Hello! I have a very similar situation to yours. Almost 90 days past due soon. Would love to know how yours played out. They are making the 90 days sound set in stone and that the "account manager" can't offer help with a low rate or hardship plan after that and that it is out of her hands when it goes to the "legal dept". Did you ever get a summons from Advanta? Your thoughts? - Thanks
I'm at 130 days and now at Phillips and Cohen. Yippee. My rep did the same thing that you described in your post. Pay $800 now and then maybe I can submit for 50%. That turns it into 60% and really I need 35%. You seem to be about 3 months ahead of me in the process though. How did you make out? Could you ever get a settlment punched through? Did you avoid a judgment? I don' t know how you can respond, but I'm Ed1111 I hope you can tell me at least how you fared. Thanks.
It's about 850/month. Used to be 1350, before I settled Advanta outside of the program and it was subtracted. Advanta was my biggest account at 22,000. Superior charges 15% for their fee, which is calculated on your original amount of debt (pretty standard in the industry). That was removed also when the Advanta account was. Might sound like a lot, but my monthly payments before default were nearly $3000, and that was only interest!
Yes, it sounds like we are in the same boat. I had $90,000 of business debt also. I had Advanta, two Bank of America, Chase, Target, Citibank, Sears Visa, Sears Store, and Walmart. I don't have any experience with most of yours. I am in a debt settlement program with Superior Debt Services out of Fort Collins, Colorado. I started a year ago, and although I settled the Advanta myself, Superior has already settled both BofA, Chase and Target. The others have long been charged off and are with collection agencies. I have been getting offers on all of them, but they are around the 50% mark and I am going to wait it out for better. I had such a mess, and so many other things going on, that I made the choice to turn the whole thing over to professionals. I was well aware that many people settle themselves, but I just didn't want to handle it. I did a lot of research before choosing a company though. I am hoping to finish the program in well under the three years they estimate. So far it has been a positive experience, and I can sleep at night. Although I have been sued twice, a danger of settlement programs either with a company or on your own, both of those forced settlements before the court dates and were dismissed. This whole thing is like a big nasty game, and it is nice to have a company backing me up, no matter WHAT the settle-yourselfers say. This site has also been a Godsend. I use that SEARCH box almost every day! Lots of reading.
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