Complaint Review: HSBC Retail Services & Best Buy - Prospect Heights Illinois

While yes, it is a Best Buy Consumer Credit Card, HSBC is the company to be upset with. It would be the same thing if you had a Sears card, JC Penny Card, Mervyn's card, and the list goes on. Best Buy offers a service through a bank to provide consumers an oppertunity to use a credit card to make purchases, but we have no control over billin, or even payments. Also, when you cosigned on the card you took the risk of your son not paying the bill, and it coming to bite you. It is the chance you take when co-signing. And, frankly I do beleive that you are using your son's military duty as an excuse. And while I appreciate all that he and the other active men and women do for us, their service should not be our excuse. I have Three cousins in the military and my best friend is in as well, and I don't use them as an excuse. So all in all, yeah you might think that Best Buy Sucks, but we really don't. You are just mad because a missed payment ruined your credit and you are taking your pathetic vendetta out on the first company that came to your mind.

I have experience, on both sides of the fence in this issue, and I have to say that you, even as a lawyer, seem very "uninformed" about such issues. For one, what is the point of HSBC allowing you to be a co-signer if they do not hold you responsible as well for the missed payments? Also, if you knew your son was not going to be at his residence, signed a loan for him, and then assumed he was somehow paying it while overseas, don't you feel like you are the one who was irresponsible? Now, no one likes to see something like this on their credit. However, there are too many things here that don't match up. If you are a "lawyer," then why would you co-sign for your son to get a computer? Most lawyers can afford these things. Thats just an outside observation. Also, in the original documentation that you/your husband signed when the loan was taken out, it does NOT say that, "After the account is late, it is our responsibility to contact you and get a payment." Its always your responsibility to pay the account. So if you aren't called, thats like complaining to the electric company about your power being shut off because they didn't walk to your front door and take the check out of your hands. Why would HSBC call you every month for a payment? I GAURENTEE you that you would be posting another rippoffreport if they were to call you every single month asking for a payment while the account was up-to-date and you were the co-signer. So my suggestion to you is this: If you plan on co-signing for someone that is about to be moving, out of reach, or out of the country, you should plan ahead well enough to pay the account yourself, or list yourself as the primary signer on the account so that you recieve statements.

First it is best not to co-sign for anyone. Just "lend" them the money directly instead. If you don't have the money to do that, certainly don't co-sign. You will be in real trouble with the creditor if the other person doesn't pay and you don't have the money either. If you are a co-signer, you are equally required to pay. You will get bad credit if it is not paid. Therefore, contact the creditor yourself every month to check if the payments are current. Don't wait for them to call, they may not until after it is too late to avoid a "late payment" on your credit report. If it hasn't been paid, pay it yourself, and try to get the money back from the other person (good luck.) Also pay directly to the creditor. Don't do what Cory did and give the money to your deadbeat family member. They'll just spend it on something else.

we have a home loan thru hsbc. we signed up so every monday they take the house payment out of our checking account, we had our house for sale, thought we had it sold, went to get pre approved for a loan and was denied because they(bank of america) said that we were late a year on our house. i was furious and called HSBC. what had happened was when they set us up for this, one of the mondays came after the 1st. instead of calling and we were short 14.00 YES $14.00. however since the WHOLE payment was not received on the 1st. they marked us with late fees. i had called several times while this was occuring. mind you not once did any of their reps say anything to me. i am in the middle of a dispute, to have it removed however when i called HSBC to see what happened the lady WAS VERY rude and said i quote "you people" and they were the ones that set us up for easy pay. I feel for you. they refuse to correct our credit over $14.00 and NOTHING was ever on our monthly statements either.

Never ever co-sign for anyone. Daughter-in-law has been in the army for 14 years. Has asked me to co-sign for her a number of times. Never once did I do it. I "loaned" her the money instead. Never got paid back. We're talking thousands of dollars. The only advantage was my credit didn't get ruined. If I had co-signed, the only difference would have been I was still out the money but my credit's good. She and her third husband called me and wanted me to co-sign for a loan to pay off best buy, like $3000. They had bought a computer on a one year no payment, no interest deal. TWO days before the end of the year, they haven't paid a d**n thing. If they don't pay it off, they have to pay 24.9% interest for the year. They will owe $4000. I said nothin' doing, I sent them the $3000. Couple of years ago she gets divorced. HER side of the bills were $12,000. She wants to "borrow" $12,000. I say let me look at the bills. What do I see on the list? One computer $3000. They didn't even spend the money I sent them to pay off the computer. That's life. Semper Fi and God bless our troops and those navy guys too.

