HSBC Watch News Release Forum Index
Forum Name: - HRS Account
Topic Title: Household Credit web site hrsaccount.com
Wed Mar 09, 2005 2:27 pm
For more on this subject please see www.householdwatch.com/thor/viewforum.php?f=20
For more than a month, volunteers at watchdog website Household - HSBC Watch (this website) watched our Live Help monitor as a record number of visitors researched hrsaccount in an effort to pay their bill online. Feeling helpless as we knew what we were seeing, we wrote to the FBI RICO tip line, and we called the Office of the Comptroller of the Currency (OCC) and our Attorney General.
What was your experience? This seems like a new trend for this predatory tactic. Please let us know the merchant, the state you live in and your experience. Post replies here and let the world know.
Fri Mar 11, 2005 8:22 am
If you need confirmation that their website is not working for you and many others you can see our letter here
You may cut and paste the text into complaint letters of your own, or use it as an attachment. You can send it to your state attorney general, or simply use it as supporting documentation.
Sun Mar 13, 2005 1:26 pm
someone has to help my husband and i. when we bought my husbands motorcycle, we had a friend of ours co-sign. and and each month we would pay the minimum of our monthly payment. then we got switched over to HRSI and everything went downhill. our payment kept increasing, and then they changed their name to HSBC. i mean what is going on??! now, to make things all worse. the friend of our that co-signed is recieveing debt collection agency letters stating that he has to pay the full 10Gs for the bike by the end of the month or they are gonna reposses his things. the reason they are going after him is because 'he has the better credit' so they said. now we are not willing to put a good friend of ours in debt over this. so what should we do?
Sun Mar 13, 2005 3:45 pm
mrs_janice wrote:
someone has to help my husband and i. when we bought my husbands motorcycle, we had a friend of ours co-sign. and and each month we would pay the minimum of our monthly payment. then we got switched over to HRSI and everything went downhill. our payment kept increasing, and then they changed their name to HSBC. i mean what is going on??! now, to make things all worse. the friend of our that co-signed is recieveing debt collection agency letters stating that he has to pay the full 10Gs for the bike by the end of the month or they are gonna reposses his things. the reason they are going after him is because 'he has the better credit' so they said. now we are not willing to put a good friend of ours in debt over this. so what should we do?
HRSI (Household Retail Services, Inc.) was formerly a division of Household International. Household International was purchased by HSBC Bank.
Your friend accepted responsibility for the debt when he co-signed the loan papers. The debt may or may not have been reported to the credit reporting agencies and included on his credit report. If he applied for any other credit after cosigning for you, he would be asked if he was co-maker or cosigner on a loan, and required to include that information to potential creditors.
When the payments are made “as agreed” by the primary borrower (you), there is no adverse impact on the cosigner. If the payments are credited late or fees and penalties exceed the amount of the payment (principal and interest), then the creditor may perceive a problem with the loan and “go after” the cosigner. The bad information on the credit report will lower both your credit scores. This will make it difficult to get reasonable loans in the future. Lower credit scores indicate a high risk borrower. High risk borrowers are penalized by higher origination fees and interest rates.
Based the history of reports received, I believe you purchased a Suzuki motorcycle originally financed by GECF. I have some questions:
1. Do you have the original loan documents signed at the dealership?
2. Do the original documents indicate whether the loan was for a fixed term or revolving account?
3. Do the original disclosures contain terms such as introductory interest rates, minimum payments, variable rates, penalties and fees for late charges, etc.
4. Did HRSI, now HSBC Retail Services, change or violate any of the terms in the original agreement? Any creditor purchasing your account must honor the original terms of the contract. If there are violations of the original account it is possible to get the original terms re-instated.
5. Do you have the means to refinance the motorcycle at a local bank or do a “balance transfer” to a more reasonable credit card? Either one of these options would pay the loan and remove your friend from risk.
More information is available by typing cosigner and Suzuki financing into our site search.
Wed Mar 16, 2005 10:35 pm
Read the irony in this news release:
NEW YORK, Feb 15, 2005 (BUSINESS WIRE) -- HSBC Bank USA, N.A.'s (HBC) Internet banking site was named No. 1 for quality and availability by Watchfire (R) GomezPro, which publishes a twice-annual scorecard for online banking Web sites. The Web site was listed as among the top 10 overall sites in the rankings.
Don't you think they know better? What is the problem with hrsaccount.com? The answer is simple - there is still a difference between real bankers and predatory finance companies. (Read as John Bond and Bill Aldinger)
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.