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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They are lying. They told me today that they don't even do settlements because their investors won't let them and if they gave settlements they would have to make up the difference. I had a good chuckle over that one.Reason for Editing (Minimum 15 Characters)
Answered on 12:17 pm Jun 30th 2009
Anonymous
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They settle for all different amount. the more you owe, the lower percentage settlement they will take. Also, they probably won't sue-they'll sell it to a bad debt buyer who might. but you can usually win cases against them pretty easily as they have anythReason for Editing (Minimum 15 Characters)
Answered on 10:09 am Jul 6th 2009
Anonymous
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I have been speaking to different Advanta account managers with very little options to lower payments on my closed business account. (I too have had all the same experiences with collection calls, but eventually they went to "Senior Portfolio Managers" who speak more considerately and only call once a week.) My best offers were never as good as my original account rate of 7.99%, and never lowered my payments to something I could actually do. I am now over 90 days behind and today is the first time a real offer was given to settle my account. It was for 50%, but no reduction of accumulated fees. I want to hold off for a better settlement or lower payments. I am hopeful, however, because they had not given me any settlement option before this. They always threaten that this is the final chance to work with them before it goes to legal, but it has happened each time that someone new calls me the next week. I really don't see how I can do anything with this offer for now.Reason for Editing (Minimum 15 Characters)
Answered on 6:26 pm Jul 13th 2009
Anonymous
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My only regret is I only owe these assholes 3500, I wish I would have maxed out the 30 grand when I had the chance. Lowlife scum.Reason for Editing (Minimum 15 Characters)
Answered on 2:28 am Jul 14th 2009
Anonymous
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FDIC has told them to stop taking in deposits ... wouldn't let them settle some of the debts they owe by paying bondholders pennies on the dollar. They just went from 400 employees down to 200. If you check your local court's docket, you'll probably see that they haven't filed any lawsuits against debtors this year, even though their default rate hit over 20% in April and has undoubtedly gone higher since they cut off new charges. As for selling to junk debt buyers ... historically JDBs would pay about 7 cents on the dollar, but that figure has been dropping like a rock as the supply of defaulted debt skyrocketed and the JDBs themselves are having increasing trouble collecting on what they already own in the way of defaulted debt. Meanwhile, if the issuer goes under the JDB knows that in the future it may have trouble buying the "media" (supporting documentation) from the issuer (it usually goes for about $20 a page) that would be needed to approach having adequate proof in court (technically unless the JDB brings in a records custodian of the issuer to testify that the documentation is true and accurate it should not qualify for the business records exemption from the hearsay rule, but courts aren't necessarily always sticklers for that one). So to the extent they're not too broke to buy, JDBs have plenty of other issuers who probably will be around in the future and who have plenty of bad paper to sell. Do you think they want Advanta's stuff where the primary obligor (the small business) is likely out of business and they have to prove up not just the debt but the personal guarantee of the debtor? Advanta quite likely *can't* sell its debt at anything approaching the going rate, and the going rate is probably less than 5 cents on the dollar right now.
Donald Rumsfeld said "Weakness is provocative ... when people see an area of weakness they will take advantage of it." Does Advanta sound strong to anyone?
When Advanta fails, the FDIC will have to sell the debt for a penny on the dollar (or less) to one or more JDBs. That's a ways down the road, however.Reason for Editing (Minimum 15 Characters)
Answered on 7:08 am Jul 14th 2009
Anonymous
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Very interesting......Reason for Editing (Minimum 15 Characters)
Answered on 3:12 am Jul 15th 2009
Anonymous
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Guest--thanks for your summary...very helpful!
I had to close my business and have $60K in cc debt; I owe Advanta about $13K. My Advanta a/c is with a CA right now. I've offered them 23% ($3K) but they want 50%. Do you think I should contact Advanta directly and offer them the 23%? In light of this recent staff reduction and obvious financial ruins I'm thinking I should LOWER my offer!
I've tried calling Advanta in the past and got transferred to the CA. However, this was before they laid off half of their workforce. Has anyone settled with Advanta within the past week or so? Any advice would be greatly appreciated.Reason for Editing (Minimum 15 Characters)
Answered on 12:19 pm Jul 15th 2009
Anonymous
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I owe advanta approx 3.6K, last time I was able to make a partial payment was 90 days ago. Tried in vain to get Advanta to work with me (34.99% APR!!) but they only offered a "settlement" payoff which I did not have. ( and still do not have ability to make a lump sum payment)
My business (sales) went all the way to zero for about 7 months late 08 early 09.
I still have time to send the CA a Request a validation of debt. Should this be my next step?
All my other CC debtors have been more than reasonable in working with me, putting me on financial hardship programs that work with my budget.
Now its with a CA who is also not offering any kind of payment plan that's going to work for me.
Tried yesterday to talk directly to Advanta but get referred back to CA.
I am back now to daily "urgent you return call" phone calls from CA
I still have time to send the CA a Request a validation of debt. Should this be my next step?
Any advice would be appreciated.
PS CA is PBCReason for Editing (Minimum 15 Characters)
Answered on 4:34 pm Jul 16th 2009
Anonymous
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Now approaches 57%.Reason for Editing (Minimum 15 Characters)
Answered on 12:29 pm Jul 20th 2009
Anonymous
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At the end of July the San Francisco News reported that Advanta seems to have embarked on a desperate gambit to sell widows and orphans investment notes by placing ads offering them in major newspapers. The offer has apparently been scrapped since the press got onto it.Reason for Editing (Minimum 15 Characters)
Answered on 5:41 am Aug 6th 2009
Anonymous
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