Don
Fortville,#2UPDATE EX-employee responds
Fri, December 28, 2007
I am sorry that you became a victim of this company. It's terrible how they have gotten away with what they do for so long, huh? I want to make sure you understand some things however. Providian most likely was able to shoot up your interest rate due to contractual agreement made by you. Often times they add a loop hole which allows them to up your interest rate if you are ever late on a payment. Late payments often result in late payment fees, and if you are already at your limit this can push you over also resulting in over limit fees. I hope that you do look to sue this company, because they are definately due, however this will not release you from your responsibility with Providian. Make sure you understand that. You have a contract with Providian and just because a company scammed you into believing they were going to take care of it does not release you from that contract. My advice for you... Save up about 35-50% of the current total on this account and contact them, only once you have the money immediately available, and request a settlement yourself. I wish more consumers realized that what these companies do can be done by them by cutting out the middle man. Settlement should never be requested however unless you are currently in collections. There is no easy way out of paying a current debt without it significantly affecting your credit. Good Luck