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I tried to work with them and explained my situation. For over 20 years I've had excellent credit and never missed a single payment. When the housing market crashed it took my home improvement business with it.
I asked Advanta if we could somehow work this out with smaller payments, temorarily, because I'm confident that when the economy springs back, I will be able to make great strides towards paying this debt off in full.
Instead they chose to conduct business as usual. They jacked my interest rates up to the maximum (over 27%) raised my minimum amount due each month, and started adding late fees for the unpaid amount.
I guess they're within their legal right to do so, because they tell me it was clearly written in one of their change of terms amendments, that they could raise my rates at any time for any reason without notice. You know, one of those 10 page, multi folded inserts, typed in a tiny # 4 font, with about 5000 words of legalese, that they slip into your bill every couple of months...
When I called them again, they said if I made a payment they would reduce my rates back down. So I made a payment (on time) and they still refused to lower my rates to a payment I could regularly afford.
I am now in default on the debt and they are taking me to court to put leins on all of my assets. Unfortunately for them, I have already sold most of my assets to pay for simple luxuries like rent, electricity, and food.
This bank it the prime example of predatory lending that has, in no small part, led to the financial meltdown in this country, and in the world.
I don't know if my situation makes me eligible to be a part of any class action lawsuit, but I will absolutely give my full support to anyone who has the legal means to bring this company down.
(Advanta Interest Rate Ripoff)