Advanta offer 0% for 30% of balance one-time payment

Hi all,

I just got a call from the Advanta collectors (Cardworks) since my partner missed the last payment and I am the "guarantor" for the account.

We are part of the 35% interest rate scam that Advanta foisted on so many small businesses and now $800 per month goes to interest for these crooks.

The agent offered a "one-time" offer of reducing the interest from 35% to 0% if I made a $8,500 payment by the next due date. It would stay at 0% unless we were late or missed a payment.

I asked for a written offer and they refused saying that the agreement would be recorded on the phone line and that would serve as the "contract."

Are these guys liars? Will they actually reduce the interest if thay say they will, or will I be out $8500 and still have the ridiculous 35% thievery to deal with?

Thanks!!

Terry