Complaint Review: Advanta Bank Corp

In March of 2007 I got approved for an Advanta Bank Corp loan. As a small business owner I made sure that my payment was always paid on time and more than the minimum payment due. In August of 2008 my interest was all of the sudden increased to 38% after being a nice low 7.9% lifetime interest. I had always been on time and thought that this was clearly a mistake on Advanta's behalf.

So I called the customer service phone # and got told what most of everyone else had been told that the interest raise was correct and that there would be nothing done to help me. I tried to explain to them as a small business owner that this would put a real hardship on my business and that I would not be able to make the payments that they were asking me to make now with the interest rate hike. My payment went from $325 to $2000 a month just on the minimum payment due.

Since all of this has happened I have been making an average payment of $675 to them and getting mutiple phone calls a day. Each time I answer them and tell the person on the other end of the line that I am doing all that I can due to there unethical business. I then get threatened by the person on the other end of the line telling me that I owe the debt and that it is my resposibility to pay it and that if I don't make the minimum payment due I will loose my house, cars, etc.. I have also received multiple letter saying that there is going to be legal allegations towards me and my business if I don't take care of this matter.

I am at my wits end with Advanta Bank Corp. and would love to know how to make them stop the calls & threats. I am working on paying off the debt that I know my business owes, but in the mean time if anyone has any help or suggestions I would love to hear them.

There phone mutiple phone calls a day are interfering with my business and want to know if there is a way to make them stop.


Thanks!
Utah Small Business Owner

Mooseco
Syracuse, Utah
U.S.A.