Bankruptcy laws were changed and strengthened in 2005. Then greedy banksters, mortgage brokers, and lending companies felt safe. They could do whatever they wanted to do, since it was harder to declare bankruptcy. Nationally, the total number of bankruptcies filed in the first half of 2008, however, rose 29.2 percent, to 522,205, […]
With the United States in a recession the double-speak is interesting. Some call the recession of 2000-2001 a “mini-recession.” Now HSBC’s Douglas Flint has a “technical recession.” HSBC finance director Douglas Flint said: “The issue now is the US slowdown and whether it enters a technical recession, and what that does to […]
According to Maryland newspapers, HSBC North America Holdings this month will close its White Marsh operation — HSBC Finance Corp. — and lay off 450 employees. With Boscov’s closing its Glen Burnie, Owings Mills and White Marsh stories, 400 people will lose jobs. Boscov’s signed a contract with HSBC and HSBC managed the Boscov’s […]
HSBC is heavily exposed to credit card assets. In that light, it is similar to Capital One, which earlier this year slashed its earnings estimates by over 20 percent due to high default rates and building losses. We see potential for a negative impact to HSBC’s earnings from this exposure as well. HSBC credit […]
Our headlines screamed: “HSBC posts Boscov payment one day late” and “HSBC loses customer for Boscovs due to late payment processing” and “Boscovs and HSBC Forgets To Mail December Bill.” Now Boscov’s has filed for bankruptcy. The formula is simple: When a merchant signs a contract with HSBC for credit card […]
Recently we received complaints about many merchant credit cards managed by HSBC. In fact we receive reports weekly, but we wonder about HSBC Finance and the HSBC technology. One customer said “I went on line two days before my bill was due to pay it and was told that I had to pay […]
The Minnesota Court of Appeals has upheld a 2006 Hennepin County jury finding that former Metris Companies CEO Ron Zebeck was entitled to $30.2 million in severance benefits. The company’s board fired him after it hired investment bankers to sell the Minnetonka credit-card company. A three-judge panel ruled that neither the jury nor the presiding […]
Neiman Marcus has settled a lawsuit with HSBC Finance, the operational unit of HSBC formerly known as Household International. The lawsuit pertained to private label credit cards - the cards issued by HSBC Finance (HSBC NV) containing the Neiman Marcus name instead of HSBC’s name. Part of HSBC’s private label credit card agreements […]
As HSBC seeks to raise money in the United States, primarily through HSBC Finance, the number of complaints continues to rise. Advocates at Household - HSBC Watch say the number of complaints received on a daily basis is at the highest in five years. Disappointment with HSBC credit cards and merchant credit cards […]
Neiman Marcus is facing off with HSBC Finance - formerly known as predatory lender Household International. What do Neiman Marcus customers have in common with subprime, predatory lending, and late application of payments? Absolutely nothing, but Neiman Marcus selected HSBC Finance as their private label credit card processor. We questioned the move […]
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An open letter to HSBC, Knight Vinke and Stephen Green
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
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