Report: #488147

Complaint Review: HSBC BANK

  • Submitted: Tue, September 01, 2009
  • Updated: Wed, February 17, 2010
  • Reported By: Robin — Richmond Virginia USA
    United States of America

HSBC BANK - HSBC No Interest Rate Reduction Internet

*Consumer Comment: APR Reduction Requests

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On three different occasions, an employee with HSBC has negotiated a rate reduction on my line of credit; on all three occasions, the rate has never been reduced even though I have made my payment as requested.

After being late on my payment, I began getting calls from HSBC.  I explained that my husband's income had been reduced to almost nothing and it was all that I could do to keep the utilities on in our house and was trying to keep our house out of foreclosure.  The gentleman was very understanding and agreed to reduce the rate from 24%+ down to 6% IF I made a minimum payment of $300-$400.   I sent him copies of all of my financial that he requested and I made the required payment.  When my next statement came the rate had not been reduced.

I contacted them again and spoke with someone completely different.  I told her exactly what had transpired and she told me that I had sent the financial information to their mortgage department.  I explained that that was the fax number that I had been given and it was their error.  Nevertheless, I resent everything to her.  I never heard anything back

In April, I began receiving calls again because I did not want to pay the bill until my rate was reduced.  I spent, no kidding, hours and hours on hold and explaining over and over my situation to people.  I never ever made any progress.  Finally, I once again spoke to someone who seemed to grasp the situation.  This person agreed to reduce my interest rate to ZERO (0%) because our financial situation had gotten even worse.  He told me that he did not need additional information because they already had it.  Once again, I was told that for the rate reduction to become effective, I had to make a minimum payment.  I agreed to allow them to deduct it from my account as of May 6th.  They deducted it 5 days early overdrawing my account and costing me $128 in fees!  Once again, the rate was still not reduced and remains at 26%.

I have sent 4 letters and spoken with multiple customer service representatives and have not received any kind of response or acknowledgement of my previous conversations or inquiries. 

I am very frustrated.  I have saved the names of several of the people to whom I have spoken;  many of the conversations I did not document. You can bet that I am documenting everything now!  I continue to write and call...

Does anyone have any suggestions?

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This report was posted on Ripoff Report on 09/01/2009 08:04 AM and is a permanent record located here: The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

APR Reduction Requests

AUTHOR: Julianne - (U.S.A.)

I too have become highly frustrated by HSBC. I have had my account in excess of 39 months with no late payments and never over the limit. Since the introductory rate was over I have routinely requested a lower APR about every 6 months. In the last couple of weeks I have been communicating via email to Customer Service my now dire need for a reduced APR and elimination of annual "fee". I stated I've had NO late payments or over the limit fee and was now DESPERATE for a lower rate and reduced or eliminated annual fee as my only income presently is government issued unemployment insurance. I kept asking specific questions and every reply stated they were "unable at this time to lower my APR, but to feel free to keep asking", NEVER addressing the questions I asked. The fact is HSBC exemplifies the epitome of GREED on every level. Reporting to the Rip-Off Report is a great start in helping to expose this predatory lender. I suggest you also write letters to the editor of your local paper. Check to see if your local TV News station has the kind of program/service that mine does for consumer complaint investigations. Remember always that such predators as HSBC Bank RELY on APATHY! Good Luck!!!
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