The following is a letter to Advanta that explains my situation:
To Advanta Small Business Services
Account# *
8/14/08
To whom it may concern.
On 7/19/08 I received a bill where my interest rate was raised from 21.74% the month before, to a stunning 35.49%.
I called customer service immediately informing them that I had never received a letter advising me of this change. I never would have accepted it. I was told to fax a signed letter to that effect and the rate would go back to the 2! 74%. Attached is the fax I sent that day.
Having heard nothing, I called customer service on 8/1/08 and told them I had not recieved an updated invoice. The rep said Your fax was received. Everything is taken care of. (Check your recording).
On 8/13/08 I received an email stating my payment was late even though I have not received a new invoice.
Again I called customer service 0n 8/14/08 and was told because I did not reply on time to the interest hike he couldn't change my rate. All this even though I did everything the customer reps told me to.
Obviously this is a ridiculous situation, I did NOT receive notice of a rate hike and thus could NOT have responded.
Please revert my rate to the original 21.74% and send the revised invoice and I will gladly pay my bill.
If I do not hear from anyone at Advanta promptly, as has been the case uptil now, I will send a payment for the July invoice based on 21.47%.
I will not pay anyone 35.49% and I do not expect to be penalized for a late payment given the lack of communication within your organization..
Thank you
Magic Box LLC
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