will get noticed. HSBC needs to be brought down on a global level.”
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