Advanta Bank is not willing for debt settlement - what to do?

"Should I talk"....Yes, that is an Advanta number..they are the real deal. They are not going to settle for less than 50%..I have talked to them several times. I will probably have to wait another month for my account to get to these Phillips & Coen folks that everyone is talking about. Good luck..keep us posted as I will do the same.

Quote:

I stopped paying in May 09. But this was obviously way before the FDIC takeover and Advanta Corp. BK. What you and everyone else needs to come to the realization is as of right now, the owner of the debt is not Phillips and Cohen-it's the FDIC.

P and C got so ugly and so nasty with me, I filed a complaint the State Attny's office. They have no legal right to collect an alleged debt previously owned by Advanta.

Furthermore PandC are as close to crooks as can be imagined. I would not send them one cent.

So to answer your question P and C offered me a $3k Settlement on a balance of $19k. This was a month or so before the takeover. How in the hell do you know they have the ability to settle the debt given their nasty track record, or the simple fact we have no proof they now represent the FDIC??????

Any updates on settlement offers? I was going to attempt 11% first, then proceed to move up the scale

Well a lady from their higher up dept (never got a name of it b/c no one could give me a name of it) yelled at me told me she was going to put a judgement on my house, my husband's business and that she was insulted by my 20% offer then slammed the phone down. It did not phase me. A judgement on my husband's business that is going down the tubes, a judgement on our home we are fighting to save..whatever get in line Advanta. However, I have decided I do not want a charge off on my credit report so I think I am going to take the 50% offer over 6 payments. I will see what they can produce in writing. I don't like what I am reading about the Philips and Coen group and I can get the funds together. I am going against EVERYTHING I wanted to do with these crooks but I am to the point I just want to be DONE with them. We only owe $4000..which is our smallest debt. ON the bright side did settle with Chase today for 25%...I am putting that in another thread...

Hey Luckin, don't let any debt collector make you feel bad. How long ago did y stop paying them????

Marcello..thank you..but let me be real clear..she did not make me feel bad. I have done to do much research to know she is up in the night. We quit paying them in Feb. Our last payment posted to them in Jan. I just really do not want a charge off on my credit report and since I have the funds I might as well get them out of my hair so I guess I will take the 50%. But I have to admit..I waver a little thinking gosh I could save some more if I let it charge off and go to P&C and hope for a 25% like the above poster got..so I will sleep on it. I have until May 18th to decide. :>

Quote:

Hey Viktor..when you were put with P&C has it shown as a charge off on your credit report? I am just a little confused on what that means when you are put over to them..is it really a charge off or just another step in the collection process??

Quote:

Quote:

Question...I have a CC with Advanta, opened up under my S-Corp which is now inactive/closed (though not bankrupt). I am current on payments, but won't be able to in the near-term. Technically, I can afford to pay the bill personally, but the business cannot. Since this is a business card, what options do I have? I honestly cannot say with certainty whether or not I signed a personal guarantee on the card when I opened it. I've asked Advanta for a copy of whatever I signed so that I know, but have not received it...so how can I be sure if I or the business is liable? Currently, this does NOT show up on my personal credit report at all (but that may not indicate that it couldn't be). All I got from them via mail after several requests was their standard terms and conditions. Say that I am personally liable, can I still settle even though I really can pay for it personally, but the business cannot (does that make sense)?

We are kind of in the same situation. My husband's Advanta card which I am attempting to settle now was in his business name. It really has been just like our personal cards. I have already settled Chase for a little less than 25% and I am negotiating now with Bank of American on a business line of credit as well as a personal FIA card. They are putting them together and the total is $57,000. I have gotten really lucky and have a nice person working with me unlike Advanta, and she wants me to go delinquent 4 more weeks and then she thinks my settlement offer of 15% or $8,550 just might get accepted. So I am waiting. Advanta has been my worse to deal with. They are relentless. BUT if you are knowledgeable about what you are doing it won't phase you. They try to scare you and are very rude. Mine charges off in the middle of May and the best I can get is 50% and they will do it in 6 payments. I may take it b/c I do not want a charge off on my credit report. They are idiots b/c they aren't a company anymore and the FDIC has taken them over. I would thin the FDIC would just say get what you can and let's close this..but so far they just keep hiring mean people to collect. Anyways, if you can pay for it personally I would just put your money in another account that no one can find and just push that your business has closed and the business cannot pay for it. You can easily get a 50% settlement probably early on b/c that is what they have been offering me since 60 days late.

