HSBC Watch News Release Forum Index
Forum Name: - HSBC Collections
Topic Title: Yamaha Waverunner Florida Fiasco
Tue Mar 14, 2006 9:36 pm
MA in Florida said "My fiance has an account through HSBC retail services for his Yamaha wave runner. He got behind in his payments, but recently tried to get caught up. A repo man was sent to his home to take possession of the vessel. When he called customer service, they advised that he was sent two notices advising that he would be sent to repossession on 02/22/06. However, we just received a February bill sent out on 02/03 with a due date of 02/25.
He had made at least half of the amount due on the date due. When he called again to see what could be done and why he had not received the notices and also why he was still receiving bills if his account had been sent to collections/repo. All three reps he spoke to hung up on him when he asked to speak to a supervisor. He has now received a March installment which shows his payment received of $360. However, out of the $360 received, only $35 was applied to the balance. The bill shows that the rest was applied to interest, late charges, insurance, and other charges.
When I went back to review previous bills, all of them show the majority of his payments going towards these fees and not to his balance. It is my understanding that you do not have to purchase insurance for watercraft in Florida. So I am not sure what these "fees" are, or if it is for the interest rate. What really disturbed me, was that none of the statements actually show his interest rate like credit card statements and revolving loans do. When we called this past weekend, the rep we got on the line was unable to locate his account. She stated that Yamaha polices/accounts begin with an 8 and his begins with a 4. We do not know what to do. He is trying to get right with the company by getting his bill up to date, but no one wants to explain his account in detail or take responsibility for any errors that have occured.
I did already see that there were 4,222 complaints in the BBB against this company's handling of billing, collections, and repossessions. We do not know where to go from here or who else to contact. We feel like we are being taken advantage of by this company. Any help or advice would be greatly appreciated."
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