So do I want to pay Advanta Back

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Yeah, I agree, yes you still owe them.. I do too. But I am beginning not to care, and I am researching the alternatives that it comes to dealing with business credit cards

We are not protected by FDCPA if the credit card was used for business. So I would think to avoid a lawsuit, with Advanta, or whomever they sell their debts too, you would have to employ other strategies. I would think, for example, that a junk debt buyer is interested in going after the "low hanging fruit" and would like to same themsevles the time and expense of goign to court and getting nothing for all their time and effort. I've heard the junk debt buyers actually look at the assets of people and decide who is worth suing. I already have superior liens out there so even after they drag me to court, and I file every motion under the sun, after all that time and effort, even if they win, they will still get NOTHING!! what a stupid business plan.

I am not paying Advanta. They can rot in hell. It makes no sense, in the hierarchy of taking care of things, (family, payroll, etc.. ) that I give money to a creditor, that is no longer in the lending business. If I still had my lines, I would pay. But since Bank of America, Wells Fargo, and Advanta, cut my lines, (and I do not care why) I am not paying.

LIke they restructured, I am restructing, not paying them and I am reorganizing my business.

YEAH! They raised my rate from 8.99% to 34.99% and decimated my small business and my 804 credit rating. I can fix my credit over time, but apparently they can't find the money to file against me in California court at any time... I have had several different collection agents threaten me with asset seizure etc but the subpoenas never come! Ahh, toxic debt! Wait till the collection agencies realize that there is no muscle behind the accounts they bought from Advanta! I look forward to settling my account for pennies on the dollar and tonight my partner and I will raise our glasses and toast Advanta's receivership! Good riddance!!!

So should I possibly back out of my 50% settlement and wait for a better offer, since the damage is already done to my credit?

Yes, I would wait for a better offer.

Has anyone been contacted by Sage Capitol Recovery about their Advanta account? I spoke to a guy named Robert Cohen there who represented himself as a mediator with Advanta. I'm trying to figure out if I should deal with them. Are they really a mediator or are they a collection agency that now owns the debt? Advanta has charged off my account and won't talk to me; they give me the Sage number instead. Sage is threatening legal action and offered to settle for 50%. I owe about 15k. I'd really rather pay it all off and try to preserve my credit but Advanta wouldn't give me payment terms I could afford right now. Seems like they're forcing me to settle it for less. Any advice or experience would be much appreciated.

Send them a debt validation letter (there are examples on this site) to see if they are a junk debt buyer. Advanta sold off my account (about $11K after all their garbage fees) to a JDB. Right after charge-off. But it wasn't Sage.

Just out of curiosity, what are you doing now that they sold your debt off?

Advanta has yet to Mail me a Settlement letter only fax me one. Also they have still yet to send me a copy of the signed card agreement I have asked for a few times.(even though I have read they don't have to)

I would like to work a better deal if possible. But if it goes longer and ends up with a JDB will I just end up with the same result?

jaybone, are you able to work directly with advanta, get them on the phone, etc?

did advanta send you the settlement offer, or did you have to deal with a third party?

also, are they continuing to add on finance charges and fees?

thanks

I am doing nothing. I am not sending the JDB any money. If they sue me, they will have a hard time proving their case as Advanta will likely be out of business. No witness from original creditor means no case for them.

I am able to get them on the phone. Now when I call my account goes to Pennsylvania. Also I do get the pleasure of getting of speaking of someone who speaks english as a first language. They have only Faxed me the Settlement Offer. I have asked at least 3 times for them to Mail it to me. I have also requested a copy of my Signed Card Agreement at least 6 times in the past 2+ months and they fail to do so. It really shows the state they are in.

I am thinking that if they fail to Mail me the settlement agreement before Dec 9th (the first payment date) I am going to call them and tell them forget it.

I would like to put it behind me and get it taken care of. However they really suck as a company and I kinda feel if I do nothing, nothing is going to happen. But I don't know what to do or think.

reading all of these garbage posts makes me sick to my stomach...what a bunch of dead beat pieces of trash you are...no wonder our country is in the shape it is....everybody looking for a free ride....what a disgrace ! advanta bank was there for you when you needed them...advanta bank loaned you bottom feeders billions of dollars and where left holding the bag...stop blaming everyone else for you're inability to operate an business...try taking a look in the mirror sometime and you'll see the real source of the problem....not paying is STEALING ..PERIOD !...advanta bank offers to settle you're debt for pennies on the dollar and you still refuse to pay...they should bring back debtors prison...you or you're family would certainly find a way to pay then...I hope they sue the balls off every single one of you...assets or not...make it so you'll never be able to borrow a nickel again in life ! God Bless America !

Most of the Advanta Credit Card Apps were electronically activated over the internet....You had to answer a series of questions in order to activate you're card....They have you're ip address on record and that will stand up in an courtroom setting...You can ask for Validation of Debt until you're blue in the face...The attorneys will provide that at discovery....You're on the hook no matter how hard you try to wiggle off....Unless you can proove fraud...You're only out is to settle or bankruptsy...Period...Welcome to the electronic age :cool:

i'm guessing 'honest american' is a collector or a banker. nice spelling. bankruptsy. proove. getting money at the discount window for 1% and charging 34% to people who are struggling is STEALING. PERIOD.

I would say yes but before you send the money keep trying to negotiate a better offer.

When you get an offer that you accept make sure you:
1. get it in writing on Advanta letterhead first.
2. only pay with a money order or cashiers check.
3. make copies of the letter and cashier or money order and keep it in a safe play for the rest of your life.
4. mail your payment and their letter of acceptance back within the time specified on the letter.
5. send the payment register return receipt US mail.

Hope this helps!
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