Hello, I would like to share my story with anyone and everyone who is thinking about or who has an Emerge Mastercard.
Three years ago, I received a Providian Visa and loved the card. I had a great payment history and received credit line increases due to good payment history. Then one day, an Emerge Mastercard shows up in the mail and the letter attached advised Providian was now Emerge. My interest rate shot up to almost 30%. Within 3 months I was over the limit and my card was cancelled. I tried to make the payments, but because of the interest rate, my payments were increasing every month and almost nothing was applied to the balance. There were late fees and over the limit fees.
To top it all off, my husband lost his job and I couldn't make the payments. I know this is my fault, but I just gave up.
Then I deceided to contact a credit counseling agency, which was the best thing I have ever done. The company advised I contact all of my creditors. So I did.
When it came the Emerge, I was redirected to Pinnacle Finacial Services. Here is where the fun started. First off, the rep wouldn't give me her name. I asked at least 5 times, then she finally gave it up. Then it took another 10 minutes to get my account information from her. She kept offering settlements (which never, ever settle with a credit card company), I kept declining telling her all I wanted was my balance, and a correspondence address. Finally she gave me the information.
I passed the information along to my credit counseling agency. My agency asked for my most recent statement. I didn't have one, come to think of it, Emerge stopped sending statements 1 year prior. Pinnacle told me if I didn't settle my account I would be sued and my wages would be garnished. No creditor can theaten this unless they intend to carry it out.
Pinnacle is now sending letters and calling my house trying to offer more settlements. I have told them repeatedly to call my credit counseling agency. They refuse. They keep telling me my agency hasn't contacted them, but my agency has assured me they have.
Who would you believe??? The credit counseling agency is not for profit. Pinnalce Finacial reps are paid based on their collections.By the way, if any of your creditors agree to a credit counseling agencies terms, they cannot contact you. It is illegal and the creditor can face charges and you can possibly have your debt reduced or voided. Read the "fair collections act" at the FCC website to find out more information.
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