Hi, I have two HSBC credit cards and total balance of both cards about USD3600. I was a student back then, and now, I left USA for good to return to my hometown. However, I dont have a permanent job and my salary is about usd600 monthly. I couldnt pay my credit cards and have been 8 months since I made the last payment.
Last week I called HSBC recovery department and explained them my current financial situation and they offered me a settlement program, of which I paid:
a) about USD800 for my 1st credit card. (USD266 monthly for 3months). HSBC will send a formal letter and I will receive it in the week of July 24th, 2011.
b) about usd700 for my 2nd credit card. (have to pay lump sum)
and I agree for the settlement and will pay by End of July 2011.
I agree to
However, I googled online, and found several people have upset situations with HSBC. even though they paid the settlement amount, HSBC keeps on harrassing and still ask for payment the next month.
I am so worried upon reading all the comments. Therefore, I would like to ask for advice. What kind of documents should I ask HSBC in order to protect me against any bad circumstances later on? What do usually appear on credit card statement after I paid the required settlement amount?
I really hope that you could help me with these questions.
People report that HSBC is not honoring the settlement agreements they make without proof they made them. What I’m hearing is they are saying they have changed their mind either just before or after the last payment.
This can all be addressed now. It sounds like you and HSBC came to an understanding on how this would be dealt with. As them to put the offer in writing now, before you make any more payments. If they won’t then I think that gives you a clue what their intention is.
On the credit report the part you agreed to pay will show as paid. The part you settled will appear as an uncollectible bad debt and written off.
Please post your responses and follow-up messages to me on this in the comments section below.