In 2007 I was Issued a credit card from Providian with a credit allowance of under $500.00. Because of changes in my job and added medical expenses I was unable to make regular payments.
My account balance increased greatly due to added interest and my account was sold to Asset Acceptance LLC. I was contacted by Asset Acceptance by letter and by phone and I was offered a settlement. I was told that i could either pay the whole amount owed, which far exceeded the original amount, or agree to make regular monthly payments for 6 months. I agreed to pay $100.00 a month for 6 months.
After 6 months I was offered another settlement which also exceeded the original amount and I was told that if i could not make that payment I must make the $100.00 a month payments for another 6 months and another settlement would be offered to me at that time.
I have paid over $1000.00 on this account; $900.00 in the last 9 months. This is far more then I ever charged even with added interest.
Asset Acceptance is ripping me off
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