Thanks a lot, appreciate your candor and feedback. We have separate checking/savings accounts for the business already, with very minimal funds in any of them. I have no other business debt (or consumer debt for that matter after going thru Financial Peace University w/Dave Ramsey last year). I guess what I'm curious about is since I am current, do I contact them now to see what my options are, or stop paying for a while and see what happens? I've NEVER been late ever on anything and so this is a hard thing for me to consider. I always make good on my debts, but since this is a business debt for a failed business, I really do look at it differently. That's why we formed it as an S-Corp so that we woud hopefully have complete personal separation from it. I still want to take care of this, but am not willing to pay the approx. $11,000 that is currently owed. We talked with our Prepaid Legal attorney's and they mentioned 25% to 50% should be appropriate (as I've seen here too). I am also wondering if the game has been changed since the FDIC has moved in on them. Thanks again.

READ everything about Advanta on this forum..you will learn so much. I tried to call them before we went deliquent SEVERAL times..at that time we were current on everything, like you, NEVER been late etc.. over 750 credit score..So I hear you it is so hard. Not in my DNA. Anyways, they will not even work with you at all if you are current. You have to prove to them that you are in hardship and the best way to do that is quit paying. They do not show up on your credit report now. I do not know why. But they will as soon as you are 60 days late they will make their first hit. So if I were you I would call them after 30 days being late and just flat our ask them for a settlement. We were all hoping when the FDIC took them over we would start seeing some sweet settlements but so far that has not been the case. You will read about 25% settlements after they send it to their "legal" Phillips and Coen but you will have a charge off on your credit report. And honestly I do not know what that totally means as I am still researching it. But I think a "charge off" acct on the CR takes longer to come off..but not sure.

Quote:

luckin10: I too am trying to work out husband's business debt. We thought we were in the Hardship Program w/Advanta Oct. 09, interest @3.99 first 12 mos, thereafter fixed @16.99 (as long as you contunue with timely payments) Asked several times for signed cc agreement, never got it. Advanta sent a strange amendment to terms of cc agreement that required a signature, which we understood to be signing debt as personal, so we did not sign it for several reasons (too long to explain) and continued to make payments as agreed. Advanta claims that since the amendment was not signed, the Hardship Program was null and void, but when we logged on their website, it stated we were enrolled in the program. So we just kept paying and they kept reported deliquent account. Got to March 2010 made the agreed payment as usual and BAM end of March "CHARGE-OFF" not once but several times, even "CHARGE-OFF AS BAD DEBT'" on one ocassion. Okay, now April payment due, we try to pay it on-line and can't and directed to contact Advanta, not going to that since the last guy we spoke to @Advanta, just kept on threatening us. Got him on voice mail, "We will go after your personal assets and than your business assets" and so on and so. We are now putting monthly payments aside in a paper bag, I kid you not it's true...lol Now Phillips & Cohen calls wants to make settlement, we don't even know who these people are, never rec'd anything via mail validating debt, as I beleive to be the law, that upon initial contact a debt collector must send letter via mail within five days. Never happened. My husband takes two calls from P&C in the end of April. They want 60% over a 3 month period. Cannot come up with amounts they want. But could have if Advanta didn't completely ruin my husband's credit and P&C doing a "HARD INQUIRY" before we were even contacted by them and w/out our consent, as a little note on credit reports states that hard inquires are made with the consent of the consumer. P&C were suppose to send in their letter via email that all negs would be taken off our report upon agreement of settlement, but all their letter email said was the payments arrangements. Our business does not generate any money now. The corporation had to be renewed end of April, which we did for fear that Advanta/FDIC/P&C would say we disolved corp. to try to skirt business debt. We have always paid our debts, personal and business, it is just how we were brought up, regardless of your financial situation. If you owe you pay...........It seems that Advanta did not want our hard earned money all because a amendment to cc agreement wasn't signed. I am so beside myself over all of this, daily functions are consumed over reseach about of this. Still don't know what we are going to do, my husband's credit will be ruined for the next 7 years at least, at which time we will be in our sixties. Pretty late in life to be repairing your credit. Hope any of this makes your desicions any easier.............Funny Advanta says cc is personal, but at the end of day we are being treated as though the cc debt is a business debt, which I beleive not to be covered in the Fair Credit laws.

