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
Anonymous
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I have a business card with Advanta, and I have fallen behind over the last couple of months. To my horror after 4 years all of the balance appeared on my personal credit. My score just dropped by 120 points. Has this happened to youReason for Editing (Minimum 15 Characters)
Answered on 4:28 am Sep 29th 2008
Anonymous
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Yes, it did. I originally had THREE business cards (3 of the 9 that I defaulted on and that are in the settlement program) and while the cards were current, they were not even on my credit report because I had used my EIN number as my identification and not my social security number. BUT, when my business closed, the EIN number became invalid and it all went under the SS#. I think when you fall behind and it is reported to the credit bureaus, it will go under your SS# even if you still have an active EIN. My score was about 780 when I started the settlement, but that would've dropped anyway, even if I had continued to make the regular monthly payments, because my debt-to-income ratio was shot and I was carrying way too much balance. Most of them were near 100% filled, if not already there. My credit score is now in the lower 600's, the last time I checked. Advanta has said they will mark my credit report "PAID AS AGREED, BUT LESS THAN ORIGINAL BALANCE OWED" (or something to that effect.) I do have about a dozen other cards that did not have balances, or had very low balances, that I did not enter into the program because I only had to put in the ones that had over $500 on them. Two of the ones left out, even with a zero balance, were cancelled by the creditors anyway. The others are still active, I buy a small thing here and there and pay it off right away, just to show I can be responsible with THOSE (and thank heaven for the gas cards, now that the prices for gas are so high!) so I am hoping the responsible use of the ones I have left is helping to keep my credit score from tanking altogether.Reason for Editing (Minimum 15 Characters)
Answered on 7:46 am Sep 29th 2008
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Worked for Advanta doing collections for many years. Advanta runs everything based on month end. If they say it is leaving their department or it is being forwarded or moving forward all that means is it is going to the next stage delinquency and a new team of collectors will call it. If it was being sold or charged off, they'd flat out tell you. The whole "forward, leaving" thing is just to try to get you to pay by the last day of the month because that is the cut off for that team to collect and meet their standard and hope to earn a bonus.
It is correct that they will not work with a debt settlement company. That is not a bad thing. debt settlement companies don't do anything you can't do yourself and they charge you a whole lot of money to do it. You would be better off just socking your money away in a savings account for a few months and then trying to negotiate with your creditors on your own. It isn't that Advanta will never settle, it's that they only settle directly with the customer. You can get settlement offers at earlier stages of delinquency, it depends on how bad your situation is. There are letters generated automatically and you can make a settlement offer.
I will agree with everyone that they are the worst when it comes to being aggressive. It was embarrassing to me how often we called people. They'd tell me their whole terrible situation and talk about how they had no money at all and then I had to call them 2 days later and make them tell me the same crap all over again. I know most of their jobs are heading or already in India so it will only get more frustrating. The best advice I can give anyone is to never get any credit cards - go to daveramsey.com - but if you feel you have to have one, DO NOT get an Advanta.Reason for Editing (Minimum 15 Characters)
Answered on 9:28 pm Oct 6th 2008
Anonymous
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AMEN to that! I have learned lessons about credit cards the hard way. When you are in business, though, they are necessity for purchasing inventory, etc., and it is too easy for them to get out of hand. At least I know that when my settlement is over, the worst will be behind me and I won't ever find myself in this situation again.Reason for Editing (Minimum 15 Characters)
Answered on 12:11 pm Oct 7th 2008
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You are exactly right about this! The guy I talked to just yesterday was adamant about Oct. 31st being the last day my account would be in his office but he could lower my interest to 21.99 if I would set up a payment for then. I told him very politely that quite honestly the interest rate was the least of my concerns if I could not make the new minimum payment and if by some reason I could make the Oct payment what was going to happen in November? So needless to say I did not set up the payment. He was going to credit my account some amount to help me, but the new minimum payment is going to be the issue...Reason for Editing (Minimum 15 Characters)
Answered on 1:34 pm Oct 7th 2008
Anonymous
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This bank is the worst!! Kreg Monson is their alleged Vice President of the very threatening "Advanta Collections Enforcement Unit but his letters do not contain any address and the phone number he lists as his personal line is just the main phone for the Customer Service department.
These collection people break California law. First off, according to California Civil Code section 631 and 632 (a) they are not allowed to record calls made to you unless YOU give your consent. If the collection agency continues to call you and insist on recording the call, advise them they can be fined up to 3 times $3,000 civil damages and there are also criminal charges of 1 year in jail or a personal fine of $2500.
Secondly, they are not allowed to call your business which is your place of employment. Make sure to tell them to stop calling your place of employment, if they continue advise them you will report them to the Attorney General's office for violation of the California Consumer Protection Act which also carries fines.
This people are slime!!!Reason for Editing (Minimum 15 Characters)
Answered on 7:20 pm Oct 12th 2008
Anonymous
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They were very aggressive early on, even calling my elderly parents repeatedly, who I have not lived with for many years. When I complained, they told me that since I had a BUSINESS account with them, and not a personal consumer account, the regular fair debt laws did not pertain and they could do whatever they wanted in an attempt to collect. This was for one span of time only, when it must've been in a particular person's office (Ted Miller) to deal with, because before it got to him, and after it passed to someone else, it was much better. And when I kept trying to call him back, he would never answer his phone. Finally my mother got really pissed, told them to knock it off, and they stopped calling them. This fits with what someone mentioned above - that they have different collectors within their own company that each account passes through as time goes by. I must say, the nicest ones were the last ones I dealt with. Hopefully it will get better for everyone who is still dealing with them!Reason for Editing (Minimum 15 Characters)
Answered on 9:33 am Oct 13th 2008
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Is that the case every where or just in California? The calling your place of business? They call my shop at least 3 times a day.Reason for Editing (Minimum 15 Characters)
Answered on 4:26 pm Oct 13th 2008
Anonymous
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I'm in Illinois. And even though my business had closed and no longer exists, since it HAD been a business account, it apparently didn't matter.Reason for Editing (Minimum 15 Characters)
Answered on 8:18 pm Oct 13th 2008
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Advanta Bank is no better than your local loan shark! Their policy is predatory in nature and they are ruthless! I feel for all who have been sucked into their folds!
Good Luck to all!Reason for Editing (Minimum 15 Characters)
Answered on 9:31 am Nov 3rd 2008
Anonymous
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