Guys what do you think about this settlement offer from Advanta
Date: Mon, 03/23/2009 - 06:39
chaka
Advanta
Take it once in writing. I keep getting..."We're a business credit card company" and they refuse to settle aside from $2,000 in fee waivers on $16k in debt. It gives me hope that 40% is achievable! How many days past due are you. I'm at 119 and they are saying at 120 they are sending me to the legal department (most say that at 180...I'm not sure why 120 with Advanta but it may be a scare tactic). Did you get the same treatment? Did you avoid the legal department or is that the place I want to be in order to settle?
Thanks,
Ed :o
i just hit the post 90 days with Advanta and they offered me a .
i just hit the post 90 days with Advanta and they offered me a .70 on the dollar or 30% settlement,
do you have that cash on hand to pay the settlement?
do you have that cash on hand to pay the settlement?
Quote:Originally Posted by AnonymousI am 147 days overdue with A
Quote:
Originally Posted by Anonymous I am 147 days overdue with Advanta for a balance now of $14,450 and they are willing to offer 40% on whole balance to be paid in one lump sum this week. Do you think that I can do better? chaka |
Guest, I owed 22,600 at the time of the settlement. It was only 19,000 when I stopped paying the bill, so no, they did not waive any fees. BUT, what they offered me was a 10% settlement (!), payable in two installments, and they would not budge on that as I begged for them to stretch it out to three or four. The first payment had to be made by the end of that particular week, so I had 3 or 4 days to scramble to come up with it. The second payment was due in another two weeks. Luckily, I had someone I could borrow the money from. This was all done directly through Advanta's own collection department. I want to say also, that back last year when I knew I was going to be having problems, out of all the cards I had (and there are a lot!) Advanta was the ONLY one that agreed to lower my interest rate. But I had my business account with them a long time, and they understood that the business closing was due to unforeseen circumstances not of my doing. I think the good settlement offer was the result of my having been a customer for many years, the huge balance I had, the fact my business no longer existed, and that there were a total of 9 cards I defaulted on. But then, if I hadn't been lucky enough to have someone to borrow that money from, I'd have had to go to court.