FP in Illinois said: “I received a car loan from HSBC in 2002. Amongst other problems I’ve had with them, I am currently disputing an incorrect payoff amount on my car loan. I have been paying for my vehicle for six years. My last payment should have been September of this year (2008). I noticed that at some point my balance was not going down in the manner that is should have, so I began to question them. I was told that I was given a two month extension in 2005. I told them I never received an extension. When I requested an extension, I kept being told they could not approve an extension for me because I have one before. When I told them this, they told me that it was given to me by a manager because I was behind on my account. Also, they said interest has been accumulating to the extension.
I told them that I was never notified about this nor did I sign anything. They stated that they did not need my signature. On top of all of this, I later attempted to speak with someone else regarding the matter and was also told by them that I had an extension. Then, they reviewed my payment for that time period and told me that I still made payments for the months of the extension so, I must have thought that I was paying for those months when I was paying for the months after the extension was up. That doesn’t make sense either because I still continued to pay, and if I was approved for an extension, why would I have paid for those two months.
After this I requested to speak with someone in a department who could research my account. The person I spoke with told me a few different things. She said that I was given and extension so that’s why I still owe $3,000 on my car (that I have been making payments on for six years). Then, she told me that I have this balance because I have been late making payments. I do not dispute that I have made some payments late. However, when I made the payment, I caught up including late fees. She then said that I was in a simple interest loan and that on top of the interest that was charged up front, and the late payment fees, I was charged interest for everyday that I was late. Howevever, anytime that I was late, my next payment included all of the fees because that amount always went up.
Also, I ask her where on my contract does it say that I have a simple interest loan, she was never able to tell me where it was located. I then asked her to please do a research of my payments and find the problem. A few days later, I received a voicemail message from her stating that she researched all of my information which shows all of my payments and how they were applied. She told me that if I could not reach her then, I could call another person. I called her back and left a message asking her to please call me back and to send this information so I could review it. I just think its a shame that in this country people can rip you off the way that so many have been ripped off by this organization. Is there really anyone who can help?”
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