I can't believe that your husband's entire credit will be ruined over this one account, unless this isn't the only one. Personally, I no longer care about my credit, even though it's about as good as it can be since we've had lots of it and always paid. We now do not use ANY credit so it really makes no difference to me if me credit remains intact or not. Further, as I first said, I can't imagine that my credit would be totally ruined over just one account. Since mine is a business debt (though as I said before cannot say for sure if I signed a personal guarantee on this card), I do not look at this in the same light as my truly personal finances. Our business has failed and generates no income now...it's bankrupt for all intents, just not technically since this is our only remaining debt.

For those of you that don't know him, do some research on Dave Ramsey and Financial Peace University. We went thru the 13 week course at our church and can say with authority that it has changed our lives for the better like nothing else I can recall. Once you get in the course and embrace it, you will never look at credit/debt the same way again. He lays out a very simple plan, provides useful tools to deal with all aspects of money and how to deal with these @$$hole collection agencies.

I have a 25K balance with Advanta and I signed a 3.99% agreement, because the rep that offered it to me said to pay it for 6 months and then he would help me settle for around 25%. Looked like a sucker bet to me, but went for it because I had nothing to lose. I stop paying on that agreement when the FDIC took over, because the rep was no longer there. I have been lied to and at this point I am just going to wait it out.

Yikes..First of all I am so sorry. I wish there was a way you could get a lawyer. There are so many laws that have been violated with Advanta especially in your case that I am sure you would win. PLUS they have nothing to fight you with. I wish you all the luck and I really appreciate you sharing all of that.

Joe..I feel the exact same way about credit. I hear good things about Ramsey and I am looking into his course. As far as Advanta goes..save yourself the heartache learn from all of us..if you have the funds just quit paying and as soon as you get that 50% settlement offer take it and just get rid of these crooks. As YIKES has shared they will ruthlessly destroy your life.

Marcello..interestingly enough I had a rep just a few days ago offer the same exact thing. Put me on a low interest agreement for awhile to at least stop all the late charges and high interest then when done with that "then you go for settlement"..I think they must get something for getting us to go on the low interest agreements. I said no. I want these crooks out of our lives ASAP..

After much thought..this is what I think we are going to do...I am going to call these idiots go with the 50% settlement over 6 payments. HOWEVER my big question to ALL of you so PLEASE give me your input..is if I go on this with them..will it be known to any of my other creditors..show up on the credit report? I do not want BofA to know I am doing this with a measley $4,000 debt when I owe BofA a $57,000 debt and I am telling them I have no more money other than the 15% that I have offered. They are not calling me back for 4 more weeks..and the CSR thinks they just might take it. I will die if stupid Advanta settlement screws this up in any way. I don't think I can put Advanta off b/c they are threatening charge off next week....so what do you all think??

Forgive my ignorance, but what exactly is a CHARGE-OFF and why is it a big deal? Is this when it goes to collection or ??? I cannot say as to whether this will show up on your CR and if so, HOW it will show up.

Another tidbit of advice I can offer to you all is to consider signing up with Prepaid Legal. It's $16/month and you can call them as much as you want to go over these legalities. However, they are a "shield" and not a "sword"...meaning defensive, not offensive. Once you get someone after you, then they can help. Regardless, you can ask them questions about just about anything for no charge beyond the monthly fee.

A charge off occurs when you debt is written off the creditors books as a "good" debt and becomes a "bad" debt. Oh and yes, it very much damages your credit. This is the point where you are sent to collections.

Thanks Soaplady...just pulled up an old thread I started asking the same thing..can you look at that as well??

I have been talking to Phillips and Coen about settlying my debt. They keep telling the lowest they will accept is 30% of the current balance on teh account, otherwise Monday they will file a judgement against me. Does anyone have any experiance with this same situation, will they go so far as to file a suit?

Need input, I'm 4 months past due Advanta was callimg my place of work every day until I send them a letter and they stop now they call my cell number and leave me messaaages sayin that a business account does not fall under the Fair Credit Laws and that they are going to start calling my job again. Can anyone please clarify if they have the right to harass me at my job.

