Avant Card increased interest rates

T

Texter

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Hi,

I am wondering if anyone can offer me some advice. I received a letter from Avant telling me that my interest rates are being increased from 17.9% to 24.9% for all transactions except cash transaction which is being increased from 23.9% to 25.9%. They are also going to charge a processing fee now everytime you pay at the Post Office. I have a current balance of 4,000 which I pay a small bit off each month (min plus bit extra)and simply cannot afford these new hikes as I am currently out of work with a year. Is there a possibility I can get my card cancelled and pay back what I owe on the existing rates of interest??Thanks.
 
The last time they did this I was allowed to suspend the card at the current interest rate and continue to pay off. I can't use the cards and they cannot be reactivated. So it is possible. However you should look at the possibility of getting a loan and paying it off as it would be cheaper to do that.
 
texter;
Since you are out of work and not using the card, Avant ,subject to confirming you are not employed ,will if pressed ,stop charging any more interest and take an amount you can afford each month.
They will ask for Social welfare slips etc but if they see you are genuine and can,t afford principal +interest , they can be reasonable.

You need though to contact them and only in writing (keep copies) and do what they reasonably ask.
 
Hi,

Thanks all for your advice. Much appreciated. I will give them a ring and see if I can suspend card and continue to pay it off at old interest rates. It is just I have a perfect credit rating so don't really want to stop interest and reduce payments etc as this will probably affect it. Sure I will see what they say. Thanks again.
 
I got this letter today - however my interest rate is going from 18.9 to 20.9% across the board.
Hilarious! How can they call us 'customers' while sending letters to say they are shafting us and turning the screw further
 
avant

I got a letter from avant as well telling me they were upping me to 24.9 from 18.9

I owe them 15k .
 
I haven't gotten a letter yet. I did finally clear my balance last November though. Seems like they're going after anyone with an outstanding balance first.
 
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