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How Can I Get In On the Lawsuit Against HSBC for Forced Placed Insurance? – Deb

Written by Steve Rhode

Question:

Dear Steve,

From 2001 to 2008 my husband at the time and I were going through Beneficial Finance for our mortgage on 2nd house. About 2 years ago, I received a notice from an attorney group stating that Beneficial Finance, aka HSBC, aka HSB was being sued for having clients who had loans sign docs with extra insurance, thus increasing the finance amount with interest tagged to it. At the time I did not have all my docs, but now I do have them in year order.

How can I find out if this court case is still pending or being investigated and can I still be added to the list of potential clients affected?

From 2001 to 2008 we refi’ed several times, got lines of credit over $20.000, personal loans – approximately 6-7 loans in this short time frame.

Deb

Answer:

Dear Deb,

Based on your timeline I think this is the class action case you might have been referring to.

But then again HSBC has been involved in so many settlements and cases it’s not clear which exact case you may be referring to. In the beginning of 2016 the Department of Justice Announced a massive settlement regarding years of abusive lending issues. You can see the announcement of that suit, here.

The State of Massachusetts announced funds available from the forced placed insurance suit. I’m not sure what state you live in. There was a Pennsylvania case as well.

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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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