Issue with Providian Credit Card Company
Author: karna68
Joined: 10 Oct 2003
Posts: 9
Posted: Sun Oct 26, 2003 5:09 pm
These people should be arrested! My husband is starting his own business and we started to suffer a little financially so we did the responsible thing by hiring a debt management company to handle our accounts. Providian won't accept the agreement! I can't believe what jerks they are. My account has been closed for several years due to the outrageous interest rate hike. I tried to pay them off once before but they wouldn't waive any of the outlandish interest. If you don't have this card don't get it, if you currently have it, get rid of it, NOW!
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Joined: 10 Oct 2003
Posts: 9
Posted: Sun Oct 26, 2003 5:09 pm
These people should be arrested! My husband is starting his own business and we started to suffer a little financially so we did the responsible thing by hiring a debt management company to handle our accounts. Providian won't accept the agreement! I can't believe what jerks they are. My account has been closed for several years due to the outrageous interest rate hike. I tried to pay them off once before but they wouldn't waive any of the outlandish interest. If you don't have this card don't get it, if you currently have it, get rid of it, NOW!
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posted by CardRatings.com at 11:38 AM
6 Comments:
Author: Aisha
Joined: 09 May 2003
Posts: 55
Posted: Sun Oct 26, 2003 8:13 pm
Why are'nt you repairing your credit yourself? You can call all of your creditors and ask for their reaging or recovery department and ask the if they have programs for people who are having problems due to an illness, financial dificulties etc. These debt consolidations co.'s take some of your money that you pay and apply it to themselves. Ameridebt got into trouble with the FTC about a week ago. If an acct. is charged off, they won't work with you in some aspects. The thing to do is go to recovery before charge-off. Recovery depts. will lower your interest and/or payments. Because your acct has been closed several years they can't recover. It is better to never close an acct. before paying it off then you can claim hardship, and they can work with you.
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Author: Guest
Posted: Tue Oct 28, 2003 8:11 am
Thanks for your response but you obviously don't know the story behind Providian
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Author: karna68
Joined: 10 Oct 2003
Posts: 9
Posted: Tue Oct 28, 2003 8:12 am
Oops that above post was me, I forgot to sign in
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Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1704
Location: Illinois
Posted: Sat Nov 08, 2003 6:42 pm
I know well enough about Providian, but debt consolidation companies usually do more harm then they do to help. I would personally like to see creditors refuse period to work with CCCS programs,
But that is a hard thing when they are the ones behind the CCCS programs - it is actually a pre-collection effort but you willingly pay in instead of the afterwards affect of actual collection agencies.
Sometimes re-aging is a good thing, but it has its draw backs like resetting statute of limitations and restarting the clock on accumilated interest and fees prior to charge off. Usually charge off should occur 180 days of non payment, but if you re-age (pay), then actual charge off won't occur sometimes for up to 9 months or so, becuase you just bought the creditor more time to hurt you.
I know it is not an easy thing to explain, but if you had not been able to catch this account up prior to charge off, then letting it go its course might have been the best thing for you. --- even though the damage is done to the credit report. If you can't keep up, sometimes unfortunately their are casulties. But you can still go back and negotiate settlement or payment in full later after all the snow balling of fees and interest is done.
View our latest credit card ratings!So what you may consider now, is to keep paying the accounts that are in CCCS program, and what ever you can do, put extra money to the side, and save up enough to approach Providian for a settlement agreement and finish matters with them once and for all so you can move forward.
Best of wishes with this matter,
Author: karna68
Joined: 10 Oct 2003
Posts: 9
Posted: Wed Nov 12, 2003 10:27 am
Thanks for your response but I actually tried paying them off several months ago before my husband became unemployed. I asked if they would waive just a LITTLE bit of the 30% interest but they wouldn't do it. In hindsight I probably should have just paid them off. Oh well, lesson learned.
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Author: NightStar
Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1704
Location: Illinois
Posted: Wed Nov 12, 2003 11:57 am
Time is on your side, the older the delinquency on the account, the less they will take on settlement - so if you wait 6 months you might be able to revisit this with them. Also keep a heads up that they don't try to file judgment, that is the only thing that would hurt at this point to push up your time limit to fix the matter.
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