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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Quote:
Originally Posted by Anonymous
I was offered a 50% settlement over 6 months today. They are supposed to be faxing and mailing me the agreement.
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how many months late and how much was your balance? Thanks and good luck!Reason for Editing (Minimum 15 Characters)
Answered on 9:44 am Nov 13th 2009
Anonymous
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I just settled my balance ($9700 in June and $10,800 with fees today) for $3,500. I had offered them $3,000 and they countered with $3,500, which I thought was reasonable. They faxed me the settlement offer, but it had no signature. I called back and asked them for something with someone's signature. The supervisor and rep were both extremely nice and both claimed they had never had anyone ask them for that.
Should I have been more firm?
I received a fax for a settlement offer from Chase and that also did not have any kind of signature on it. Should I be worried?Reason for Editing (Minimum 15 Characters)
Answered on 11:46 am Nov 13th 2009
Anonymous
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Here is a strategy that may work with Advanta, it worked with Wells Fargo.
Because Advanta is a business account, they have more lee way with regards to really screwing people over, since the federal laws do not protect business owners.
But State laws do.
Look up the Supreme Court of your state, and their state statutes. Sure enough, Advanta has violated some law.
If you are in contact with them, tell them you have hired an attorney to review the account, since you do not beleive that the current contract on file, (the ones with the rate hikes,e tc.) are valid, and until the attorney has clearance of these issues, you will not pay until the discrepancy against state laws have been verified. Quote the law.
This worked with Wells Fargo. July of last year, they added an "adhesion" to the "contract" where they changed the due date, and financial calculations of my payments, and made the financial calculations, "floating" Basically what that means, is that no matter when I paid and how much, they were going to manipulate it to my disadvantage each month.
I stopped paying them, after repeated attempts to get this resolved. Of course the customer service rep told me to get bent.
But when I stopped paying them, I told them why. I told them the account was being reviewed by an attorney, and under the state statues that they violated. The "adhesions" in a lot of cases are invalid, and not enforceable. In this case, this "adhesion" was not.
After hearing that, they immediately changed my account to its original billing cycle and due dates, etc.. Of course, it does not erase all of the exhortion of the past year, and money they made off me, but it illustrates that if you have knowledge, you have leeway.
Even though Advanta operates under the laws of UTAH, they have to adhere to the laws of YOUR state to make any contract stick.
Try it... I have found that the more knowledgeable you are, the more the banks are willing to negotiate with you in general.Reason for Editing (Minimum 15 Characters)
Answered on 12:01 pm Nov 13th 2009
Anonymous
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Quote:
Originally Posted by Anonymous
I just settled my balance ($9700 in June and $10,800 with fees today) for $3,500. I had offered them $3,000 and they countered with $3,500, which I thought was reasonable. They faxed me the settlement offer, but it had no signature. I called back and asked them for something with someone's signature. The supervisor and rep were both extremely nice and both claimed they had never had anyone ask them for that.
Should I have been more firm?
I received a fax for a settlement offer from Chase and that also did not have any kind of signature on it. Should I be worried?
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Nice figures
I was offered $3700 on whats now $7400 but was $6800 when I had to stop paying. I wonder if there is somehow I could ask for a little better. I received a fax of the offer but nothing in the mail yet.Reason for Editing (Minimum 15 Characters)
Answered on 5:32 pm Nov 13th 2009
Anonymous
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They are driving me crazy! Our account is not in collections and payments are up to date right now, but that won't be for long. I called them and messaged them and submitted a settlement offer of over 80% and they absolutely refuse to budge. (India) So dumb. I can let it go to collections but I really wanted to preserve our credit. I guess it is the price you pay for a discounted balance settlement. But if I am going to ,let my credit go to hell, I am SURELY not going to let it go for 80%.
Has there ever been clarification about how long the business card appears on your personal creditr report? The card is in the business name with the owner and one associate as an authorized user.Reason for Editing (Minimum 15 Characters)
Answered on 5:49 am Nov 14th 2009
Anonymous
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that was supposed ot say how long "before". The card doesn not appear on either personal credit report at all rigth nowReason for Editing (Minimum 15 Characters)
Answered on 5:53 am Nov 14th 2009
Anonymous
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I posted a resolution, and it got deleted.. this board is biased, and it does not want people know the truth about truly what they can do. I will bother to post this resolution again. Just know your states laws regarding credit cards.Reason for Editing (Minimum 15 Characters)
Answered on 8:55 am Nov 14th 2009
Anonymous
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With regards to the poster that said they are current, because you are current, their are other options available to you, but settling with them yourself while your current will work, because you've demonstrated the ability to make payments.
Check out this website for some insight.. solicitation removed . You may be able to proactively "get them" based on violation of state laws. As a business account, we are not protected by federal law, but there is some protection under state laws.Reason for Editing (Minimum 15 Characters)
Answered on 8:59 am Nov 14th 2009
Anonymous
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October 34.99% default rate ... was 24% in Sept.
http://www.philly.com/philly/busines...t_Advanta.html
FDIC soon to visit ... debts will go to the "JDC Program" ... Judgements, Deficiencies and Chargeoffs .... buyer pays 1% for the debt, absorbs any costs of collection, and splits whatever they recover with the FDIC 50/50.Reason for Editing (Minimum 15 Characters)
Answered on 5:32 pm Nov 26th 2009
Anonymous
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Anonymous, what does this mean for those of us looking to settle with Advanta?Reason for Editing (Minimum 15 Characters)
Answered on 7:11 am Nov 28th 2009
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