Household HSBC Watch

Law firm Clyde & Cois is launching a case against HFC, a lender owned by HSBC, which sold payment protection insurance to 163,000 people between 2005 and 2007. Insurance packing in UK gets HSBC sued, as it did in the United States. Household Internaitonal, charged with predatory lending before HSBC purchased the troubled company, was the last finance company to stop the practice of insurance packing. - or so they said. Today we see United States admissions by HFC and Beneficial employees of insurance packing on home loans and other loans.

It is estimated that UK customers could receive up to £326 million – or £2,000 per person – if the action proves successful. for Americans that translates to approximately $4000. That is more than the average family received from Household’s predatory lending settlement. Regardless of how one interprets the news the fact remains that HSBC has fallen from grace with these practices.