Advanta Bank is not willing for debt settlement - what to do?

luckin10: Check it out. What a pretty face! No signs of stress like the rest of us little people............

http://www.linkedin.com/in/amikassar

Thanks..just sent the loser and email!

That is a picture of an American Con-Artist!

As if he thinks he did a good job for Advanta to the point he would list it as a reference to future clients/victims.

Un freaking believable!

A Shaun white keeps leaving messages for me..Anyone ever deal with him???

He is just probably one of the scum that works at Advanta..you can try to call him back and I would almost bet that whoever answers will insist on "helping" you b/c they all handle the calls. My log of people is probably over 20 that I have spoken with or have called me. What number did he leave?

267-525-4633 ring any bells??? I really don't want to talk to these people, I know I am going to lose my cool...I don't care if it charges off. I am sure if you challenge the debt in the future you will win and also be able to clear it off you credit report.

That is the number..the last 2 numbers are changed b/c it is his direct line...they are all like that. I am curious to see how your journey goes..I am just so glad to be done with them!!!

I got a call today from someone claiming to be a lawyer that handles debt collection for Advanta. I owe about $19,000 on this card and made my last full payment around the first of the year. I have had dozens of conversation with them as you all have but cannot be sure that I can commit to the automatic payments required for their heartship program. Anyway this guy left a number and I called back, they answered the phone like a lawyers office, I spoke with him and he said that he was "giving me a heads up to be fair" that they were going to file for a judgment against my home. I will be selling some property this summer and will be able to settle with them when this happens, just not yet. Is this guy really a outside attourney or is this another part of the Advanta inhouse chain? How long until they do go to file for a lien?

In my experience it is ALL talk. I had a lady from "another dept" come on the phone and yell at me..literally. Telling me all the same stuff. I waited a few days and then called back and talked to someone else. No one mentioned the previous convo. I have since settled for 50% over 6 payments. I am glad they are out of my life. What lawyer company did he say he was from. The only outside group Advanta works with is Phillips and Coen. They also Do NOT have money to sue. I would just call and talk to someone else. If you will have money this summer then go for the 50% settlement. It takes a month before the first payment is even due. So I really would do that just to get rid of them.

It's all BS..I am in the same boat as you with a 20K Balance. I stopped paying in Feb of this year. I have not spoken to anyone that calls me and will not until I get something in the mail.

Marcello - might be worth it to speak with them. I started a dialogue with Advanta at about 90 days late - I explained my situation and they first offered lowered interest rates, then finally got around to settlement. I could do about 25% of the $20 K debt but they declined and came back with 50%. They couldn't go lower and it went to Phillips & Cohen. I ended up doing about 40% with three payments through P&C. The account was to stay with them for 30 days before it charged off and I just wanted to be done with these clowns...

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Advanta reps didn't ask many questions, I honestly stated my situation that I couldn't afford the $700/month payments. Told them I was receiving my tax refund so I would have a lump amount to put toward a settlement. Advanta rep got to the 50% settlement fairly quickly. Just be honest with them about your situation, if you are truly in a bad situation they will try to work with you. I'm sure some folks are just angry about the rate-jacking and are simply refusing to pay. Once my account got the P&C, those folks obviously pulled my credit record/score and saw my declining score (and mortgage mod.) - even though I was still current on other credit cards... I dont have P&C's number - they called me the first day at 8:15 AM after the account transferred to them. I think it was at the 120 day late threshold.

Hello All: Just heard back from my state's Attorney General Office, don't want to go into detail, but I cannot stress enough to each and everyone of you to contact your State Attorney General in writing via ceritified mail with copies of all documention supporting your claims. Looks like I am headed for private legal advise.

PS luckin10: did you receive a reply to your email to Ami? Maybe we all should apply for a loan with him to pay Advanta.........LOL...........

Has anyone had trouble with the 50% settlement program? Advanta offered me 50% settlement with the understanding that,(1)I would not receive anything in writing until the account was set up and payment was made via telephone,(2) they will set up 6 monthly payments to pay off account.Just wondering since all the credit guru's say never agree to eletronic payments and also get any offers in writing first.

If they are not willing for debt settlement then that will probably become a big problem.

If they are not willing for debt settlement then that will probably become a big problem

It is only as big of a problem as you want to make it. These collection companies are legalized conartists.

Today I receive a letter from CBNA. Stating, "their client Advanta Bank...". Well already they have just admitted complete ignorance.

Advanta is gone. The present owner is the FDIC because no other Bank was willing to buy such a great big pile of poop.

Why should I feel obligated to pay a company so stupid? Screw my credit scores. I will not reward criminals.

I did the 50% settlement offer. I set up a one time first payment two weeks ahead with a check over the phone. Then they faxed me all the details with in a few hours. It stated my balance, what I was settling for, what the payments were and the dates. So far I have made one payment and I have not had any problems. Does not change my dislike for them, but glad they are out of my life.

YIKES..can you please give us more information on WHY we should be contacting our Attorney General office. I am frankly just glad to be done with these idiots. And no I never heard back from my email.

