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 would speak with an attorney. I can't tell you beyond your primary home. You are correct that if you have no equity, there is no incentive to force you to sell, but there still may be laws about what you can keep. With it being business related, there may be allowances for you to keep it. Most attorneys will give you a free consultation if you call around. Write down all your questions and so when you go to your consultation, you find out everything you need to know and don't waste the visit.Reason for Editing (Minimum 15 Characters)
Answered on 9:26 pm Dec 24th 2008
Anonymous
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I just talked to Advanta again today. I declined my earlier offer from them that I mentioned in a post earlier. I am now over 120 days past due. The gal I talked to said that if I don’t settle with them before January 26, 2009 (150 days past due) my account will be sent to an outside collections company called Phillips & Cohen. Has anybody on here dealt with them? Am I going to be better off settling in house with Advanta?
Advanta again offered me a 9.99% interest rate to pay down my debt over 4 years. It would be a payment of about $214 on a balance of $8,454. She said they would forgive about $500 of my balance. The funny thing is that Advantahelps.com said they would forgive over $800, but my term would only be 3 years and the payment would be about $260. She also said that she could settle with me. They are finally starting to make big offers, however she says that they would have to pull my credit and get approval. The problem is that my credit is about a 720. She claims however that they could settle for around 4,600-5,000 on my balance of $8,454. My guess is that they will get better the closer I get to my deadline, but maybe not.
Any thoughts from any of you that have dealt with them or any of you former collectors?
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Answered on 2:59 pm Dec 30th 2008
Anonymous
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It's odd they would send the account to an outside collection agency; I didn't think Advanta did that. My account stayed in-house with them for nine months until settled. And Phillips & Cohen are awful. They briefly had another of my accounts, and didn't get anywhere with me. The rep that I talked to asked me how much money my elderly parents had and how much would I get if they died soon, and kept calling me back when I hung up on him. Just awful. I'd rather deal directly with Advanta, if I thought all the reps at P&C were like that jerk. I can't even remember which account it was, but they had it only briefly and it went back in-house. Chase, maybe. But I know it wasn't Advanta.Reason for Editing (Minimum 15 Characters)
Answered on 9:16 pm Dec 30th 2008
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I am so upset!!! I have been late 1 time, over the limit 3 but paid down. As of 6 months ago they decided my interest rate needed to be 19%. I called, they said there was nothing they could do. Just keep paying on time and call back an a few months. So, I did. Now my interest rate was 22%. Again, nothing they could do and call back again. After 6 months maybe they could do something. So I called this month. It took 3 trys to get a supervisor to tell me sorry, and now my interest rate is 38%. Help!!! Who can I talk to? I need the rate to go down. I am not behind in payments. I will be exceeding my credit limit in a few months due to the new intererst rate!!! Any ideas.
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Answered on 12:45 pm Dec 31st 2008
Anonymous
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The only way they started negotiating with me is when i let it get more than 2 months behind. It could affect your credit, but don't let them screw you either.Reason for Editing (Minimum 15 Characters)
Answered on 3:44 pm Dec 31st 2008
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I expect to see a lot of the kind of nonsense that frustrated! is experiencing. The new credit card laws don't go into effect until July of 2010, so they are going to be doing all they can to raise people's rates before then. One of the new laws is that they cannot raise rates on current balances. They will be able to raise them, but only affect purchases after that point, not the ones already on the books. So they are going to try to screw as many people as they can before the new laws take affect. Not just Advanta, either, but all of them. There are a lot of good, helpful laws to be enacted, and the credit card companies don't like them one bit. So they are doing what they can now, to make the consumers pay.Reason for Editing (Minimum 15 Characters)
Answered on 9:51 pm Dec 31st 2008
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Wow am I glad I found this site! After reading all the messages, I see that I am not alone. I have two cards with 30K on each. One of them Chase put me in the hardship program at 0% over 5 years. Advanta raised my interest from 7.9% to 32% and baisicly said to bad so sad, if you don't like it pay it off.
I am now 30 days past due and told them if they lower my rate back where it has been for year's I can afford to pay. But if kept at the currant rate I cat;t afford to make min. payments and partial will not keep them off my back.
So it sounds like the thing to do is just wait them out.Reason for Editing (Minimum 15 Characters)
Answered on 9:57 am Jan 5th 2009
Anonymous
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I think I am over 120 days or more past due now with Advanta at about 30k or so. What is really starnge is, when I check with Advanta Helps, it says I am in a forgiveness program, which I do not even know what that is, I have not got a phone call from them in about a month, really strange, no threats no nothing, last I heard they offered me a budget program which was 9.9% over 5 years of payments, but could not afford it or come up with the money for the program, I called the guy back up and told him I just could not get the money to do it, and I didnt thin I could arrange to make that kind of payment. Again, I have not heard from them in a month or so, I find this strange after seeing what others here go through with Advanta. They were calling me off the hook for a while. I emailed them asking what the forgiveness program was, still no response. Maybe somebody forgave me and paid the bill? } ~Reason for Editing (Minimum 15 Characters)
Answered on 12:26 pm Jan 5th 2009
Anonymous
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They don't work with DS because they do nothing to actually help you. They take your money and let all of your credit card accounts fall farther behind and wait until they "charge off" before they try and settle the debt. So in the mean time you end up paying taxable income on a debt that you have been making payments to a 3rd party for. Doesn't sound very bright does it.
As far as getting collection calls it doesn't matter what company you owe money to they are going to call you to collect on a debt owed. So pay your bill and people wouldn't call.Reason for Editing (Minimum 15 Characters)
Answered on 5:45 pm Jan 5th 2009
Anonymous
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debt settlement programs do work, when they are with reputable companies. Most of us have debts that had gone unpaid for months to begin with. We aren't all just lazy and stupid, guest above, some of us have legitimate reasons why our debts haven't been paid. I had a business that had to close unexpectedly (to circumstances beyond my control) and was left with basically nothing. A lot of people are losing their jobs. Some people have been in accidents and disabled. We fully intended to pay the debt back when we made it, but circumstances intervened. Please don't judge when you don't know the situations, we are all just trying to survive, support our families, and keep roofs over our heads.Reason for Editing (Minimum 15 Characters)
Answered on 9:19 pm Jan 5th 2009
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