I had 2 cards with this bank: one a Visa and a Mastercard. Both with a 23% interest rate. The only reason I accepted such a high rate was because I went thru a very nasty divorce in which my ex-wife did everything imaningable to mess up my personal finances with the IRS, previous creditors, etc. We know how nasty divorces can get.
I had a room mate who died of liver cancer about 2 years ago which forced me to run up around $11,000 (total) on both cards, mostly for medical expenses. This is not their fault.
I had a good payment record up until they raised the interest rate without warning or explanation on the Visa card which had a balance of $8,000.00 usd at the time.
The increased interest rate made it impossible to make the minimum payment without going into default with my other creditors. I closed the account because of the increased interest rate.
I wrote to them on several occasions to make arrangments to satisfy the debt. I offerd to pay $200.00 a month with a 15% interest rate untill the balance was paid in full along with money orders totaling $250.00 in good faith for which I received no response. They offered an arraingement shortly after to make a payment of $265.00usd with an interest rate of 10%. I made that payment but they kept the interest rate at 29.99% which was not what we agreed on. So I stopped paying.
I had contact again where I basically threw away more money for another settlement they renigged on. Shortly after the Visa scam started I received a letter from Providian stating that the interest rate on the Mastercard would go from 23% to 29.99%, if there was any further activity on that account. I promptly called and closed that account. The interest rate on that account rose to 29.99% regardless of the fact that the account was closed before their deadline.
They have made offers to settle for something like 40% of the stated balances in full which is an ammount of cash I do not have available. I requested a payment plan on that and was told it had to be in a lump sum. They are aware of my finiancial status, and have the rescources to verify the validity of my claims.
I have received another "generous offer" stating that they will now settle for 85% of the stated balance. Again; it has to be in a lump sum. I have been theratened by 2 collection agencies so far. They have even called my employer and made subtle threats to him.
I do not deny that I borrowed money from them. I do object to their predatory and immoral business practices.
At this point I will no longer communicate with them because they are proven liars and thieves.
After all the aggravation they've put me thru by their threats and insults against me and my employer (their 2am harassing phone calls) I will never send then another dime. They did stop calling my employer when I told them to stop. They didn't stop calling me until I changed my phone number.
I had a perfect payment record with them up untill they started ripping me off. I still have a perfect payment record with all my other creditors. I have all my statements, receipts, and correspondence available to support my claim... Something they can not deny.
I am in the process of accelerating the pay-off of all my other creditors (all of which I have perfect performance with) in anticipation of a law suit from providian. I will go to the brink and file for bankruptcy to deny them the satisfaction of ripping me off again, and will re-confirm everyone but Providian.
Kim and faye
huntsville, Alabama
U.S.A.
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