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Providian made its money the good old-fashioned way -- on the backs of the working poor. It built its business on what is called the "subpar" segment of the market, customers whose credit records have a few blemishes.
Only problem is, the losses outran the sky-high fees and soaring interest rates and the house of cards came tumbling down in October 2001 and by mid-2005, Providian had been acquired by the nation's largest savings and loan, Washington Mutual.
But from what customers tell us, things haven't changed much at Providian, as the complaints in this section demonstrate. Here are a few of the more recent beefs ...
Anthony of Memphis, TN February 17, 2009
Anthony of Memphis TN (02/17/09)
I open a account with is company my own money 500.oo dollar .. This took my money ,,,how hurting my creditreport,account open in 04/2000,,I close the account 06/2000 or 07/2000...My creditreport show this stay open 12/2006 ,,not true,,this is 9 year/// can I sue,,,,,,,,
Zaourbek of Yonkers, NY February 10, 2009
Zaourbek of Yonkers NY (02/10/09)
Back in 2001 (or 2000: I'll have to get whatever paperwork I can find) I opened a VISA credit card with Providian Bank. I used it for few months and paid on time. Then I got the bill (somewhere in the beginning of summer) for 400 or 500 dollars for the charge that I never knew. I called Providian and the guy told me not to worry, they will research it. But next bill came and the charge was there with additional fees. I called again, and they told me that they need to check on it. So when I see that nothing is getting done and this is close to the end os summer, I called again and asked for the supervisor, but they never gave me one. However they told me they cannot get from the merchant to verify the charge since the merchant is out of business. I asked them what should I do if it's not my charge, they said that I would have to pay it. I told them that it is called fraud and they cannot do it, but it didn't matter.
I closed the account and sent the letter to them about it and then I never heard of them. Over a year ago I started to use experian to monitor my credit at freecrditreport.com and they told me that there is a negative point on my account: Midland Credit MGMT for mastercard. I disputed it but it returned back as valid. Then I required the information directly from the creditor, but they never sent to me anything and the only thing I could get from them was that I owe money to some Emerge Mastercard. I couldn't get Experian to take it off, they told me to deal directly to Midland Credit MGMT.
Finally after numerous phone calls I got a person on the line by name Elvin and he told me that it is for the Providian VISA account back several years ago! I explained to him the situation, but he said I have to pay over 1500, I told him that it's fraud and he laughed at me. I told him that I would have to take the matter to court and he said yes, put to jail laughing. Then I asked for his supervisor and he hang up the phone
Well eventually this record reflects negatively on my credit and I need to correct it Barbara of Hector, MN February 5, 2009
Barbara of Hector MN (02/05/09)
I woke up on Monday February 2, 2009 and went to take out money from the ATM Machine. I thought it was an error in its report and came to find out that Providian's Management company wipe out my entire bank account. I am completely broke. I knew I owed them and two years ago I called when I had a work injury and could not pay the full amount. They were rude at that time and I asked What about the insurance I had paid on my card? They said because it was late that doesn't count anymore.. They raised my 2500.00 to 4300.00 and sent it to this management company/lawyer.
When I called them to ask WHY? they had to take all my money the guy called me a thief and said I had stolen this money. I explained to him I am laid off and that is all I had. I had no problem with paying the debt off. He asked: Why didn't I payoff a 2yrs ago. I explained to him I was out of work due too a work related injury that I had two surgeries for and at that time I even had my home foreclosed on. That I was just getting back on feet until I was laid off due to the economy. He just told me that wasn't their fault and treated me [bad]!
A day later I received a letter in the mail by them about it and asking is there any reason WHY they shouldn't take the money now. Like I truly believe they are going to put it back. They made it sound like I was a common thief! With the way the economy is you would think they would try to call you. Not a letter. But call you and work something out. Nope! Instead they take double of what you truly owe and break you.
I can't pay my bills and I can't even put food on the table for my kids. If I even had a job interview to go to I can't even put gas in my car to go! I was saving up to pay all my debtors in this economic crisis now I am deeper in a whole than I already was. Donna of Nanticoke, PA January 31, 2009
Donna of Nanticoke PA (01/31/09)
I had an account with Providian over 6 years ago. I fell on hard times and could no longer pay my bill. They sold it to Action Management Inc, a debt collection company. I paid them over 1400 for a 300 account. Providian keeps selling the debt. They were paid for it by the debt collectors when purchased and just keep selling it.
I paid this debt 5 times over and I am still getting harassed for it. Lashanda of Atlanta, GA January 23, 2009
Lashanda of Atlanta GA (01/23/09)
I received my providian card in 2001 and it was great at first. I paid on time and everything was fine. I went in the hospital in 2003 and started getting behind on the payments. Instead of working with me, they increased my apr. to 27.99% without even informing me, closed the account and ordered me to pay. My current bill is almost 6,000 dollars because for 2 years prtovidian charged me this outrageous apr. I AM NOW BEING SUIED IN SMALL CLAIMS COURT FOR THIS AMOUNT OR MORE. I am so tired of credit card companies taking advantage of little people. I am currently a teacher's assistant making 20900 a year, have anew baby girl along with 2 other girls and my husband lost his job over 5 months ago. I NEED HELP.
I am currently a teacher's assistant making 20900 a year, have anew baby girl along with 2 other girls and my husband lost his job over 5 months ago. I NEED HELP I CANNOT GET ANYTHING BECAUSE OF THIS ON MY CREDIT
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