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ADVANTA/Eric Knapp/only "can offer" .75 on dollar

Date: Tue, 03/23/2010 - 13:36

Submitted by luckin10
on Tue, 03/23/2010 - 13:36

Posts: 181 Credits: [Donate]

Total Replies: 2


Finally a call from Advanta that is from the US and english speaking.His name is Eric Knapp and he gave me his direct number. Made me feel like he was my friend. Right. He says he is the next level of collections. Offered harship program of 3.99 % for 12 months then goes to 16.9 OR fixed 9.9% for 5 years. I asked for settlement of 10% (why not shoot for the stars) and he said they could AND would ONLY ever do .75 on the dollar. I am 64 days past due. He said I have until Friday and then it goes to the next collection level. After all I have read I do get that I need to be more late to get a better settlement and I no way can afford this one BUT wondering how much better will it get with Advanta? What is next collection level?? BTW, I asked him about the "condition" of Advanta and I said it is no secret they are bankrupt. He was tight lipped and said all he can say is they are no longer lending money. Hmmm...Anyways, anymore insight on these crooks would be appreciated.


Advanta was taken over by the FDIC when a buyer could not be found for them. So basically the Federal government now owns your debt and most likely will continue paying the collection arm of the company to continue collecting on past due accounts. The only problem that I could forsee is that someone has to agree to settlements and who knows how this would work now that the FDIC owns it. They may simply sell off or best case scenerio is to tell the collections division to liquidate as quickly as possible - meaning fantastic settlements. Only time will tell.


lrhall41

Submitted by on Tue, 03/23/2010 - 17:45

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Here is an article that is interesting and recent all about Advanta...thanks Debt Free for your comment..I think you have nailed it on the head! As for me..I am waiting this one out. Also this article talks about Advanta paying restitution to customers. They were ordered to ... hmmm never seen one.

http://www.businessweek.com/smallbiz/running_small_business/archives/2010/03/advanta_bank_cl.html


lrhall41

Submitted by luckin10 on Wed, 03/24/2010 - 07:42

( Posts: 181 | Credits: )