Financial Finagling

I got a debt collection call from representatives of HSBC this morning, and it set me off, since HSBC was one of three banks to cut/cancel my corporate credit lines after the first inklings of financial panic hit the banking industry.
Now I tend to play hardball with these people, because I have no problem hoisting them on their own petard, nor should you.
1. I have not paid or deferred payment to them when I want them to negotiate, which works, and we’ve even had clients do the same;
2. All three of the money center banks were cancelled and offered terms to pay off the credit line balances, but only one actually took me up on it (Chase); another would up reinstating my credit line, and ol HSBC didn’t say anything for about three years. I’m not in the habit of rewarding corporate stupidity, nor am I in the habit of losing court cases to these cretins. Chase is still tied up in court three years later, having lost the renegotiation paperwork in 2009;
3, Do these hardball tacktics work? I think so. American Express actually just approved me for a Gold Card, which is just about what I was looking for, as Solutions Forum becomes more aggressive on its marketing.
So, my message to all of you is hang in there.

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5 Responses to Financial Finagling

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  4. One thing I’ve noticed is the fact there are plenty of common myths regarding the banks intentions while talking about property foreclosure. One fable in particular is the bank wishes to have your house. The lending company wants your hard earned money, not the house. They want the money they lent you having interest. Staying away from the bank will simply draw any foreclosed realization. Thanks for your post.

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