Quote:

Joe: Believe it about credit being ruined. Charge-offs stay on credit report regardless of whether you settle or not, in my state the statue of limitations clearly states 7 years from the last date reported. If we even attempted to get a new mortgage, what do you think our interest rate would be? Husband's line of credit has been drastically reduced to show on credit report as "HIGH BALANCES" which they weren't until Advanta started slamming his credit reports. And guess what, yesterday rec'd a alert from TransUnion via mail, stating Advanta is screwing around AGAIN on his report. Called TransUnion for explanation and that's right you guessed it....BAM.....AGAIN. Asked TransUnion how many times can a creditor report a charge-off? Answer was, ONCE. My point is we are just little people without any rights. At this point, 7 years may turn in to 10 years from the original charge-off date. Do you get my point? Thought about hiring an attorney, but why, so we can lose in court and have to pay all legal fees and court fees and Advanta or whoever is awarded a judgment which I beleive to be worse that a charge-off and right up there with BK. I am not a lawyer, but this is just out of control. I have sent 1 inch thick worth of documentation to all 3 credit reporting agencies showing proof of Hardship Plan enrollment and payments received by Advanta. Reporting agencies just went to Advanta with all my proof and Advanta won again, NO CHANGE, it is what it is. Sent another 1 inch thick worth of documentation to the FDIC supporting our claim. FDIC said since my husband did not sign SBCA that was missing half the words on the right margin and the letter we rec'd about "Hardship Program , clearly did not state a SBCA was required, we were directed contact Phillips and Cohen to make suitable payments. Now you figure that one out. Sent another 1 inch worth of documentions to my State Attorney General, haven't rec'd a reply as of this date, but I have not faith in that either. Joe I don't mean to sound rude, I am justing you facts for to ponder upon. I suggest you go to your state website and review the consumer credit card laws and again I cannot stress enough to the poster about messages regarding "Business Debts are not covered under the Fair Credit Laws". This is what I meant about, Advanta stating the debt is a personal debt and than turn around and say you are not covered under the credit card laws for a business debt. You can only imagine my frustration, which is it PERSONAL OR BUSINESS? Again, Joe I appoligize for my rudeness, but I couldn't help to notice you are using, "esq" after your name. Are you a attorney?

Quote:

We received a letter from our biggest creditor, and we feel well taken care of by Preferred Financial. It was just nice because we’ve had an ongoing situation with our former business partners that put us in this mess in the first place, and if only we had gotten involved with a legitmate company like Preferred from the beginning – we’ve had two lawyers and both have been pretty inept – I think our overall experience would have been much better. Just wanted to let you know that we’ve been cataloging our calls from our creditors and we’ve noticed that they have stopped.

I found myself overwhelmed by unpaid bills. Debt settlement is a good option for people like me who have accumulated debt, cannot afford the minimum monthly payments, and find themselves falling behind ( or just about to fall behind like I was)I was just struggling to save my credit and didn't want to file a BK. THis was a really good option for my situation and It been working very well. This company that we are all chit chatting about PFS is really the only one that made me feel comfortable. It meant a lot to be finally heard by somone.

Yikes, no not an attorney at all...the name's nothing more than a funny psuedo-name. I really wonder what the deal is regarding the business debt vs. personaly debt...seems like they are talking out of both sides of their mouths if you know what I mean. They probably are. They are lying if their lips are moving. I'm just not sure how to go about this since it really is a business debt, and is our only debt other than mortgages. Seems like the old Catch-22 - we can't start negotiating the debt until we're behind. Well, we're not behind yet, but we will be as soon as the little bit of money left in the business account is gone. So what's better, let it go into default or try to negotiate prior to?

Joe: you can thank our Senators for taking out "business cards" from the new credit card act. Advanta has the upper hand - their business cards are indeed personally guaranteed so we're screwed. And it is a catch-22, Advanta won't deal with you until you default. I was out 90 days before they even started to offer lowering the interest rate down from the outrageous 29.9%. They passed me off to their collections agency before I could settle at about 45%. Just take the hit to your credit score and don't pay them...

Nobody wants bad credit forever, but while you're trying to deal with your financial problems it can keep potential attackers from thinking there's a whole lot to get.

In fact in the Hankins debt hope book the recommendation is to negotiate an agreement so that the creditor refrains from updating the tradeline on your credit even after you pay them a settlement (and also agrees to not respond to your disputes with the credit bureaus). That leaves an obsolete debt on there that you can remove when you are ready.

Not that I'm saying everybody should read the book or anything ... there's so much stuff in there that it really gets kind of annoying ... I want to solve my mess TODAY, not go to boot camp to learn how to fight a five year guerilla war with these guys... I don't need to make money on them, I just want to make them go away! A couple of jumps ahead on the chess board will suffice ... I don't need to be made into Gary Kasparov.

