To all who were victimized by providian and emerge, please read.
I myself am also a victim of this company's deceptive practice, having my account sold over to emerge. Although i was never late on my payments, further more paying on average every two weeks.
I came across a little law which i took for granted and just never paid attention to. This may be your hope and savior in having emerge refund you excessive interest payments or reducing your interest rates. This law called the truth in lending act, requires emerge and/or providian to give you 15 days written notice if there are any changes in terms.
I never ever received any notice in writing warning me my interest was going to be ajusted, much less my account was sold until it was too late. I would encourage everybody to contact providian and emerge and ask for a printed payment history.
By law they must provide it (fair credit billing act). Note:
I am not an attorney, but as a consumer i have consumer protection rights. After you obtain your printed payment history, if you were a victim, if you did not receive a 15 day written notice most certainly providian / emerge will deny this, they must provide evidence they acted in accordance to federal law (truth in lending act). This may proove to be very dificult with thousands of victimized account holders. Next contact the federal trade commission online at ftc. Gov or by phone which is preferable since the human to human contact is more effective and will cause conversation and thus critical attention would be brought forth on this issue. After receiving multiple complaints,
the federal trade commission will investigate providians/emerge practice. Also you may want to contact your attorney general and complain, you will be surprised what will get the ball rolling.
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