Norah Hart
New York,#2Consumer Suggestion
Wed, May 02, 2012
Helo Ace
Hello, I am a class action attorney and I would like to speak to you about the way HSBC padded your charges with hazard insurance policies. If you would like to look at my website at www.consumerclasslaw.com you will see a brief description of the case against HSBC regarding force placed insurance, or lender placed insurance as it is sometimes called, these are overpriced homeowners insurance policies that are "force placed" on the borrower in place of their original homeowners policy. The force placed hazard insurance policies are often overpriced, and sometimes they force place another hazard insurance policy even though your own original hazard insurance policy is still in place and fully paid. it sounds like you had that same issue, your policy was fully paid and current. Even where a borrower's original insurance policy has lapsed because of a missed payment, it is still not justifiable that the bank's replacement insurance policy is two or three times the cost. It is a widespread problem, Bank of America and Wells Fargo are being sued for this same force place insurance abuse. If you were charged for an overpriced hazard insurance policy--whether or not your original hazard homeowners policy was paid up or not--I may be able to help you. Call me anytime at 212-897-5865 or e-mail me at [email protected].
Norah Hart
New York,#3Consumer Suggestion
Wed, May 02, 2012
Hello, I am a class action attorney and I would like to speak to you about the way HSBC increased the cost of your hazard insurance. If you would like to look at my website at www.consumerclasslaw.com you will see a brief description of the case against HSBC regarding force placed insurance, or lender placed insurance as it is sometimes called, these are overpriced homeowners insurance policies that are "force placed" on the borrower in place of their original homeowners policy. The force placed hazard insurance policies are often overpriced, and sometimes they force place another hazard insurance policy even though your own original hazard insurance policy is still in place and fully paid, the same way your policy was fully paid and current. Even where a borrower's original insurance policy has lapsed because of a missed payment, it is still not justifiable that the bank's replacement insurance policy is two or three times the cost. It is a widespread problem, Bank of America and Wells Fargo are being sued for this same force place insurance abuse. If you were charged for an overpriced hazard insurance policy--whether or not your original hazard homeowners policy was paid up or not--I may be able to help you. Call me anytime at 212-897-5865 or e-mail me at [email protected].
Ace
Waco,#4Author of original report
Tue, January 08, 2008
After 6 weeks and 3 100 mile roundtrips to Franfort Ky branch office where Manager advised he couldn't give me an account history went to Lexington Ky branch where they printed history within 10 minutes. The following week received history in mail from Beneficial. All enteries from 3/30/06 through 10/17/07 had been voided on copy received from beneficial and reentered ( whether I supposed to get the voided copy or not I do not know) reflecting an account balance due discrepancy of $558.58. The following is a summary of that history showing totals only as total calculations cover 3 full pages. Total of payments due from 08/30/01 through 08/30/07 less period in bankruptcy proceedings $54044.36. Total amount paid $57687.18 an excess of 3642.32. Total of interest due @ a monthly avg of $529.91= $38632.33. Interest withheld from payments $44209.94 an excess of $5577.61. Deferred interest for same period $7378.30. Restructure totals added to end of loan $8455.21. This adds up to a total of $21411.12 of interest and ?charges? above the amount of interest due notwithstanding the $3642.32 extra paid above regular payment total. As stated in earlier report on several occasions (4) I allowed account to go 30 days to receive a demand letter in order to withdraw funds from 401k and made a multiple payment of 3 months to bring account current. These 4 occasions came to a total of $9381.45 of which $9356.91 was taken for interest ( $7554.67 actual + $1802.24 deferred). When I asked one of thier collection people about this they stated I had to pay interest on the month I missed making a payment. The only way I can match thier figures is to take the interest from the last payment ie: 60 days interest and then add another 30 days interest for the missed payment. Thus they are charging interest twice on the missed month. All I have to say is if anyone is thinking about doing business with HSBC-HFC-Beneficial. RUN Two other updates to previous report. Re: bankruptcy- dated 03/24/04 I received a reaffirmation document for $67891.74 including $2385.08 for deferred interest. The due date for first payment was 05/30/04. This amount was stated to include all monies due past and present. Per the account history on 03/24/04 (same date as reaffirmation) a restructure amount of $3973.85 was added to end of loan. This amount equals the total of the 5 payments due during bankruptcy proceedings and included payments due for 03/30/04,04/30/04 and 05/30/04. these due dates were as much as 90 days in the future. Second update Re: hazard insurance- as of 01/08/08 I still have not received declaration pages of insurance placed of GIRL FRIENDS home in 2004/05/06/07. These were requested on 11/12/07. The only thing I have are the letters stating insurance had been placed on this property. Total premiums in excess of $3000. $2571.53 for 05/06/07 (do not have a copy of letter for 04) but all others were well over $500. If anyone else has similar problems in these areas and has documentation or wants to get the necessary let me know through ripoff report. The more information I can get the better my chances to stick it to them. Warning if you're wanting information on your account be prepared to wait up to 6-8 weeks or longer.