Question by samtanidisco: I took UK HSBC loan of £6400,HSBC has my passport copy,are they allowed to prosecute me in India? I was on UK student Visa and then I was on HSMP, I got £7000 loan from HSBC UK and now i have to go back to india for good due to personal reasons !!! I am unable to pay back my loan since i screwed up my work and got to go back to india,,,,, CAN HSBC CHASE ME BACK IN INDIA ? are they allowed to prosecute me in India? Best answer for I took UK HSBC loan of £6400,HSBC has my passport copy,are they allowed to prosecute me in India?:
Answer by Wendy H
Yes you were over 18 so deemed to be able to take on the debt, they will chase you to recover the costs and if they do manage to track you down where ever you are they will try and recover the costs from you. This is probably going to be a problem for you in India if you need to apply for a loan or if you go abroad again and need to open a bank account. I suggest you attempt to honour the debt.
Answer by windcomes
Of course, anywhere in the world which got a decent law. Please DO Not think this is over. They have all the channels to trace you down. Even handover these cases to bad debt chasers who might be unscrupulous or even go further to anthing that you will never expect. I suggest you write to them to explain your difficulty. They very likely will offer solutions eg. delay payment or by installments etc. so as to make it easier for you....
U.K. Trade Minister Stephen Green was challenged to answer questions about his time at the top of HSBC Holdings Plc (HSBA), after the bank apologized for opening its U.S. affiliate to Mexican drug money. Green ... Educating College Students on Loan ... U.K. Trade Minister Green Challenged Over His Time Running HSBC
Credit card business is one of the most lucrative and valuable business for the banks. There are many good reasons for the same. It is like small investment loans to the customers thus reducing the risk on the investment. The returns on the investment are marginally good and banks also earn from the transactions on the merchants shops.
It is very important to have a better features and plans associated with credit cards issued by the banks. HSBC bank is one of such banks, which offers exceptionally great features and plans for its customers on its credit cards. Although, it is bit difficult for a customer to get HSBC credit card until it has a current account with HSBC banks. Let's compare the features of HSBC credit cards UK with other credit cards available on the market place.
It has one unique condition pertaining to issuance of the card; other banks have no conditions to have an account with them for issuance of a credit card but HSBC has this condition placed on the top.
HSBC credit cards have longer balance transfer duration of 15 months while the other banks have it maximum of 12 months.� The fee for balance transfer is also low as compared to others; it is 2.9%. You get an interest free payback time of about 15 minutes while other banks do not offer this much time for the same.
HSBC bank credit cards offer a good introductory purchase duration of about 3 months, which very reasonable but other banks are also offering this much time or even bit more. So it is not much admired feature in comparison with other ones. It has extensive anti-fraud protection systems which normally all banks have the same but not that level that HSBC offers.
HSBC credit cards holders are offered as much as 8% off on all holidays booking with Thomas Cook Holidays �?" therefore it is ideal for those who are travel savvy for their holidays and vacations.
HSBC credit cards are introductory accounts and suit for those who are looking for first credit card to build their credit history. This cards has very low purchase introductory period and after that period the interest rates increase substantially to 16.9% p.a. This is not good rate for regular shopping and repayments as compare to other credit cards on the market place.
It has one downside that HSBC credit cards have no reward program as of yet; that is not much exciting!
In the nut shell, HSBC credit cards are introductory accounts and they are suitable for debit control and for cash advances but it may not be much suitable for regular shopping and repayment in minimum amounts.
More Comparison of HSBC credit card UK with Other Credit Cards on Market Place Topics
