     David Temkin (Dtemkin) | Tuesday, September 05, 2000 - 08:12 am 
As per my last message, I had referenced that I may want to consider reaffirming my one VISA card - my Providian/Aria VISA.
I just got off the phone with their 'bankruptcy' department, who informed me that "We do not reaffirm. Period." I was sure to not give them my account number.
He said that they get bankruptcy listings from VISA daily, who collects them from the courts regionally.
It's a bit confusing that a company would have a policy of doing that (other than AMEX). Basically, they're saying "We don't care what your balance is. Include us in the Chap7 and just discharge your debt with us and don't ever do business with us again".
Mind you, I'm in excellent standing with that account and just got a line increase.
Sounds like a really really REALLY dumb business policy to me.
Anyone else ever hear of this?
-Dave |
| Amy Duncan (Amydd) | Tuesday, September 05, 2000 - 09:59 pm
I hate to tell you this, but if you called on their 800 number they probably have your name and such from caller id. If so, does anybody know if it would be legal for them to notate his account that he called with this question. |
| David Temkin (Dtemkin) | Wednesday, September 06, 2000 - 04:41 am
I called from a phone that's not associated with me "with them". They'd have no idea it was me calling from there.
Trust me, I knew that one well in advance :-)
-Dave |
| Mitch (Voigtkampff) | Wednesday, September 06, 2000 - 01:00 pm
I went through the pile of re-aff offers. Lots of Capital Ones, Citibanks, Sears and few First Unions, etc. The few Providians that I found stated that they were advised that the person was considering bnk, and Providian wanted to offer options. Reaff was not one of them. They offered 60% lump sum or reduced interest and regular monthly payment. |
| David Temkin (Dtemkin) | Wednesday, September 06, 2000 - 02:12 pm
Reduced interest and regular monthly payment while still closing the account? |
| Shylock (Shylock) | Wednesday, September 06, 2000 - 05:14 pm
Providian is screwed in the head if they don't aim for reaffirmation agreements. Let's take this purely hypothetical example: Imagine someone owed me $1200 and they filed bankruptcy. Imagine then that I offered to loan them an additional $1000, to have the entire loan at 9% interest and to let them pay me back over four years payments of $54.75/mo.
Look at it this way: The $1,200 is already lost when she filed bankruptcy. But by loaning out $1,000 I can get 48 payments of $54.75 that's 59.2% yield. It's definitely worth my time to pursue it. |
| Mitch (Voigtkampff) | Wednesday, September 20, 2000 - 08:53 am
In response to Dtemkin:
They were not offering to let the consumer keep the account. They were offering an option to help the person avoid bnk. |