I went to www.ameridebtsettle.com and chatted with a live debt counselor and they explained that Advanta is different from other banks and answered alot of my questions.

Hi

Just to let you know that there can be a lot of issues related to financial concerns when a settlement needs to be made.The best thing suggested is to send a support request to your client relationship manager as he would be the right person as he is dealing with your account and knows the best how to deal with the creditors.

I am so done. I gave in and just settled with these crooks for 50%. Sick to my stomach over this. I hate them, but the good news is I am done. I did do it over 6 payments but I am probably going to just pay it all. 2 down 3 to go...I am just glad it did not charge off. It was set to charge off on the 17th. They will not go lower than 50%. You can probably get lower if you let it charge off.

So after you are able to start negotiating, are they including past-due interest and fees in all of that or are they waiving those IF you do a lump-sum settlement? In my case, I still have a good interest rate well at 1/3 or 1/4 of what I see some of you are stating. My only problem at this point is my business is gone and there are no more funds to pay this bill. I have never been late, missed a payment or been slapped with a ridiculous rate hike. In a way, I've currently got it pretty good, but soon I'll have to make the decision of letting it go into default (sooner than later). I'd take a 30%-50% settlement at this point and kick in some personal funds to do so, but I am NOT willing to pay the whole thing personally out of pocket.

Yes..all of my balance INCLUDES lates fees and interest rate hike..that is what sucks. I figure the $2410..which is my 50% is probably at least close to what our true balance is to what we actually borrowed. They will not waive fees and interest. They did stop as of today interest and late fees b/c I started the settlement process. Joe, you have no hope of settling while you are still current. You have to prove hardship AND DO NOT let them put you on a hardship plan either if you truly just want to get rid of them..just don't answer calls for a few weeks..then start taking them and tell them about your failed business and how you can't make a payment. Bring up settlement at about 90 days..then you can rid them out of your life.

Yes, mine two. 29.9% and late fees for 120 days before the settlement so that really adds up. Once you default by even missing a payment by one day - BAM - here comes the 29.9%.

Google Finance just posted a story about one of the Principals of Advanta Bank striking out on his own. New line of work....Business Loans! Now there is a fellow with an impressive resume and strong following of "Sassified" customers.

The man should be in prison-What a freaking joke!

You got to be SHI*TING Me! Would anyone ever want anything to do with Advanta?
I rather smoke a crack pipe

Ami Kassar was "chief innovation officer" for Advanta Corp. in the nine years before the bankrupt Spring House-based credit card lender shut down last year.
In February he set up a new company, MultiFunding LLC, at a Plymouth Meeting office. Using software from Biz2Credit LLC, New York, MultiFunding offers "to make it easier and faster for small-business owners to raise debt capital. Instead of going to apply to one bank at a time, we have a centralized credit product with 125 banks in our network," Kassar told me.
MultiFunding screens would-be borrowers for each banks' loan, capital, credit and asset targets and ships applications that qualify to the lenders most likely to fund them. "We are trying to automate as much as possible. It's a very tough environment to borrow money, and we are trying to make it easier." He says he's currently processing $25 million worth of loans, "from $150,000 to $4 million; the average loan in our queue is about three-quarters of a million dollars.

Question? When (267)525-4218 calls you or you call them. Who are you dealing with since Advanta was taken over by the FDIC. Are they old employees working for the FDIC, collection aganeicy that has been brought in the FDIC. I get a call every day from the above phone #, but have not picked up yet. I am between 60 & 90 days late. I am thinking of picking up and taking to them soon, but would like to know who I am dealing with. I no longer have a biz and have absolutely no assets to take. I am even out of work at the moment and searching every day. I have read that they are offering 50% settlements at this time. That will not work for me, because I don't even have 50% and am hoping I can get them down to 10%- 20% max on a 20K plus balance I have. That's all the cash I can get my hands on right now. Advanta started this avlanche by jacking my interest rate to 37%. about a year ago for doing nothing wrong ( never late in the 7 years with advanta). Last Oct I just couldn't keep up with the high payments and became 30 days past due and the hit my personal and buz credit report . My score was over 725 and now its in the low 600's. All my other creditors got spooked ( business and personal creditors) and lowered my credit lines along with my working capital to the open balances I have. Example - Bank of America closed one of my 50K accounts and the other had a 50K credit line down to 30K which is the balance I have now. I a way under water here, but I am not paying 37% interest. Advanta reuined me and took me down with them.

