A person in Indiana said: “I am a current employee of HSBC/Beneficial. I have been there for 11 yrs. I have tried to quit, but with the market being so bad, there is nowhere to go. My BSM recently strong armed a fellow AE into putting an elderly couple into a 40 year mortgage to save them $50/month! These people are on a fixed income, and are suffering from blindness and ill health, but he insisted that the AE close the loan.

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DR in Virginia said: ” I have worked for HSBC Finance/Household Finance/Beneficial Finance for some time now. I have managed multiple Branch Offices and shared great success as an employee of this Company. In the time I have been with the Company, I have had first hand accounts that the culture in the Company is the detrimental aspect of the entity for both the customer and the employee. At this time in the economy, many of the employees in the United States have the wonderful opportunity to be concerned that each day they come to work, may be the last day their Office is open to do business.

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BT in Arizona said: “I’m a former long term employee and manager with HSBC (HFC/Bene). Talked to current DSM friend who confirmed rumors of 80+ additional HFC/Bene retail branches to close by end of June. Where and exactly when is closely guarded, however the spin is sure to be ‘optimization’ in this current tough climate. Let’s do the math, that’s another 10+ DSMs, 80+ BSMS, 360+ AEs, 80 SAs and a DGM that will no longer be needed.”

JA in New Jersey said: “Well Where Do I Start with the many issues at BENEFICIAL? My Heart is heavy and I feel like I gained 20 years for working just 2 yrs at beneficial. I am ashamed and guilty of doing what was told of me to do when I knew better. I was one of the top INSURANCE PACKAGERS IN MY DISTRICT ..heck tops in the country plaques for insurance and Home and Auto…I should be ashamed of myself..I closed an average of 4-7 deals a month and made absolutely no money…what a joke. HSBC is only concerned with what they could use you for and how long they could get away with it…. sell the first, sell the first… come on …they were better off staying in their arm….Since I have left bene I am starting to get some of my soul back but will never be the same…all I could say to you AE’s out there reading this FHA FHA FHA….you can do so much better and not have the guilt and pressure of working those long hrs to reach GOAL and rope in and pressure people into doing a loan that is bad for them anyway.”

Let me make a point perfectly clear. When we write about HSBC Finance we are not attacking employees, as they must work within the guidelines set by the company. This report is anonymous by request: “As a current employee I am appauled to see Beneficial and HFC’s latest trick which seems to be avoiding federal caps on interest rates. As of May 5th they rolled out their new pricing sheets with rates set above the maximum Sect 32 rates set by the government. How can they do this? Simple, force customers to take “advantage” of their Pay Right Rewards system that lowers your interest rate by a whole .25% every year that you pay on time. This allows them to magically show you a much lower APR than the true rate you will be paying.

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