- Report: #62910
Complaint Review: Providian National Bank - Internet
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Providian National Bank
www.providian.com Internet, U.S.A.
Phone:
866-8899179
Web:
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Providian National Bank ripoff business from hell Internet
I opened an acct with providian national bank in 2000. the interest rate was 23%. i was making my payments in a timely fashion. in 2002 i made an inquiry to transfer the balance to another company with a lower interest rate. ( i wanted to pay providian off and close the acct) approx 1 mo later i received notice that my account with providian was being closed and payments will be made through cardholder services.
Well!!!! They really crushed me. the interest rate increased to 29%,in addition if you happen to be 1 da late with your payment ( ei : your payment date is on a weekend or holiday ) you are presented a $35.00 late fee. these individuals have no intention of me paying off my card. at this intrest rate , it take forever. i have intertained the thought of doubling my mo payments. but i dont think i should until they bring down the intrest rate. CAN ANY THING BE DONE ?
Wendy
west hills, California
U.S.A.
Well!!!! They really crushed me. the interest rate increased to 29%,in addition if you happen to be 1 da late with your payment ( ei : your payment date is on a weekend or holiday ) you are presented a $35.00 late fee. these individuals have no intention of me paying off my card. at this intrest rate , it take forever. i have intertained the thought of doubling my mo payments. but i dont think i should until they bring down the intrest rate. CAN ANY THING BE DONE ?
Wendy
west hills, California
U.S.A.
1 Updates & Rebuttals
Preston -- Victim Turned Advocate
Cleveland,Ohio,
U.S.A.
How to get out of this hole
#2Consumer Suggestion
Tue, July 08, 2003
29% interest is loan sharking and these scam artists don't need to get any more of your money. I am giving you a lengthy post about how to get yourself out of this trap. First: Call the 800 number on the back of the card and say you would like to give them the money you owe but need a break on the interest. This may or may not work. Some companies, such as Capital One, really don't care. Some others, such as Discover, will lower your interest rate to around 0%. However, judging by Providian's methods of business, I doubt they will help you. But it is worth a shot. Second: DO NOT PUT ANY MORE CHARGES ON THE CARD. CUT UP THE CARD (WRITE DOWN ACCT # AND 800 # AND FILE IT BUT DO NOT USE THE CARD WHATEVER YOU DO) Third: If your credit is good enough, get a new line of credit. Find a card with at least a low intro rate and then a reasonable rate thereafter. Transfer the balance over. ONLY TRANSFER AFTER THE ACCOUNT HAS BEEN OPENED! DO NOT TRANSFER ON THE APPLICATION!!! YOU DON'T KNOW WHAT YOUR CREDIT LIMIT WILL BE AND IF YOU PUT DOWN $2500 AND END UP HAVING A $2000 LIMIT YOU ARE ALREADY IN DEFAULT!!! If you have a home equity line of credit available, this is the time to use it. If your credit is not that good, HACK AWAY AT THE BALANCE!!! It doesn't matter if you are sending in payments of $8 every three days just get the balance down ASAP! Also ignore the minimum payment -- DO WHATEVER IT TAKES TO GET THIS BALANCE DOWN FAST! THE LONGER IT TAKES THE MORE MONEY THEY GET! Another option is try to work something out with your other creditors -- some may offer low rate balance transfers, others may let you change your payment date. Work the system in your favor. Fourth: When the balance gets to near zero, pay the statement balance plus $30 to cover any finance charges that have not yet posted. This should leave a credit balance on the next statement. Fifth: When you get the statement with the credit balance send CERTIFIED *AND* REGULAR MAIL requesting the account be closed IMMEDIATELY at consumer request. I say certified AND regular because even if the certified is rejected you still have proof they checked the mailbox. Also inform them that the credit balance is to be REFUNDED IMMEDIATELY! Send letters to EQUIFAX, EXPERIAN, & TRANS UNION informing them that the account has been closed at CONSUMER REQUEST. I hope this helps and if you have any questions post them here. Keep us informed about how this turns out.
