Re: Providian & Cambece - Cease Comm letter?

Posted by Paul (207.44.154.35) on January 06, 2004 at 18:13:30:

In Reply to: Re: Providian & Cambece - Cease Comm letter? posted by Zefram on January 06, 2004 at 17:07:04:

If Cambece has your account, that means Collect America “bought” the account from Providian for 10 cents on the dollar. If it charged off for $6500, then Cambece is into it for $650. You’ll have to hold your nose pretty tight to pay them anything knowing that. They’ll also churn the interest doubling the amount in 4 years. Then, they’ll say you owe them $13,000 on a debt they bought for $650. Stinks doesn’t it?

Providian sold the account and can’t take your money any more. Any money you pay now only goes into Cambece’s fat wallet.

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