Household HSBC Watch

Wed Feb 02, 2005 3:48 pm      

Thank you so much! Can't wait to read it. :)

Wed Feb 02, 2005 11:05 pm      

I am so relieved to find this website. I know that Household has ruined hundreds of thousands of financial lives, and wondered if the public was paying attention!! Any time the word gets out on these people, it could prevent someone else from falling into their traps. We lost our home 2 years ago. We have 3 kids, had great credit, (didn't even have late payments), steady jobs, and ARE well educated. (In case the scumbag from the quote of the year would like to know!) We were making our payments, but had a loan that was $60,000 over the value of the property in that area. There were fraudulent terms in our loan, a ridiculous pre-payment penalty, and couldn't re-finance when the adjustable rate kicked in, because no GOOD lender would touch it with a ten foot poll. (Household had assured us that re-financing would not be a problem!!!) As for the people who work for Household ... in the end, they will get theirs. This country may not have enough of a handle on deceptive lending practices to protect consumers, but I do know one thing ... taking such drastic advantage of people, and rolling in all the $$$ that company brings in ... YOU REAP WHAT YOU SOW!!! WHAT GOES AROUND COMES AROUND!! BAD KARMA!! How can your conciences not bother you? Do you even HAVE conciences? How about a heart? Faith? You can't ruin good people, and not have to pay some consequence. If the government, or court systems don't make you pay, I feel sure you'll answer to God. Thank Thank you for your time.

Wed Feb 02, 2005 11:59 pm      

Hello, Household Watch, Jennifer and Barbara!


Jennifer, thank you for the information you sent about doing an interview about Household International. Are you excited? If you want to, you can let the reporter see the list of questions I wanted "The Househhold Employee" to answer. I noticed that we have not received any answers to any of the questions.
When we had to talk to The Household Company (HSBC) in Elmhurst Illinois, we always got the run around. I have a suggestion that may help you. Get in contact with The Dept. Of Financial Institution in your state. Ask for The Compliance Division. Tell them what problems you are having with Household International. Ask them if they would get contact with Household. Most of the time a state regulator can contact Household and get an answer. Not only do they what an answer, they want everything in writing. The Dept. Of Financial Institution will keep a file on your case.
This way they can tell if there is a trend going on. Especially if people are having the same problem. Lawyers like everything in writing too. This will help prove your case.
I'm not trying to be a know-it-all or tell you what to do, I just want to be helpful. I think what you are doing is great and wish you the best on the interview! I wish I could see it!
Barbara, I'm really interested to see how many people who have had problems with Household/Beneficial doing a reaffirmation agreement. Could this be another Household/Beneficial trend?

Thu Feb 03, 2005 5:18 am      

Thank you Peaches for the information. I will think about doing that and maybe that will help. Lord knows I've gotten my complaints memorized by having to run it by Household employees a thousand times. It's absolutely pathetic how that place is run: it's like a circus.
Anyway, too early in the morning to start getting by blook pressure up now so I'll stop there.
It's possible that the station will put the video on their website after it's aired, so I can post the link here for other disgruntled HSBC customers to see. And yes, Peaches, I'm very excited. It may not bring them down, but I feel like I'm actually doing something to get their reputation out to other potential customers. But Barbara is right, what goes around, comes around and all of this will come back to bite them.
I once asked a Household employee if she went home happy knowing she had harassed people all day. "Our intentions are not to harass anyone", she said. I then told her I earned my money by helping people (I used to work in a nursing home doing activities with the residents), not harassing them. I then told her she should think of the same. I just can't see how they are happy when they go home.
You would have to be one of the most depressed people in the world to be okay with doing that for a living.
And finally, thank you householdwatch for sending the information to me through email, I look forward to reading it.

Fri Feb 04, 2005 8:55 pm      

I filed a complaint with Household watch yesterday. I'm really hoping for some kind of advice, so I suppose I'd better post my story here.

My husband and I refinanced our mortgage in 2002 with a company named Decision One. I had actually heard of problems with Household from other people in the past, and specifically kept my eye open for Household or Beneficial, but obviously was not aware that Decision One was a subsidary.

Our home was appraised, and I was so excited that it appraised so high. (We had re-done the entire house from appliances to plumbing, floors and cosmetics.) The loan that we received was a 2 year ARM ... giving us a low interest rate for 2 years, and then we were going to refinance, to avoid the adjustable rate. Decision One told us that we were doing the intelligent thing financially, and there would be no problem refinancing. We believed them.

One year later we received a letter from Household stating that they were sorry they had been less than honest with us, and that we were part of the settlement (Shea vs. Household). I panicked and immediatley started investigating. We took the letter, and our mortgage to a mortgage broker and two attorneys, and all three told us that our interest rate was going to skyrocket, (the cap was high) and we would not be able to refinance because no lender would touch it. They advised us to file bankruptcy, and surrender the property.

So after many tears and long talks, we filed bankruptcy. We had never even had a late payment before on any account. We have 3 little kids, and were terrified. Our attorney was great, and the bankruptcy went through quickly and fairly painlessly. (Besides the anxiety and shame of course.)

We were discharged of all debt in 1/04, and have not rung up any debt, paid our rent on time, and paid off our car. I pulled our credit report last week and discovered that Household claims that we owed them payments from the month that we filed, (and surrendered the property) 9/03, until June of '04. 10 months worth of payments, and the property was no longer ours. In 9/03 the property became the Trustees, and in 12/03 the property reverted back to Household. They sold it in 1/04-the same month we were discharged, yet I owe payments for those months all the way through to June.

Two days after discovering what my credit report said, I received a 1099C in the mail from Household saying that I had to pay taxes on the difference between the sale of the home, and the balance of the loan. Under the bankruptcy law, because the debt was discharged, I should not owe. (I had a CPA and our bankruptcy attorney look into it.) Household was supposed to check Box 6 on the 1099C entitled bankruptcy, and surprise surprise, they didn't. My CPA and I did a conference call with Household, and the bankruptcy department would not speak to us. The guy who would said that they told him that Household had requested that the loan be removed from the bankruptcy, and that the court had granted them that, so not only do I owe the taxes, (which work out to be about $60,000.00) but I also cannot remove owing the 10 months worth of late payments from my credit report. Keep in mind that on my credit report, under the Household account, their remarks say "Chapter 7 Bankruptcy". But to the IRS and myself they say it was removed from the bankruptcy ... and that is exactly what they'll say to the CRA when I dispute.

My CPA told me that this is out and out tax fraud. I called my bankruptcy attorney, and he said that the court DID NOT remove them from the bankruptcy, and the debt had been discharged. I do not owe taxes, and my credit report should read 0 balance, Chapter 7 Bankruptcy, with no lates since I paid my mortgage on time until the day we filed.

I know that when the CRA'S receive my dispute, they will call Household to verify, and HOUSEHOLD WILL LIE. Even if I send my discharge papers with my dispute, I'll bet it won't be removed. My attorney said to file a complaint with the FTC, but I'm seeing all over the internet that that won't help. What am I supposed to do?

I think that the IRS will know by my discharge papers that I do not owe taxes on the property, but shouldn't Household be held responsible for providing false information to the IRS? I cannot get over their blatant disregard for the law.

I really need some advice here. I have never been so stressed out in my life, and literally feel desperate. Surely someone out there has either encountered this with Household, or knows the most efficient way to fight this.

Any advice would be truly appreciated, I am anxiously awaiting. I'm writing dispute letters this weekend. Thank you.
Anne