Advanta / Predatory Lending Practices
Like everyone else here, I was victim of Advanta's predatory lending practices. My rates were 2.99%, and then 7.99%, for the longest, and recently, just like everyone else, the rate went up to 32%! They gave me the same lies they are giving everyone else, that something changed on my credit report, and there are a variety of factors leading to the change. All of this is bull, and nothing has changed.
I paid the balance off, and then they renegotiated the interest rates to 15.99%. They said that I could call back in 60 days to try to reduce the rate further, (I do not use the card anymore)
I am reading everyone's stories, and doing my research on Advanta, and their predatory lending practices apparently date back to the 90s.
I've decided that I am going to sue them under breach, since the contract that I signed, says, "for the life of the account" and NOTHING on my credit report has changed. I can see that in the past, there is how Advanta lost most of its cases, under breach. Not only that, but they lied and said they mailed out a letter. Everytime I call, I get hung up on. I asked them to resend the letter they sent, I still have not received it. This behavior, in addition to their history, I think I have enough to at least bring up the claim.
I looked them up on the BBB, and they only have one complaint and there is no information about it, so the BBB is on their side.
For now, I am gathering all my information, and every week I call Advanta for an update. I plan on going to the FTC, the States Attorney General, etc. I am going to sue them for the amount of interest that was charged over and beyond, and that was breach of contract. I am also suing them for my court costs.
I read somewhere else that a poster was able to get a claim through on the BBB, and then Advanta agreed to lower the interest rate, if the person closed the account.
More Advanta Complaints & Reviews
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