HSBC Watch News Release Forum Index
Forum Name: - Horror Stories
Topic Title: HSBC Bowflex no statement scam
Thu Aug 04, 2005 8:48 am
On November 17th, 2004 I purchased Bowflex Selecttech dumbbells and chrome stand with a total amount of $712.00. I never received finance bills in my mail.
On Feb 13th 2005 I received a phone call for a payment regarding a late fee. The man I talked too accepted a debit card payment. On March 26th my bill reached a total of $966.35. That's when I found out they don’t take debit payments. On May 19th, I decided to put an end too this and paid a total of $828.35. They told me my payment was accepted and my account is closed.
A week ago on July 31 they say I owe $930.23. I never received any word or notice regarding their payment until now. It seems they make their money off of no-notice late fee's more than anything. They say they are not required too notify me.
I'm in the armed forces seeking advisement from my Flight Chief, First Sergeant, and Base Legal if need be.
Please Help
Thu Aug 04, 2005 7:02 pm
J.S. included a telephone number for us to call. It was a lengthy conversation, during which J. told me it was his first purchase made on credit. He said, “I feel stupid, because I didn’t know what to expect, this has gotten to be a big problem. I wish I had found your site sooner.”
Most of the visitors to this website are individuals just like him. They have tried to deal with some of the customer service representatives until what should have been a simple correction to an account has escalated until late fees, penalties, punitive interest rates, and threats of collections, repossession, and foreclosure make the customers anxiety ridden wrecks. They are not writing their reports in the wee hours of the morning because they are on the night shift.
J., you are not stupid. You lack experience. You are young and can recover. The information may remain on your credit report, but if there are no other blemishes, it can be explained and will not hurt you if and when you apply for a car loan or mortgage. You have assets in your support network at work and can get assistance that most people can only dream about.
In our telephone conversation I recommended that he talk with a NCO or officer that he feels comfortable with, warn his friends, and use the legal office on his military installation to aid him in drafting a letter to report a Billing Error. The letter should request that all late charges be removed because he did not receive periodic statements.
The Billing Error Inquiry is justified for the following reason:
226.13 (a) Definition of billing error. For purposes of this section, the term billing error means:
(7) The creditor's failure to mail or deliver a periodic statement to the consumer's last known address if that address was received by the creditor, in writing, at least 20 days before the end of the billing cycle for which the statement was required.
http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=635f26c4af3e2fe4327fd25ef4cb5638&tpl=/ecfrbrowse/Title12/12cfr226_main_02.tpl
Best wishes, Drew
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