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HSBC North America - HSBC, Best Buy and Deceptive Practices
Loan for TV Bought at Best Buy - Complaint
Review by stygeon13 on 2012-07-05
Rating: 
My wife and I bought a large TV at Best Buy. My wife and I thought it was a large enough purchase, so we bought the coverage to protect us if one of us was disabled or if we lost our jobs. It was quite a large investment so we thought that was a good deal. The problem is, the deal is scam.
We were paying for the TV for quite a while and then, my wife lost her job. She wanted to see if she could get a job before leaning on the service policy we bought for just such an occasion. When it was obvious that she was not going to find a job quickly, she filed with HSBC, who was the lender BEST BUY USES. They said there was a time limit and that we were one or two days late. 1. There was never any mention of time limits. We just tried to do the right thing, and they used something we never saw. WE have tried to get the entire contract several times, but to no avail.
Best Buy just says, "we are not responsible," and just washes their hands of it. I wish I could lead folks down the path to destruction and then just say, "I am not responsible." Like shooting fish in a barrel. (In my humble opinion, Best Buy is responsible to the public for the instiutions they bring under under their roof and use as reputable companies. We, the consumer, who bought merchandise under their roof and are taking their lender at their request, IS responsible! We depend on them to steer us in the right direction. Otherwise, the should tell people up front that we have to find our own lenders when we make a purchase. Best Buys tacit agreement with these crooks makes them culpable. They are in enough hot water already. You would think this would be something that they would not like to be tangled up with. HSBC is clearly one of those dirty institutions with tons of complaints about things I would call fraud, but won't because I have not read the doc on those complaints, so can't really accuse them in those cases. As with our case, you don't need to see a fish to know there is something rotten in the area...
We will end up getting an attorney over this, but I wanted to let folks know up front what they will be dealing with if they buy something from Best Buy on terms. This will be our last not-so-Best Buy from this sinking ship... I say good riddance. One more dirty organization taken out by trying to do as little as possible for it's potential customers, (suckers).
We were paying for the TV for quite a while and then, my wife lost her job. She wanted to see if she could get a job before leaning on the service policy we bought for just such an occasion. When it was obvious that she was not going to find a job quickly, she filed with HSBC, who was the lender BEST BUY USES. They said there was a time limit and that we were one or two days late. 1. There was never any mention of time limits. We just tried to do the right thing, and they used something we never saw. WE have tried to get the entire contract several times, but to no avail.
Best Buy just says, "we are not responsible," and just washes their hands of it. I wish I could lead folks down the path to destruction and then just say, "I am not responsible." Like shooting fish in a barrel. (In my humble opinion, Best Buy is responsible to the public for the instiutions they bring under under their roof and use as reputable companies. We, the consumer, who bought merchandise under their roof and are taking their lender at their request, IS responsible! We depend on them to steer us in the right direction. Otherwise, the should tell people up front that we have to find our own lenders when we make a purchase. Best Buys tacit agreement with these crooks makes them culpable. They are in enough hot water already. You would think this would be something that they would not like to be tangled up with. HSBC is clearly one of those dirty institutions with tons of complaints about things I would call fraud, but won't because I have not read the doc on those complaints, so can't really accuse them in those cases. As with our case, you don't need to see a fish to know there is something rotten in the area...
We will end up getting an attorney over this, but I wanted to let folks know up front what they will be dealing with if they buy something from Best Buy on terms. This will be our last not-so-Best Buy from this sinking ship... I say good riddance. One more dirty organization taken out by trying to do as little as possible for it's potential customers, (suckers).
Comments:
Posted by trmn8r on 2012-07-05:
What WERE the terms?
Did you have a loan that came with alleged protection in case of not being able to pay? Is the time limit they came up with from the beginning of the loan, relative to a payment due date, something else? I don't really understand what you thought the agreement was, and if you feel they did something outright wrong or took advantage of fine print in the agreement.
Did you have a loan that came with alleged protection in case of not being able to pay? Is the time limit they came up with from the beginning of the loan, relative to a payment due date, something else? I don't really understand what you thought the agreement was, and if you feel they did something outright wrong or took advantage of fine print in the agreement.
Posted by Pat T on 2013-02-04:
The problem is that the guy at the finance desk at BB tells you one thing and the written "agreement" that they give or send you AFTER you've accepted the card and made the purchase says something else - and "reading it" is nice advice but you've already bought the item and used their card to buy it. Then both BB says "out of our hands" and HSBC says "this is what the agreement says, you owe us." I paid the entire principal balance off in less than the promo period and told them (a) nobody said anything about "minimum monthly" so I'm not paying "retroactive interest" and (b) if this goes on my credit report I will sue you. Talked with 3 people before they agreed to "take care of it." But "take care of it" meant get me off the phone, don't contact me but don't reverse the charges - charge it off and sell the "account" to a CA that calls me over 4 years later. It's not on my credit report and it's now past SOL but every few years I get a call or letter from a new CA - I explain what happened, they make a note of it, they never call again but they sell the "account" to someone else who calls me. This is so outrageous.
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