Anonymous Posted February 19, 2003 Report Share Posted February 19, 2003 I recently ended a long period of unemployment and was unable to make even the minimum payments on my credit accounts. I have 4 cards, two with Providian and two with another firm. I attempted to bring the accounts up to date when I found work. I have since brought the "other" cards under control but Providian has continued to pile late charges upon overlimit fees to the point where I stopped paying them. Providian referred the accounts to a collection agency (owned by them I suspect) which demanded the entire past due balance. I didnt have that kind of money, if I did I would have paid Providian. So, any suggestions on how to proceed? I have no assets to speak of. Link to comment Share on other sites More sharing options...
tulipchic Posted February 21, 2003 Report Share Posted February 21, 2003 I had the same problem with Providian. Other creditors worked with me and even removed negatives, but Providian would not budge. They charged off account after 180 days and filed judgment one month later. Not much I can do now, they've added so many late fees, attorney's fees, etc., etc. the balance is totally outrageous. Link to comment Share on other sites More sharing options...
Anonymous Posted February 22, 2003 Author Report Share Posted February 22, 2003 Thanks for the information. I received a letter from the CA today asking if I would be interested is a settlement and asking me to phone them. I am interested but do not have a lump sum, so it would have to be monthly payments. The debt has grown from 4500.00 to 6000.00 due to interest and penalties. I make it a practice never to phone a CA, I write to them. I will respond to this settlement letter soon. Can anyone offer any advice on how to handle the situation?Thanks. Link to comment Share on other sites More sharing options...
wert Posted February 22, 2003 Report Share Posted February 22, 2003 The offer depends on how much money you have available.Put in writing you'll pay half (put it in dollar amount) of the amount. The offer is good for 14 days (or whatever it takes you to get the money) and you need the answer in writing. You want the account to reflect paid in full, not anything else, and times late deleted (if the CRA's are reporting as such).Put their feet to the fire and see what you get. It's worked for me. Especially if they know they are going to get the money in a matter of days and not months. Link to comment Share on other sites More sharing options...
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