Advanta Settlement Option

I had a settlement offer of 30% with them. However they are so disorganized they could not send the proper letters out in time. I ended up backing out of the settlement. They got pissy and ended up chargeing off my debt. They don't have money to hire lawyers, so they won't be sueing you. I don't know about JDB's but I haven't heard from anyone in almost 2 months now. I haven't heard of anyone settleing for 10%,, I have heard thats what many (including me) hope to settle for if/when the FDIC take over.

So...would u settle with the Collection agency it charged off to ? Mine got charged off and went to Phillips and Cohen last week...trying to figure out what to do in that their offer to settle is at 50%...any advise?

Isn't it a 1 to threaten to sue you unless they intend to do it? Pretty slick I have to admit, to send you a draft of the suit.

I am thinking I will draft an e-mail to them that offers a 30% settlement paid by the end of the week pending the proper documentation. See what they say.

first of all they always threaten legal action although they are not suppost to. its like a game of cards during settlement. are you feeling lucky or you just cant afford their offer? then let it go to collection, collections give better offers. but keep in mind you risk taking the chance of ending up in court. so its all in how you feel is the best or what you can afford to do at the time.

I wish Advanta would give me some kind of settlement. I can't believe what idiots these people are. My question to all of you is HOW do you keeep them on the phone? I swear the last several calls that I always answer nicely they start out talking to me and when it starts going to me explaining I can't pay they just hang up on me. I am 30 days past due. Do they just need to "log" a call with me and then move on? I finally got a fax number from one of them that was just bogus..didn't work. So I ended up just mailing a letter to the address where you would send the bill asking them to quit calling my husband at work and I threw a low ball settlement offer at them. No mention of my letter when they have called. Haven't had a chance to ask them about it b/c they hang up on me. Does anyone have a good working fax number for them or a good address to send a certified letter? Any advice how to communicate with them? I have also called and can't ever get through. Talk about a joke of a company. we owe just over $4,000.00 on business account. Thx.

Research this thread. I know their US based # is listed here a couple of pages back. As for mail, they did not respond to any of the letters or requests I sent them. Their US based operations are down to skin and bones and most are pissy and stressed. They are really hurtin for cash, yet they refused my last offer of 30% and that was after chargeoff.

Jaybone, how long ago did they reject your 30% offer and what is your balance?Also, who has your debt now?? im in a similar situation and Phillips and Choen has my account now
Thanks

I would call 866-833-6398. They settled my account with Advanta in a short time frame and got me a great deal.

Quote:

I offered 28% today in a forma e-mail and they called and said the lowest he could submit was 40% and there is a 50-50 chance it would get accepted. He said if I didn't deal with that, that it would then be sent to legal and the settlement options are based on the full balance plus legal fees. If it goes to court they go after the full amount for a summary judgement.

Any thoughts on what to do here? Call his bluff? Or submit the 40%. I can pay it but it depletes a lot of my resources for my other settlements. I was hoping for 30% but they won't even look at it.

More later.

IMO Call his bluff. There is no Advanta "legal" dept right now. Real Banks settle for less. Why would this bankrupt bunch for crooks not.