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Advanta Bank Corp - Utah and PennsylvaniaCriminal Usury Law Violations

Advanta Bank is criminal. My rate went from 9.9% to 37.17%. Their corporate headquarters is in Pennsylvania but they use Utah for credit card customers because, particularly with corporate credit, Utah's Usury Laws are poor at best and allows them to charge any interest rate they want, according to them. The spirit of the consumer Usury Law in Utah says a maximum rate of 10% is allowable but Advanta thinks they are untouchable with business lending and apparently the Utah Attorney General has done nothing to curb what I consider to be criminal behavior. I have filed criminal complaints against Advanta with the Pennsylvania Attorney Generals Office as well as the Utah Department of Financial Institutions which regulates Advanta found here: http://www.dfi.utah.gov/Complaints.htm. I had never missed a payment but told them I will never make a payment again unless they reduce their rate. The fed has lowered the prime to 0.0% and greedy bankers at Advanta are simply criminal. I am making a stand.

Responses

  • dec4566 Feb 22, 2009

    I am working with attorney Alan Finkel in Commack, NY who is working with some state class action law firms to seek action against Advanta. If your interested in particpating, please e-mail me at [email protected]

    0 Votes
  • Su
    survivor23 Feb 13, 2009

    I understand that the Usury laws in Utah are weak, however, in general, you can sue anyone at anytime for anything. From what I am reading, most of the time, Advanta loses to consumers due to BREACH of contract. Additionally, if someone sues you, and lets say, the consuer is in CA, and you file the lawsuit first, that means the venue of the law is in THAT state, correct? I am not an attorney, just someone who has used the courts to stand up for my rights, and this has been the experience for me so far.

    As far as I am concerned, I signed a contract, that was breached. My account said, "for life" and if there are any loop holes in the language, then then the law of materiality applies. If the a normal and reasonable person were to be deceived by such language, then the law can make a decision on whether or not Advanta acted in good faith.

    Obviously, they did nt, and there is clear pervasive evidence that they didn't.

    I am going to follow the cases of against Advanta of yesteryear, and sue them for the interest they charged over and beyond.

    If you have any ideas that would be great. Obviously, Utah does not care, like you said. Most governing bodies, I really do not think they are functioning. My suspicion is that Advanta did a calculation regarding what it would cost to sue, and what it would cost to jack up the interest rates, and they are acting accordingly.

    0 Votes

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