Never ever co-sign for anyone. Daughter-in-law has been in the army for 14 years. Has asked me to co-sign for her a number of times. Never once did I do it. I "loaned" her the money instead. Never got paid back. We're talking thousands of dollars. The only advantage was my credit didn't get ruined. If I had co-signed, the only difference would have been I was still out the money but my credit's good. She and her third husband called me and wanted me to co-sign for a loan to pay off best buy, like $3000. They had bought a computer on a one year no payment, no interest deal. TWO days before the end of the year, they haven't paid a d**n thing. If they don't pay it off, they have to pay 24.9% interest for the year. They will owe $4000. I said nothin' doing, I sent them the $3000. Couple of years ago she gets divorced. HER side of the bills were $12,000. She wants to "borrow" $12,000. I say let me look at the bills. What do I see on the list? One computer $3000. They didn't even spend the money I sent them to pay off the computer. That's life. Semper Fi and God bless our troops and those navy guys too.

Never ever co-sign for anyone. Daughter-in-law has been in the army for 14 years. Has asked me to co-sign for her a number of times. Never once did I do it. I "loaned" her the money instead. Never got paid back. We're talking thousands of dollars. The only advantage was my credit didn't get ruined. If I had co-signed, the only difference would have been I was still out the money but my credit's good. She and her third husband called me and wanted me to co-sign for a loan to pay off best buy, like $3000. They had bought a computer on a one year no payment, no interest deal. TWO days before the end of the year, they haven't paid a d**n thing. If they don't pay it off, they have to pay 24.9% interest for the year. They will owe $4000. I said nothin' doing, I sent them the $3000. Couple of years ago she gets divorced. HER side of the bills were $12,000. She wants to "borrow" $12,000. I say let me look at the bills. What do I see on the list? One computer $3000. They didn't even spend the money I sent them to pay off the computer. That's life. Semper Fi and God bless our troops and those navy guys too.

I just had to comment on this. They do too report to credit reporting companys for so little amount. We got our first bill for payment on our motorcycle. I just happen to check on our credit rating. I do for free once to 3 times a year. Since I've been working on straighten our credit out. HSBC had already reported us to them for nonpayment on our account And stated account closed by them. What took 9 years to fix , gone like that in one instance. They do what they want when they want. Thank you Kathy Lodi, Calif 95240

I just had to comment on this. They do too report to credit reporting companys for so little amount. We got our first bill for payment on our motorcycle. I just happen to check on our credit rating. I do for free once to 3 times a year. Since I've been working on straighten our credit out. HSBC had already reported us to them for nonpayment on our account And stated account closed by them. What took 9 years to fix , gone like that in one instance. They do what they want when they want. Thank you Kathy Lodi, Calif 95240

I just had to comment on this. They do too report to credit reporting companys for so little amount. We got our first bill for payment on our motorcycle. I just happen to check on our credit rating. I do for free once to 3 times a year. Since I've been working on straighten our credit out. HSBC had already reported us to them for nonpayment on our account And stated account closed by them. What took 9 years to fix , gone like that in one instance. They do what they want when they want. Thank you Kathy Lodi, Calif 95240

I just had to comment on this. They do too report to credit reporting companys for so little amount. We got our first bill for payment on our motorcycle. I just happen to check on our credit rating. I do for free once to 3 times a year. Since I've been working on straighten our credit out. HSBC had already reported us to them for nonpayment on our account And stated account closed by them. What took 9 years to fix , gone like that in one instance. They do what they want when they want. Thank you Kathy Lodi, Calif 95240

Jim-thank you much for your great advice--I will give that a try. Lauri-you misread what I wrote and didn't read it carefully. I am GLAD HSBC reported my son to the credit agencies--It is OUR name that I am upset about. We were entitled to at least some notification that the account was in default and to be given a chance to pay it before they reported US, not him. As my report also clearly stated, he was NOT deployed when this occurred, he was out on maneuvers, so we couldn't get in touch with him, which is why we paid it. I absolutely wasn't using that as an excuse, so take your despiction elsewhere. Prior to that, we didn't even know the account #--all mailings went directly to him. I don't need advice on the Fair Credit Report Act either, since I am an attorney and very familiar with it. Take a chill pill....

