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Discussion in 'Credit Talk' started by vaman, May 31, 2001.
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Do you have the ability to pay them now? 3% of 1200 is a 36 minimum payment you haven't been sending them for over 4 months. I serious doubt, you will get negative info remove even if you pay in full.
they said i can pay half of the amount in three months and they will report it paid in full
later you can always try to get the derog info removed by the CRAs. It's a crapshoot but once the account is paid you can try to get the credit in better shape. I did that a lot and, thanks to slack responses, my credit improved dramatically.
Is there any chance Prov will allow you to just resume pmts and then later reopen the account?
Some installment loans will let you miss a payment or 2 and they just put it on the end of the loan. more interest for them.
whatever you do get it in writing prior to paying, but you know that don't you
The deal you got from Providian sounds pretty good. If I were you, I'd take it; but, as Marie suggests, make sure to get the agreement in writing.
From my experience, Providian is not ameanable to rehabing defaulted accounts. Three years ago, I had a card with them and, due to a financial crisis, my account became 90 days delinquent. (Not wise, I know; but I simply didn't have any money to pay.) To this point, my account history with them had been perfect.
Anyway, after the end of the third month, things picked up and my financial situation started improving. Immediately, I called Providian to see how much was needed to bring the account current...it was over $400...and made arrangements to send that amount. The limit on my account wasn't that high, but the late fees...plus the exhorbitant interest...had caused me to go over limit and, naturally, that led to even more charges. Wow, what a mess! But the delinquency was my fault and I accepted the consequences.
Providian requested that I send the payment via Western Union (which I promptly did) and I kept the account current until the balance was down to zero. I was never again late and I always paid more than the minimum.
A year later, I asked Providian to rehab the account and they refused. Then, recently, I wrote to the executive offices, via Planet Feedback, to see if they would respond more favorably. They didn't. In fact, the response I got was very snotty, saying they didn't really care if I was left with a negative opinion of Providian.
Needless to say, I'm not impressed with this company. Unforeseen circumstances happen and I sinserely regret that I was unable to send in a payment for three months. However, I think it was quite evident that I wasn't trying to rip them off. As soon as I was able to resume payments, I did and Providian certainly profited because I paid all of the incurred fees, plus the outrageous interest. I'm not complaining, because the lates were my fault, but I thought Providian might show a little compassion, especially after I had re-demonstrated a good pay history.
Fortunately, I don't need the credit. I simply wanted to rehab the account so it would look better on my reports. All I can do now is try to get the lates deleted. Equifax has removed all of them, Experian has reduced the 90 days, to 30; but the 90 days is still showing on Transunion. Eventually, maybe everything will come off all three.
It would have been nice if Providian had been willing to rehab the account but I'll manage without their help. Other companies I've worked with have been a lot nicer.
Anyway, I wanted to share my Providian experience. Maybe it will help.
THANKS FOR ALL THE RESPONSE I DO HAVE IT WRITING THAT THEY WILL REPORT IT PAID IN FULL