JC in Texas said: “In October 2008 I became late ( at the time approaching 2 months ) on a Best Buy HSBC account due to financial difficulties and with reliability issues with my bank submitting payments.
I was contacted by a HSBC representative on Oct 17, 2008 and informed that I had a current amount due of $176. I explained my situation to the HSBC representative and made a promise to submit a payment a week later. My purchase was a 3 year no interest plan. I was assured through the HSBC agent that I would be in no risk of the promotion being void if I was to submit the payment a week later as promised.
A week later I contacted HSBC to submitted a small payment of $ 24 directly through HSBC for both of us to be assured that my payment is successfully submited. In this conversation I had spoken with the supervisor and was reassured again that my promotion was still good and of course that they did receive my payment successfully.
Immediately afterwards. I logged on to HSBC’s site and submitted the total remaining past due balance and set up an aggressive every two week submission payment plan. At the end of my final setup I noticed the amounts did not add up and that interest was added.
I immediately contacted HSBC to see what was going on. I spoke with a separate supervisor and was then told that my promotion was void because my payment was late. I submitted a complaint, because I had received a verbal agreement that my promotion would not be void. I received a response about 4 weeks later basically telling me too bad. Around a week after I received a notice for a settlement for around $1750 with an option payment plan. I contacted HSBC who said that it was too late and that it was submitted to the Incorporated Receivables collection agency.
I was shortly contacted by Mr. Tim Johnson of Incorporated Receivables demanding that I pay now over $1300 extra over the original debt and that total amount would be due immediately. Mr. Tim Johnson stated that if I did not pay the total amount it would submited as a refusal. I explained to him my situation and Mr. Tim Johnson agreed to contact HSBC to see what could be done. Mr. Tim Johnson called me back around 3weeks later and basically told me too bad, pay now. Mr. Tim Johnson did offer a settle discount of around $ 700 less but still near $600 over. I asked Mr. Tim Johnson if I had any other options because the amount was not right Mr. Tim Johnson told me that my only option was complete payment again I told him I was not in the position to make a complete total payment. Mr. Tim Johnson laughed and said, “I deal with your kind on a daily basis you are nothing but a fu$%ing punk.”
In no did I want to deal with this person so I contacted HSBC who then transferred me to another special HSBC collection agency. In my conversation I again re-told my situation and offered total amount due as if the promotion would be reinstated.
The agent then told me too bad you have to deal with Incorporated Receivables
I contacted the Incorporated Receivables for the purpose of getting the official address and information and to request if applicable through them a debt validation. Over the phone Mr. Tim Johnson argued and refused my debt validation, told me it was too late, and said I already agreed to the amount which of course is wrong since my argument from day one was that the total amount was wrong. I was provided the information I had needed pertaining to the address ( assuming that information was correct). Mr Tim Johnson laughed at me and asked what the hell I planned on doing so I hung up on him.
Note these are just short highlights of my conversation. I had done everything that I can think of making various calls and talking to quite few people at HSBC.
This has caused considerable grief and stress to me and has affected my credit substantially. It is hard to believe that in these times collection agencies are treating customers with threats, name calling, and harassments.”
Editor’s Note: Unless you recorded the phone call your verbal agreement is gone. Your Best Buy card limits you to binding arbitration. On top of all that, any failure to pay voids the interest free promotion. Check your contract. Yes, HSBC stretched the truth and got more money from you. Check your contract carefully and you will also see that your purchase is collateralized, thus it can be repossessed. Finally, when a collector calls you, ALWAYS record the call. Swearing at you, and calling you names, is illegal, but just like with HSBC you have no proof. Sorry, but now you know the real HSBC, and their friends. When you got behind on your payment you were screwed from the start and HSBC saw big profits.
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