A former employee of HSBC in Florida sent us this opinion: “Ex-employee from HSBC, parent company of HFC/Beneficial collections team. First I would like to straighten some facts about prior to my bashing. This company is a pay for performance company and each employee has the bonus options. The better you collect, the better the bonus. That makes each employee fight to obtain their bonus, which includes misleading, tossing out empty threats, offering solutions that will never exist. Yes, they are all salesmen, selling you a reason on why you should pay your bills. The communication from upper management was never clearly communicated and they are all interested in the dollars only. Customers are not the priority.
On HSBC’s behalf, they have taken steps to listen to the customer, such as customer focus groups, training sessions to solicit a friendlier approach and attempt tell us we should be more aware of the person(human) on the other line. The fact of the matter is, we wanted our bonus, and therefore, we will say what we can to get you to pay us. Most of the time we were pressured to get the money, one call solution, drive by collections, collect, collect, collect but never take time to listen, understand and resolve the customers situation in full. I heard complaints from so many customers about the amount of different people they spoken too and yet, their problems carried on. The reason for that is the wrong management in place. They change goals way to much..they move you around every other week.. new cube.. new cube..then talk down to you when you dont make goal..
Once a stupid manager gets hired, its like they cant fire them. They linger and make the collections environment fun, but screw up all the stuff for customers like solving their problems. Ownership.. I own it was the motto.. no one takes ownership in collections.. unless you find that 10% of collectors that actually care.. management hates those people because they are below goals. I was rated a below for being to friendly.. The cycle continues. Employees too, they have the wrong employees working there, old school criminals who bash customers to get payments.
HFC/Beneficial Finance (Household International) was sued in 2001. Since then the company paid 400+ million dollars to the attorney generals office for predatory lending. Now HSBC bought them out and they were changing policies. This limited everything, there was layoffs, and then they had to rehire for the bad loans they booked. They laid off so many of us, several people with experience and fought for our customers inside the company. Salemans at the branches are the same as salesman at car dealerships. They sell to you, and they make a bonus. Every company in the country is up a creek because of the bad loans they booked.
If you have one, you’re the idiot who took the loan therefore you’re the stupid one who made a bad decision. Don’t be stupid, do your homework. The government nor my taxes are paying for your stupid move. Im self employed now, if my business went under, should the government pay me back all my money for my poor decision.. back to the bank Trust.. lol.. its over rated. I seen customers who took out loans for 20 K in 1980, and then they owe 28 K in 2006. Yes the loans are extremely high interest rates, I agree, and yet people still want to take them. I remember people getting in those situations because they only paid 4 payments a year.
How you say? The scam….revealed: Restructures is a program used to bring a customer current and place money on the back of the loan. It is at 0% though which is positive. The negative is that you are extending that much more money on your interest short, therefore inflating your loan value, not to mention late fees. Some late fees are 200.00 each month on some loans.. Who does that?
If HSBC wants to truly become Americas local bank they have a lot of homework to do. First is ditch this low level subprime crap. For all you deadbeats out there who got a loan and never paid a payment, I pitty you lame asses, yet envy you at the same time. Stop giving loans to people who cant afford them, which means, crack down on your branch guidelines. Become a merge of prime/high subprime. Have caps… do not give any more 80/20 loans.. especially with the poor appraisals that over inflate the property..become clean on the loans you book and you’ll earn the honest Americans hearts.. Drop those shady BO representatives and the sales pitch of refi everything with us for a 15% mtg. up to 100% LTV. Then, each employee who has not and will not change to become customer centric, which I proposed when I worked there.. They need to be fired. Then everything needs to be clearly available to the people..and the customers.
I think this company is greedy, to the point of no return. Now they are getting desparate and feeling the pinch of economic America. I hope the sub prime mess goes under and HSBC becomes a reputable bank in USA. You just need good values, bring in the Christians.
How can you expect collectors to collect from people who can’t afford a brand new loan? That job sucked anyways. If you have a loan with HFC or BENE, refinance now to a lower rate. If you have a loan with HSBC, you are safe. Yes they are different. Email me at BEUBEN@yahoo.com and I will help you with the inside tricks if you are in a jam with this crap company.
There are angels everywhere.. and some are still inside HSBC.. Find the angels and they will help you.. stick with the dogs and they will chase you to the curb..”
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