Providian VISA ,Providian Bank ,Providian Financial Providian created excessive charges after credit card reported stolen and pursues collection for years! 31302 Clearpond Road, Oklahoma

In 2001, my wallet -including secured credit cards from Providian & Direct Merchants Bank- was stolen.  I reported the theft immediately (same day) and provided the agencies with information on the police report.  Luckily, I did recover my wallet, but it was only the beginning of the problem.

The original credit account was secured with a $500 limit.  At the time of the theft, the balance was approximately $136, well under the balance fo the "securing" savings account. 

In 2003, I began receiving mail from a collection agency.  They claimed Providian had "charged off" my account and I now owed over $1000.  I sent the collection agency the information on the theft.  I did not hear anything from them again.  Unfortunately, I assumed that would be the end of the matter. 

In 2004, I received a collection notice from another agency.  Again, I provided all of the information on the theft.  Because the San Diego PD purges their files after two years, and on the advice of customer service people at Experian, etc, I filed another police report.  I sent all of the information to the collection agency.  (SDPD also informed me that more than my credit was stolen, and a missing person report had been filed for someone who was claiming my identity!)

Again, I thought the problem was solved.  I did not hear from anyone regarding this account until this week (8/2009).  I have had two telephone calls this week from a new collection agency, Accounts Receiving Management.  I made it clear that I am not responsible for this debt, but would consider a settlement just so I could end it.  I am just that tired of fighting it.  I have done everything in my power to make sure that first, Providian was informed immediately of the theft and the card was cancelled, and, second, that credit reporting agencies and collection agencies have been informed and given copies of all of the information.  A collector "supervisor", Scott Blane, told me that I would have to pay over $500 to settle the account or hire an attorney because they intend to sue me.  When I explained that I lost my job in December and would have to make payments, he told me that I would have to pay the full balance (over $1400!) in 3 installments.  When I said I could not afford payments that high, he told me they would be seeing me in court. 

In my opinion, having read other reports about Providian, I suspect that Providian jacked the charges up after I reported the card stolen.  They are licensed thieves!  I intentionally got a "secured" credit card with a limited balance to build solid credit.  When I reported the card stolen and closed the account, I should have been due a refund of money from the "secure savings" because the credit card balance was far less than the limit.  Instead, I now find myself facing a lawsuit for three times the account limit!