I talked today with a lady regarding my 57 day late Advanta bank corp account. First of all she mentioned to me debt management, I then mentioned to her that dmp would not help my monthly payments be lowered and I mentioned debt settlement. She then told me that they do not deal with DS companies as they require them to "sell" my account and they don't do that. I had never heard that before. And she also said that as of the 30th my account would leave her department and so somewhere else, collections I assumed. I explained my situation to her and she wasn't rude but she still was wanting me to make a whole payment when I had just explained that I could not. We then got cut off when I went down into a bad cell phone place. If they don't deal with DS companies, will they deal with DS lawyers?Reason for Editing (Minimum 15 Characters)
Asked on 11:23 am Sep 23rd 2008
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I have a friend who has an Advanta account - She entered a debt settlement Program - Advant says they will not settle with anyone and never will - I dont know from personal exprience if this is a true state ment -
*** I would like to know how many cases are out there where Advanta settled for 20 to 45 cents on the doller --Reason for Editing (Minimum 15 Characters)
Answered on 12:34 pm Jan 30th 2009
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I have a friend who has an Advanta account - She entered a debt settlement Program - Advant says they will not settle with anyone and never will - I dont know from personal exprience if this is a true state ment -
*** I would like to know how many cases are out there where Advanta settled for 20 to 45 cents on the doller --Reason for Editing (Minimum 15 Characters)
Answered on 12:34 pm Jan 30th 2009
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I got a settlement with Advanta for less than that. It is true that they don't want to settle with debt settlement companies - they only do it directly with the client. Mine was back in September, though, and if what Former Advanta Collector says above is true, that they may be filing for bankruptcy, maybe they are putting settlements on hold for awhile. Who knows. Sometimes you just have to play the game and wait it out.Reason for Editing (Minimum 15 Characters)
Answered on 12:51 pm Jan 30th 2009
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As of yesterday, I believe all the collections employees within the US were laid off. All collections will be done out of India now - so I will not be able to offer any insight or help as to how things will be done now.Reason for Editing (Minimum 15 Characters)
Answered on 11:00 am Feb 5th 2009
Anonymous
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I went through a debt settlement company and had atleast 3 of my creditors call and say they dont work with settlement companies. within a year all 3 settled with my settlement company. Its a way to scare you that it wont be settled ever. But they will[url=http://saving-money-during-a-recession.blogspot.com/2009/01/provanta-corp-unsecured-debt-solution.html">my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family Reason for Editing (Minimum 15 Characters)
Answered on 11:22 am Feb 5th 2009
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I screwed up and had a credit card payment bounce. This changed my account from a zero percent interest account to one of 12 percent or more. A representative called me about a week after the payment bounced to inform me. He asked if I wanted to make a payment at that time, an electronic transfer from my bank, and I said yes. I made the minimum payment and then realized that the account was no longer a zero interest account. I called Advanta back and told them I would like to pay off the $11,000 balance. It was at that point that I learned that Advanta would not permit me to make another electronic funds transfer for four business days. In the meantime, they continue to charge me interest every day. I think it really sucks that Advanta charges you interest and will not permit you to pay off your balance for several days!Reason for Editing (Minimum 15 Characters)
Answered on 12:54 pm Feb 9th 2009
Anonymous
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Well, I have been getting the calls to pay my bill. I am very polite and explain that I will arrange payments as soon as someone calls me that can lower my interest rate from 38%, remove any excessive charges and apply past interest rates to the true balance before they raised me up to 22% in December. I have been given grace.. I now am at 35%. If I get a payment in then they will review my account and decide if they should lower my rate....Well, I have been there before and declined. I want to work this out but am not willing to pay the interest. Also, all my calls come between 8-8:30 am...and, the most recent have been from India confirming that possibly all US collection employees are gone. So, they are trying t save monies by unemploying Americans.
Is anybody else getting any closer to getting lower rates or reaching a settlement.Reason for Editing (Minimum 15 Characters)
Answered on 9:11 am Feb 10th 2009
Anonymous
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Any body heard what is going on with Advanta maybe filling Bankruptcy? Is it true that they laid off their entire collections department. How will that affect us? Could be a good thing or a bad thing.Reason for Editing (Minimum 15 Characters)
Answered on 1:15 pm Feb 11th 2009
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Check out this article: http://www.philly.com/inquirer/busin...s_layoffs.html
Advanta reports loss, plans layoffs
By Harold Brubaker
Inquirer Staff Writer
Advanta Corp., a small-business credit card lender in Montgomery County, yesterday reported a large fourth-quarter loss, slashed its dividend 88 percent, and said it would eliminate a third of its workforce, or about 300 jobs.
Losses have mounted at Advanta, as its customers have increasingly failed to keep up with their payments because of the deteriorating nationwide economy.
Advanta said it lost $46.94 million in the fourth quarter compared with a profit of $7.39 million in the 2007 period. The company's provision for losses on loans rose to $35.49 million from $21.55 million.
Credit conditions among Advanta's small-business customers weakened sharply over the last year. The company said 9.53 percent of loans were 30 or more days late in payment, up from 4.29 percent a year earlier.
The cut in the quarterly dividend - designed to help absorb loan losses - is to 2 cents from 17.71 cents on Class A shares and to 2.5 cents from 21.25 cents on Class B shares. That will be a blow to chief executive officer Dennis Alter's income.
Before the cut, his dividend income on Advanta shares was $3 million a year, based on holdings reported by Bloomberg News. The new figure for Alter, who is a major philanthropist in the Philadelphia region, will be $346,018.
Alter expressed confidence yesterday in a conference call with investors that a smaller Advanta has a future despite the hard times and the competition it faces from goliaths such as Citigroup Inc. and Bank of America Corp.
He said Advanta was smaller and profitable in the past. "We look forward to that again," he said.
Advanta's Class A shares closed down 13 cents at 54 cents on Nasdaq. The company's more widely held Class B shares fell 19 cents to close at 70 cents.Reason for Editing (Minimum 15 Characters)
Answered on 1:26 pm Feb 11th 2009
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Boo Hoo. lol.
Maybe people would be able to pay their bills, if their interest rates weren't being tripled and quadrupled. The entire credit card industry is its own worst enemy.Reason for Editing (Minimum 15 Characters)
Answered on 9:22 pm Feb 11th 2009
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