HSBC/Best Buy Balloon Finance Charge unknown, Minnesota

You said...

"I had purchased a computer on an 18 or 24 month no interest deal."

Which was it? 18 or 24 months?

Your story makes no sense because there isn't a no interest that says 18 OR 24 months. 

You say you payed on the 22nd. What time or day did the payment clear your bank?

"I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way."

  OK, so I must be missing something.   If you read the contract and knew the terms, you would have known that that the "free interest" period was up on the 16th.   Why would you make the last payment on the 22nd?   If this was in the contract, how were you deceived?

  Since you claim to be aware of how these deals work, I'm having a hard time grasping how you think you were ripped off.  

" They obviously don't value my business, so mutiply that times how many people this has happened to."

  They do value your business.  But this whole free interest scheme is dependent upon the borrower either ignoring, or forgetting what the terms are.    If they gave everyone a "do over", who would be left to pay the actual ijnterest?












I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way. They are especially deceptive in these times after the so-called credit overhaul.
All of my payments were made on time and for at least 3-4 times their minimum. They obviously don't value my business, so mutiply that times how many people this has happened to. HSBC IS a deceptive company who makes their money on these kinds of deals and finance companies like HFC, Beneficial, etc. I will NEVER do business with them again.

I have done this several times and it can be a very good deal.  It was very clear in the information provided exactly when it had to paid off.  We just made CERTAIN that it was paid off 3 or 4 months ahead so was no chance of timing problems.

If you pay attention, it is a good deal but you have make sure of what you are doing.  It's correct that if something is 'no interest', you better figure out why and make sure you know what you have to do get the deal.  It was very clear to us, in fact the salesman and the checkout people told us and it was also in the documentation we got .

Not a ripoff. 

I had read the terms and know all about these types of deals. I've probably purchased 4 or more computers this way. They are especially deceptive in these times after the so-called credit overhaul.

All of my payments were made on time and for at least 3-4 times their minimum. They obviously don't value my business, so mutiply that times how many people this has happened to. HSBC IS a deceptive company who makes their money on these kinds of deals and finance companies like HFC, Beneficial, etc. I will NEVER do business with them again.

"I had purchased a computer on an 18 or 24 month no interest deal."

    No interest financing always comes with a catch.   Somebody has to pay for the interest.  The catch can usually be found in the fincancing agreement that you signed.  Generally, you don't have to pay interest if you make every payment on time and completely pay it off before the free interest period runs out.    If you don't do both of these things, you'll be hit with the default interest (usually pretty high) for the entire term of the loan.   

"The payments (their minimum payments) were always due on the 22nd."

  That could be your problem.   On most of these loans, if you make the minimum payment, it pretty much guarantees that you won't pay it off before the "free" interest period runs out.   This is pretty common and is detailed in the agreement.

   Basically, "no interest" financing offers are subsidized by the folks that don't bother reading the contract.   Those who know the score will make sure the loan is paid for on time and in full before the term is up.   They are usually outnumbered by those who did not read the contract any further than "No Interest for xx Months". 

  Whenever you are offered something for "free", that's the time to start asking yourself who is really paying the tab.