HSBC Watch News Release Forum Index
Forum Name: - Rhodes Furniture
Topic Title: Credit Insurance scam - HSBC Insurance Fraud
Fri Oct 22, 2004 12:24 pm
I declined the credit insurance twice. They asked me twice before I signed the contract, and I told them no both times.
I also took advantage of the no interest and no finance charge program for financing. At the end of the period and just prior to payoff, I was told my contract was past due because I still had a balance of $176 for credit insurance.
The insurance won't pay if you become disabled and need it because you didn't sign for it. But on the other hand, if you don't pay for it your contract is invalid so they (HSBC) try to get all the interest by saying you invalidated your contract.
Credit insurance has been a source for more suits, investigations, class actions and other lawsuits so one would not think the scam is still around today. It is, with Rhodes Furniture and their financing scumbags Houshold - HSBC.
I know the Rhodes clerk signed the insurance for me after I left the store. The signature is not mine. But the customer service reps at Household - HSBC are the worst in the industry. Rude, snotty, *beep*, untrained, uneducated, unsupervised and ignorant are terms that come to mind while trying to speak to them. I have a 40 year unblemished record of fine credit, so I talk from experience.
Knowing how to pay my bills and handle my credit, plus the consideration that HSBC now owns Household should not pose a problem for me. Now, as one who has money and discretionary income, I shall seek legal help. HSBC will not benefit from illegal acts of duplicity while perpetrating indentity fraud, mail fraud, insurance fraud and deception using my account. Neither will Rhodes Furniture. Look elsewhere - Rhodes financing is horrible.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.