HSBC Watch News Release Forum Index
Forum Name: - Best Buy
Topic Title: Non-payment of insurance
Wed Jan 26, 2005 5:03 pm
Our business is buying & selling rental properties, and therefore we are financing and re-financing on a pretty regular basis. We have been having problems with HSBC for several years now. We thought it was just a fluke, because our banker insists that he never hears of problems from his other customers. Today, for the second time this month, I learned that even though we are escrowing, HSBC did not pay the insurance bill and the policy cancelled. By the time I received the notice from the agent, it was too late--and we were actually not covered for several days. This happened to another one of our buildings at the beginning of January. The customer service is extremely poor, and the rep today actually lied! We have experienced many of the same problems as what I'm reading on this website--not changing address; reporting us late to credit agencies; reps acting like the computer system is out-of-date and causing problems; and of course not paying our insurance. I think I shall go check on our property taxes! Unbelievable. HSBC has lost our future business--regardless of their rate.
Wed Jan 26, 2005 5:16 pm
Thanks for your report. We also have rental property in two states, and find it very interesting. Was this originally Household, HFC, or Beneficial?
Or straight HSBC?
Here at Household Watch we are trying to get a good idea of where HSBC is coming from these days, and whether HSBC itself has problems, or if Household is giving HSBC the bad reputation.
As a side note, insurance has increased this year, due in part to hurricanes in Florida, and in part to lawsuits over kickbacks. We need to follow our rent to income analysis closely these days. Our banks figure 75 percent of total rent as income, thus we do not need other problems such as what you and I see on this website.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.