I had two credit card accounts with Providan Bank/Washington Mutual and I paid for credit protection and debt cancellation for these accounts. It was my understanding it would defer my payments if I was disabled for up to 24 months and if I was totaly disabled it would cancel out my debt.
The credit protection for 24 months was done. But when I tried to use my debt cancellation no one called me back or answered my letter for about 3 months. When someone did respond they told me I did not have that protection. The next person I spoke with told me my level of protection did not go that high. The next person sent me a claim form to file for my debt cancellation and asked for my letter from the Social Security Adaminstration showing that I had received a Fully Favorable decision on my disability claim.
The answer I received, and I quote, "the debt cancellation benefit is not available under your current terms and conditions". Then, they started selling or transfering the accounts to CACH and LVNV.
Credit Card companies sell this protection with no intention of ever letting the consumer use the debt cancellation part. And as far as the credit protection part, on the 25th. Month I received a statement with a minium payment 5 times more what it had been. If this has happened to other people there should be a class action lawsuit filled against Providian Bank/Washington Mutual.
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