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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There are takeover rumors, but the only one I can see taking them over is the FDIC. More likely someone started the rumor in order to unload a big position on some panicked short sellers who feel the need to cover their exposure.
As for advanta's mock complaints ... the complaints themselves should be mocked. A first class creditors' attorney is going to write a much better complaint than that piece of garbage.Reason for Editing (Minimum 15 Characters)
Answered on 11:46 am Aug 31st 2009
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I have a 30 day late on my Advanta account that is showing on my personal credit report. For the past two months, I have been making the monthly payments but I can't get that late off my report. I even tried calling them to see if they would overlook my mistake and delete it but they refused. Has anyone been able to remove a negative advanta account from their credit report? If yes, how? I've already disputed with the bureaus and it was verified.Reason for Editing (Minimum 15 Characters)
Answered on 2:44 pm Sep 2nd 2009
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Pay the account off as rapidly as possible. With any luck, you will finish paying before the FDIC takes Advanta over.
Once Advanta goes bust, dispute the account ... Advanta's nonexistence will preclude a reply by them to the dispute. The tradeline will likely go "poof".Reason for Editing (Minimum 15 Characters)
Answered on 8:51 am Sep 3rd 2009
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Well, this is the first month for me that they took the rate from 7.99% to 24.99% on $30K. I made the usual call to India where no one could help me. No loss mitigation department. Nothing. When I told the rep that I would just stop paying the account he said OK.
I have never not made a payment, not even a late payment, on any of my cards, and I'm scared to death that this will start me in a downward spiral that affects the rest of my cards, and rates (some locked in for life at 3.9%).
I really would like to tell them to go to hell, since it looks like they're expecting that, but does anyone know the current state of affairs with them? I don't want multiple collection calls a day, letters from attorneys, court dates. But I also can't afford to pay the rate.
Can anyone tell me what happens next when you stop paying, and how bad it gets, so I know what to look forward to?
Thanks. And I'm shocked to read all of this about Advanta. I can't believe that someone isn't trying to help us. This surely must be illegal? What about the changes to the CC laws that were promised? Are they too late? Hellllllllllllllllllllllllllllllllllllllllllllllp!!!Reason for Editing (Minimum 15 Characters)
Answered on 12:23 pm Sep 3rd 2009
Anonymous
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If Advanta won't lower your rate. Stop paying. They WILL start calling you and will offer you an extended payment plan before it hits your personal credit report if it is a business card. Just hang in there. They offered me 9% for 60 months to pay it off. I took it, only to put them off until I can finish my settlement process with another creditor.Reason for Editing (Minimum 15 Characters)
Answered on 6:47 pm Sep 3rd 2009
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I have an Advanta account I could not pay, along with several other credit card accounts, due to health and financial issues. The first time I spoke with anyone about it was when I saw I might be late for a payment. I contacted them and the first person was really nice and I worked out an agreement with him. I subsequently received a communication from someone else who was a foreigner and who was accusatory, abrasive, and insisted there was no agreement and no authority for the person to have made an agreement. Due to this I could not meet a payment schedule with them and let it drop. After talking with several people there I was disillusioned as it seemed they were not at all going to listen to the fact that cannot pay is not the same as do not want to pay. I reported them to the Better Business Bureau, and received a conciliatory letter and an apology, and never received another call from the foreign guys again.
Later, I began to receive around ten calls a day from them, which I did not answer. I finally sent them a letter explaining my position and that I could not take calls as it was my only work phone and was limited as to minutes in the daytime. About the forth month I started getting fewer calls, but more threatening sorts of things about possible legal action. (This was when I sent them my letter.)
I got a recent call which I answered and from a guy that was polite. I talked with him about the situation and that my finances still suck. He was OK, but still suggested I needed to pay or face a lawsuit.
Today I got a call from possibly the same guy. He offered a sizable reduction in the overall sum if I pay them off. When I said I could not do that as I have no money he then informed me that it would go to a lawsuit right away. When I pointed out that I have no appreciable assets and no money and can barely pay rent he started saying they would sue anyway because they have to do that to clear their books of Toxic debt. I strongly doubt this is true, but then, what do I know? When I tried to point out that it was a waste of time and that it would simply add unnecessary stress to the situation he simply repeated what he had already said. Then I happened to mention my letter in which I had also asked not to be called, but be contacted in writing he started getting aggressive and angry and basically made it out that I was a sleazy person for not meeting my obligations. He also said they would call or do anything else they wanted to do in order to make collections.
My take on these guys is that they should not be in business. I cannot see that they have to treat people that way who simply are in an embarrassing situation. I have four other much more sizable debts to credit cards and none of them have been anything but nice to me. They do charge automatic fees and such, but no one yells at me or makes me wrong for my situation and I have even been told to take care of myself first as it would not be OK to sink myself trying to pay them. I would pay if I could and always did when I was making money. This is the first time I have had anything like this happen and it pains me not to be able to pay. They did nothing to deserve me not paying as I almost always had great interest rates and friendly service.
I do feel they have too much freedom to unilaterally change their agreements, but that is another story. And I also know that the job attracts some slimy characters who just love to have it over others. I have been lucky not to run into this very much. The Better Business Bureau seems to be a good recourse for some of the BS I received. I got good action from them. There are some reliable debt settlement services, but you can arrange as good a deal on your own and not have to pay the monthly required fee to them, so doing it yourself will save money. Even though they are non-profit there is still a monthly fee. It is different for each state. There are LOTS of places out there that will rip you off so if you use one of them, check them out first at the BBB and other places.Reason for Editing (Minimum 15 Characters)
Answered on 9:20 pm Sep 3rd 2009
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Got a call this morning. I am over 3 months past due. I stoped paying after they jacked my rate to 33%. I also had to close shot at beginning of June. = no money. They offered a 9.99 oer 5 years = 187 a month based off the 8200 I owe. They also said if I pay 187 per 3 months, they'd remove the 3 months late on credit report. While this sounds nice, I told them to send paperwork as I have no $ in bank and need to get a money order together. My deadline is the 11th, next Friday. I'm a little uneasy about the deal. Does Advanta hold true to what they say over the phone, or just another trick to get something from you so they can drain your account for all it's worth?
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Answered on 11:27 am Sep 4th 2009
Anonymous
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Advanta news tends to come out the 10th or 11th of the month. Based on how things are developing, I imagine that an upcoming Friday in the next couple of months will be "FDIC Friday" for Advanta.Reason for Editing (Minimum 15 Characters)
Answered on 7:46 am Sep 8th 2009
Anonymous
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They did call me on the 10th and said the account MAY go to legal so they can review it and take further action. No money = no way to repay. Still same 2 options. 1 year at 2.99% or 5 years at 9.99%. both sound good, I just have no money right now to pay anything but the bills to survive. I'll keep you'll up to date.
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Answered on 6:01 am Sep 13th 2009
Anonymous
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For whatever it's worth, Advanta now calls begging me to take a 50% payoff to [I][B]"put this whole issue behind us"[/B][/I].
I have been edumacating myself on the whole FDIC take-over buisness and strongly suspect it is just a matter of time. Had no idea they keep that list "secret", but if alphabetical, Advanta has to be #1!
Honest Employee's of Advanta-leave that company and go work for your local mafia as they have a better rates, a clearer conscience and more reputable business model.Reason for Editing (Minimum 15 Characters)
Answered on 6:01 am Sep 14th 2009
Anonymous
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