Any advise by someone who has dealt with settlement with them would be helpful.
Thanks

I just settled for 50% over 6 payments. I have a $4800 balance..that is very inflated. So I settled $2400...first payment is due Fri..few days before charge off..amt $241 and then remaining 5 are like $400 every 28 days..waiting on fax. These people are not easy and they will call 6 to 10 times a day. I was told a couple months ago they were hired by FDIC and all that were working with for Advanta were fired. I have no idea if this is true. You WILL NOT get a better settlement than the 50%..I tried everything from sending certified letters, taking every call to try to get a different person, asking to speak to managers etc..they only yelled at me threatened judgements etc. Didn't phase me b/c to my knowledge they have never sued..they have no money to do this. If you charge it off it goes to Phillips and Coen you can read about it in this thread but the reps confirmed this with me as well. In this thread, someone got a 25% settlement but they had to give it all within 24 hours. So far that is the best I have seen, but again you have to let it charge off. I didn't want to have mine charge off ... for such a small debt it wasn't worth it to me and I can handle the 6 payments with just our income and not have to dip into my settlement funds. I just hate them so bad that for a long time I swore I would not give them more than 10%..my story is the same as everyones..I was perfect paying etc..they closed my account then jacked my interest rate up etc. etc. I am just glad to not get calls anymore, the fees and interest have stopped and they are out of my life. Unless something changes drastically soon..you really can't expect to do any better. Sorry. And to think the main owner guy is now starting another business lending money...wow...unbelievable..however, he will never have us as customers..CASH IS KING from here on out!!!!

not true - advanta does not cooperate been deeling with them for years on an account that is not even mine.

Quote:

I had to come back to this b/c I have been fuming all afternoon...so what this is saying is some EXEC from Advanta that has SCREWED all of us is now being allowed to open doors to yet another bank and offer loans to SCREW other people down the road????? Help me out here people...and what his name again???? Is this why we got calls from India all his buddies were calling us??? Does anyone have the direct link to this article???
Ami Kassar was "chief innovation officer" for Advanta Corp. in the nine years before the bankrupt Spring House-based credit card lender shut down last year.
In February he set up a new company, MultiFunding LLC, at a Plymouth Meeting office. Using software from Biz2Credit LLC, New York, MultiFunding offers "to make it easier and faster for small-business owners to raise debt capital. Instead of going to apply to one bank at a time, we have a centralized credit product with 125 banks in our network," Kassar told me.
MultiFunding screens would-be borrowers for each banks' loan, capital, credit and asset targets and ships applications that qualify to the lenders most likely to fund them. "We are trying to automate as much as possible. It's a very tough environment to borrow money, and we are trying to make it easier." He says he's currently processing $25 million worth of loans, "from $150,000 to $4 million; the average loan in our queue is about three-quarters of a million dollars.

Google Finance-not Google Normal.

Type in the word Advanta. Don't click on Advanta India b/c that is some chemical/seed company. Find Advanta Bank. It will pull up a fresh article written by the Philadelphia Inquirier.

It demonstrates how careless our financial system is to allow this slime bag to open another business when he and Dennis Alter really belong in prison covered in tar and feathers.

What I want to know is...Why isn't this a Dateline or 20/20 story about "American Greed"??? These are predatory lenders! And one of them was just given his permit to get back into the hunt for more small business owners/victims.

Bet you didn't know Dennis Alter built a $83m Mansion (the largest house in PA) prior to jacking our rates to 35%?

Yeah this just makes me SICK!!! These people need to burn..I wish there was a way to expose them...but not sure it is worth my time. Just want them out of my life. I got my fax finally today on my settlement. For fun, I asked the lady when I called to confirm a few things.."BTW, just wondering who do you really work for...Advanta or FDIC...?"...she honestly said to me.."that is a good question..I really don't know, I am just glad I have a job.". Then she went onto say I think it is Advanta Bank b/c Advanta Corp is no longer..and she said she knows the FDIC fits in somewhere but really isn't sure how it all works. I wanted to say your are all morons, but the human side of me knows she is just a human being with a job trying to pay her bills. So I just let it go...

Next time they call- I am going to pick up and tell them I have no job, no business and no money. I want to see what there response will be.
Any takers on what they think will happen??

They will tell you it is your responsibility to still pay the debt. They will say can you borrow money etc...I did say that on a few calls. Got me no where. But by all means..go for it. Very interested to see where it gets you..I hope better than the lousy 50% settlement I got! :>