What I have found is that when dealing with any kind of financial institution GET IT IN WRITING FIRST If you don't have "Paper" they develop a very convenient amnesia. The biggest mistake you can make is to first put yourself at a disadvantage, then ask. Don't ask, Demand, and be sure to state that if the demand is not met IN WRITING, no money will be paid. "Negotiate" from a position of strength (They want something, your cash) not from a position of weakness (They got your cash, and to hell with you) Bluntly, no "Paper" No "Cash" And watch out for "Weasel Wording" that makes the paper worthless/useless, if they don't clearly say what you want them to say (Remove the bad report) then mark the paper REJECTED, state the changes needed right on the face of the paper (BIG LETTERS) and return it unsigned with NO check. Then, and only then, will you get results. Expect them to try to screw you with either refusal to send any letter, then sending a "Weasel Worded" letter, and finaly sending a decently worded response, meanwhile calling and threatening, pay no attention to their threats, demand a "Release" (Paper) stating your requirements and do NOT give in (Pay) until you get it.

What I have found is that when dealing with any kind of financial institution GET IT IN WRITING FIRST If you don't have "Paper" they develop a very convenient amnesia. The biggest mistake you can make is to first put yourself at a disadvantage, then ask. Don't ask, Demand, and be sure to state that if the demand is not met IN WRITING, no money will be paid. "Negotiate" from a position of strength (They want something, your cash) not from a position of weakness (They got your cash, and to hell with you) Bluntly, no "Paper" No "Cash" And watch out for "Weasel Wording" that makes the paper worthless/useless, if they don't clearly say what you want them to say (Remove the bad report) then mark the paper REJECTED, state the changes needed right on the face of the paper (BIG LETTERS) and return it unsigned with NO check. Then, and only then, will you get results. Expect them to try to screw you with either refusal to send any letter, then sending a "Weasel Worded" letter, and finaly sending a decently worded response, meanwhile calling and threatening, pay no attention to their threats, demand a "Release" (Paper) stating your requirements and do NOT give in (Pay) until you get it.

What I have found is that when dealing with any kind of financial institution GET IT IN WRITING FIRST If you don't have "Paper" they develop a very convenient amnesia. The biggest mistake you can make is to first put yourself at a disadvantage, then ask. Don't ask, Demand, and be sure to state that if the demand is not met IN WRITING, no money will be paid. "Negotiate" from a position of strength (They want something, your cash) not from a position of weakness (They got your cash, and to hell with you) Bluntly, no "Paper" No "Cash" And watch out for "Weasel Wording" that makes the paper worthless/useless, if they don't clearly say what you want them to say (Remove the bad report) then mark the paper REJECTED, state the changes needed right on the face of the paper (BIG LETTERS) and return it unsigned with NO check. Then, and only then, will you get results. Expect them to try to screw you with either refusal to send any letter, then sending a "Weasel Worded" letter, and finaly sending a decently worded response, meanwhile calling and threatening, pay no attention to their threats, demand a "Release" (Paper) stating your requirements and do NOT give in (Pay) until you get it.

What I have found is that when dealing with any kind of financial institution GET IT IN WRITING FIRST If you don't have "Paper" they develop a very convenient amnesia. The biggest mistake you can make is to first put yourself at a disadvantage, then ask. Don't ask, Demand, and be sure to state that if the demand is not met IN WRITING, no money will be paid. "Negotiate" from a position of strength (They want something, your cash) not from a position of weakness (They got your cash, and to hell with you) Bluntly, no "Paper" No "Cash" And watch out for "Weasel Wording" that makes the paper worthless/useless, if they don't clearly say what you want them to say (Remove the bad report) then mark the paper REJECTED, state the changes needed right on the face of the paper (BIG LETTERS) and return it unsigned with NO check. Then, and only then, will you get results. Expect them to try to screw you with either refusal to send any letter, then sending a "Weasel Worded" letter, and finaly sending a decently worded response, meanwhile calling and threatening, pay no attention to their threats, demand a "Release" (Paper) stating your requirements and do NOT give in (Pay) until you get it.

Any time you co-sign for someone else, especially if they are in the military, it's the co-signers RESPONSIBILITY to ensure that payments are made in a timely manner. There was no reason to notify you or your spouse before the reporting went on his credit...the FCRA (Fair Credit Reporting Act)requires reporting be done on a regular basis. If your son had put you as POA on his finances, then yes, this wouldnt have happened. (As a military family memeber I DESPISE people who use military deployment as an EXCUSE to abdigate responsibility) Federal law doesn't ALLOW for this to be taken off of your or your son's credit, only updated to reflect that it has been paid. Having worked in the credit industry for over a decade, I find it dubious at best that a credit app was declined to a single late payment. Nor can I believe that HSBC called after 1 payment being missed, most credit card companies give the borrower 90 days to cure (pay) the account before it get's to the co-signer being notified. Unfortunately, this is a learning experience for your family....the person to berate is your son.