GM Card – HSBC

Just wanted to know if anyone else is having problems with HSBC, GM Card in getting them to lower your interest rate and provide a reasonable payment plan. I worked with them to get a hardship term for 6 months where I could pay $500 a month, but they did not lower the interest rate and basically my balance continued to climb. Any tactics that I can use to get them to agree to lower my interest rate at this point?

They have given me a way to pay $3500 for three months in a row to cut my debt in half, basically forgiving them the rest…but if I had that much money to pay them, I would have paid them off by now. They say that since I can’t agree to the $3500, they will be sending my balance to a collection agency. I basically really do want to pay them off, but am about to throw in the towel due to their horrible attitude.

I even told them that Chase gave me 6% interest and $525 a month payments, which I’ve been able to make and have reduced my balance by more than $5000 in the last 18 months. I guess I’m not sure why they won’t work with me. Sorry to ramble. Thanks for listening.

I have heard this about them before. They are horrible to work with. I wish you luck. are you doing this in writing? Or on the phone? I was always told that you need to tell them to stop phone communication and only do paper communication. You can try surfing the balance to another card with a lower limit. And If you ever need money to solve problems with your business or to repair your house you better get $1000-$5000 loan at online. They seem to be trustworthy and serious company. I have had positive experience with them.