HSBC
Complaint 156830 Details

OPEN LETTER TO ALL HSBC BANK AND TAP COSTOMERS AND PROSPECTIVE CUSTOMERS

In Dec. 2005 I purchased a 2006 Suzuki 1300cc. motercycle it was to have been a 60 month loan instead I was given an HSBC bank credit card. The following day the HSBC representative called and sold my wife insurance coverage in the event that I was injured or died. The motorcycle payments would be paid while I was incapacitated, or the motorcycle would be paid off in the event I was killed. The cost was $35.00 a month above our regular motorcycle payment which was approximately $200.00 a month. The payments were paid for approximately the next two years untill Dec. 24th. 2007 when I was injured in a work related accident while helping make a delivery of a table to one of my wifes customers. HSBC was notified of the accident and they said they could not start coverage untill they knew how long I would be incapacitated. I was scheduled for surgery and my wife said she would call when she knew how long it would be. It turned out that I was to have seven surguries on my shoulder, and I was recuperating for more than a year, and would have a permanent disability of my right shoulder and arm. When my wife called and told HSBC what the outcome was, she was told that they would not honor thier commitment because I was too old. My wife complained that it would be age discrimination. They then said that it was because I was self employed that they would not cover me.
I must mention here that I retired from my business on my 70th. birthday April 11 2005, before I purchased the motorcycle, and only helped out my wife as an unpayed helper when she needed help wiith deliveries, I owned and drove the truck that the business used. At that time I was not gainfully employed at all, definately not self employed and had not been for several years.
When informed of HSBC's refusal to honor their committment I called the Attorney General Office of West Virginia and explained what had happened, they said they would look into the matter. After several weeks they notified me that they could not do anything about it because HSBC would not discuss the matter with them.
My next move was to call the State of West Virginia Offices of the Insurance Commissioner with my complaint. They were convinced by HSBC that charging someone a monthly fee to cover thier payments on a financial transaction in case of accident or death is not insurance. If it looks like insurance, sounds like insurance, promisses to protect you like insurance, IT IS INSURANCE, that is, unless they refuse to pay on thier obligation, then it is fraud, but they call it TAP.
State of West Virginia Offices of the Insurance Commissioner, , does not regulate such products nor does it come under thier jurisdiction, according to the letter I recieved from them, and they are "unable to assit in this matter".
Who does one go to to get assistance with complaints about seudo or fake insurance such as TAP? State of West Virginia Offices of the Insurance Commissioner suggested I try the Office of the Comptroller of the Currency. They enclosed a Customer Complaint Form which I filled out and sent in. I have not recieved an answer as yet.
I have recently recieved a postcard inviting me to join a class action suit against HSBC's debt cancellation or debt suspension products if billed or enrolled in one of thier programs beween July 2nd, 2004 and February 23rd. 2012. After reading this postcard I came to understand that joining in this class action suit, from which I might recieve between $15.00 and $60.00 would disquallify me from taking ane kind of legal action against HSBC. The first part, the invitation to join the class action suit was printed in large bold print, the part that said I would be disqualfied from further legal action against HSBC was printed in such small print it required a strong magnifying glass to read at all, and I have 20/20 vision. This is clearly a ruse to trick people out of thier right to just compensation for injustices at the hands of HSBC Bank and thier TAP program.
How does the low income person fight injustices perpertrated against them by large wealthy Banks and Corporations? Lawers don't work cheap, and someone on social security recieving about $1000 a month more or less cannot pay the exorbidant fees $500 an hour or more charged by many lawers in civil suits to fight a claim, particularly one that does not have the potential to reap thousands in compensation. The only solution I can think of, is to go public and air your complaint on the internet for all the world to see. Facebook, You-Tube and any social forum that people read and make comment on, might make these unscrupullous parrasites take notice; and realise the kind of practices they are now using will cost them millions when the general public becomes aware of them and takes thier business elseware.
Any of you people who have been hussled by a large company, bank or organization, please voice your displeasure by writing a letter and posting it on a public forum that can be read world- wide on the internet. This will at least make everyone aware of the kind of people you have been dealing with and give them a chance to avoid finding themselves in the same situation. It may even have a detrimental effect on thier business, which they cirtainly will notice!
Submitted by
John Bolton
Email (Personal Info Removed)