HSBC Watch News Release Forum Index
Forum Name: - Horror Stories
Topic Title: They cancelled my 2yr - no payment/no interest deal!
Tue Mar 01, 2005 2:06 pm
I was 4 months into a 2 year No Payments No Interest financing deal with Kittles Furniture. We had a couple of late payments and they just cancelled the deal, with no warning!! Has this happened to anybody else??? HSBC will not even entertain the idea of re-instating the deal. Kittles tried to help, but they won't talk to them either!
HELP!!!!
Fri May 20, 2005 9:52 am
You only made 4 payments and were late on a "couple" and you're surprised they cancelled the deal?? I'd cancel you, too if you were late 50% of the time. You obviously couldn't afford to buy new furniture in the first place, if you didn't have the money to pay on time, every time.
Fri May 20, 2005 4:02 pm
On the surface I cannot argue for your cause. Why were you late, or were you? "Anon y mous" makes a good point, unless you paid well ahead of time and you got the old Shea v Household treatment and were credited with late payments.
Sun Jun 19, 2005 12:02 pm
We've on a payment plan whereby if the balance is paid by 4/06 there will be no interest. BUT it clearly states that if we miss even one payment, the contract is cancelled and interest will be added immediately at a rate of 21.5%.
Please read such contracts very carefully. You cannot be 1 DAY LATE. Of course, send your payments where they can be traced as to when the creditor received it. It may cost you extra every month, but well worth it if someone tries to pull a fast one.
But in this case, sorry, you missed payments and nullified your deal. Live and learn. Especially if the balance you are paying on is pretty hefty. Things might sound great initially but nobody knows what might happen and then suddenly that $3500 TV with no interest becomes a big problem.
Wed Sep 07, 2005 1:10 pm
After finally seeing some replies, I need to make a clarification. I admit we were late on one payment, but HSBC's point was that we were late two months in a row. That second "late" payment was improperly credited by HSBC to another account of mine that is run by them. Therefore, the 2nd "late" payment that caused the cancellation of the no interest deal was HSBC's fault, which they would not correct.
In better news, we've since paid off the account completely. I'm going through the BBB to ask Kittles to step up and refund the $250 in interest that we had to pay before the account was paid off. I wrote the president of Kittles a very direct letter during this process, before the account was paid off, and they did not respond. Hopefully the BBB will be able to help. I will never, in my life, get a credit account through a merchant who uses HSBC to manage their accounts!!
Good Luck Everybody!
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.