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Is Advanta in Breach of Contract on Credit Cards?
Posted on July 26th, 2009 4 commentsAs of July 30, 2009 – Advanta Bank Corp. stated that they were closing all business credit card accounts. They cited in the letters that went out that an independent trust which owned the balances cards and provides funding for new transactions was pulling out. As such, you need to keeping paying your balance but Advanta will be unable to provide further credit.
Now under basic contract law which is the thread between your agreement with credit card companies there is an offer, acceptance and consideration. Advanta offered me credit and I accepted and the consideration is the the act of providing credit with my obligation to pay it back with interest. Now, as a result of Advanta losing a trust that was funding these, they suddenly are in breach in my mind and as a result, they are asking me to modify my agreement without new consideration which is a requirement to modify the terms of any agreement.
A breach occurs when the bargained-for exchange is not honored by the other party, in this case Advanta Bank Corp. I believe I’m entitled to an order of performance which is the extension of credit otherwise what incentive do I have to pay back any balance on this card? They have not offered me additional consideration like to pay less or go without interest and I think this is not only a breach but unconscionable that Advanta could not act it good faith and fair dealing and assumes the public is stupid and unaware of their rights.
I implore all consumers, if your card is cut off please get a copy of your original agreement and all addendum and see if they have the ability to do this or take the credit card company to arbitration since they make that a part of the agreement. I intend to call and get my card settled for a lot less since they are in non-performance and breaching their agreement.
Wake up and take back your power and let them know you’re not going to be insulted and slapped around any longer. Chime in and let us know about your credit card stink by leaving a message below.
Sincerely,
James Burns, Esq.
business, credit card, finance, mortgage, News Advanta, Advanta Bank Corp., Advanta business cards, Advanta credit card, Avanta Bank, consumer credit, credit, credit bureau, credit card, credit report, credit score, credit union, debt, finance, James G. Burns, James G. Burns Esq., Master Card, The 3 Secret Pillars of Wealth, Visa, www.advanta.com, www.jamesburnslaw.com4 responses to “Is Advanta in Breach of Contract on Credit Cards?”
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Linda Conlon July 28th, 2009 at 17:13
i had a first usa credit card through countrywide. when bank of america took over cw, chase bank(which owns first usa), cancelled everyones creditcards, then re-ran your credit to determine whether or not to reissue card. i didn’t even know my card had been cancelled until we started getting declined using it. when i called to find out what was going on, i was told acct closed. they keep sending me statements(which i can’t access because they have blocked the acct) and call me incessantly. i told them they breached their contract, as i made extra payments and my acct was in good standing. told them if they wanted to close my acct on their own, they should close the balance too. i’ve marked their number on my phone so i know who it is, and i just don’t answer it. i believe they have to get in contact with me to verify it’s me before they can go farther?? i’m not paying this! if they want me to pay acct, they need to reinstate card, lower interest rate, and remove any/all fees. fat chance of that happening right?! how do i get a copy of my contract??? can i find it online??
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You need to request a copy of the original agreement and all addendum up to the date of dispute.
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If you buy a copy of “The 3 Secret Pillars of Wealth” at the website we’ll give you some free templates to make the request which normally would cost your hundreds of dollars to get done.
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You can’t end the story there. lol. Your the attorney. Your suppose to be the one to take them to arbitration and win. lol. We want to know what you did to settle this. This would have been a great story and marketing piece had you followed up on the matter as you described: arbitration. Is too late to file now?
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