I was asked to provide a debit account for settlement. I've seen some posts here that people close debit account and pay by Cashier's check instead. Is there advantage paying with Cashier's check? ...especially when bank want you to use your debit account? Has anyone used debit to pay for the settlement?
Thanks in advance

I'm have not paid Advanta for almost six months and today I received a voice message from Phillip and Cohen telling me that since I have not responded to any of their offers, which I have not gotten not even one in writing they will initiate a lawsuit. Should I worry or just wait for something in the mail?

Just call them back..you are going to get the best settlement with them.

To the other poster...what do you mean by debit account? I see you have asked this on several threads and I am not sure what you mean. I just have a seperate account that i transfer money into as I make settlements. I pay with check over the phone and make sure only the amount I am settling with is in that account. Check over the phone is very similar to debit payment...I have never had a problem.

I can't believe Luckin10's advice. He must work for PnC and he sucks!

Unregsitered Luckin10 must just be a mole for collection co's. PnC have stopped buggin me. And now it's with CBNA. They are not lawyers. Their collection agents are from the hood and speak enbonics do you really think they are going to sue???

Offer them a 10% settlement but only if they put it in writing.

If I may? How long was your account with PnC before it went to CBNA. Could you share the time frames from when you stopped paying to date. Will give me an idea what I got to look forward to. I am not paying advanta until I hopefully get them down to 10% settlement.

I'm settling my 4,000 balance for 1,500 thru Phillips and Coen.They faxed all
documentation over on monday of this week,I have until 06/15/2010 to pay by method of my choice.GLTA

I have been in the real estate and other financial businesses for 25 years and have had a personal bankruptcy, so you could say I have the street smarts for managing bad debt.

I know for a fact that for 2nd mortgages, banks are routinely settling for 5 cents on the dollar since there's zero equity - AND THESE ARE (or were) SECURED CREDITORS!

So, why on earth anyone would settle at more than 5% max with an unsecured creditor like Advanta is totally beyond me. They have no collateral to pursue. And even if they do sue and obtain a judgment, they still have to enforce that judgment and collect on it. Only an idiot would leave enough for them sitting in a bank account or another asset with their name on it! Besides, as with those defaulting on their homes, most, if not all of you are probably insolvent (you have more liabilities than assets), so, there's nothing for Advanta (or any other creditor) to seize. So, again, WHY SETTLE?

I see many of you who have allowed this criminal bank (now FDIC) to shake them down into settling at as much as 50%! That is really sad to give them that much.

Guys - you need to educate yourselves as to your rights - and then set up a strategy to minimize your exposure 100% by putting yourself in the driver's seat, and let a corrupt organization like Advanta (now FDIC) eat crow!

In my case, I owe about $25K. Advanta are outright liars. They say I'm almost 90 days in arrears. I document all my calls and dates and am actually now approaching only

60. That's WAY TOO SOON to talk settlement. Like a year too soon! They sent me the draft of what a lawsuit would look like as a scare tactic to settle now. They have been making repeated calls (I was smart and gave these idiots a voice mail no. from the get go - never a land line!) threatening "personal litigation". I have defaulted on dozens of credit card debt over the year. I have never seen any unsecured creditor so aggressive! I say, bring it on!

My business has dissolved. I have zero assets at this point. The small liquid bank account balance can be moved a hundred times once they get a judgment. They are S.O.L.

They either take my settlement of 5 cents on the dollar (that's THE most I would pay to get them off the books as a "harrassment fee") or I threaten BK or they get nothing and I wait out the statute of limitations on filing suit (4 years in my state) or if they sue, I'm judgment proof anyway.

Again, I say screw them, stand in line with the secured creditors that have much more priority, let them sue.

BODY,.aolmailheader {font-size:10pt; color:black; font-family:Arial;} a.aolmailheader:link {color:blue; text-decoration:underline; font-weight:normal;} a.aolmailheader:visited {color:magenta; text-decoration:underline; font-weight:normal;} a.aolmailheader:active {color:blue; text-decoration:underline; font-weight:normal;} a.aolmailheader:hover {color:blue; text-decoration:underline; font-weight:normal;} I have been in the real estate and other financial businesses for 25 years and have had a personal bankruptcy, so you could say I have the street smarts for managing bad debt.

Guys - I know for a fact that for 2nd mortgages, banks are routinely settling for 5 cents on the dollar since there's zero equity - AND THESE ARE (or were) SECURED CREDITORS!

So, why on earth anyone would settle at more than 5% max with an unsecured creditor like Advanta is totally beyond me. They have no collateral to pursue. And even if they do sue and obtain a judgment, they still have to enforce that judgment and collect on it. Only an idiot would leave enough for them sitting in a bank account or another asset with their name on it! Besides, as with those defaulting on their homes, most, if not all of you are probably insolvent (you have more liabilities than assets), so, there's nothing for Advanta (or any other creditor) to seize. So, again, WHY SETTLE?

I see many of you who have allowed this criminal bank (now FDIC) to shake them down into settling at as much as 50%! That is really sad to give them that much.

Guys - you need to educate yourselves as to your rights - and then set up a strategy to minimize your exposure 100% by putting yourself in the driver's seat, and let a corrupt organization like Advanta eat crow!

In my case, I owe about $25K. Advanta are outright liars. They say I'm almost 90 days in arrears. I document all my calls and dates and am actually now approaching only 60. That's WAY TOO SOON to talk settlement. Like a year too soon! They sent me the draft of what a lawsuit would look like as a scare tactic to settle now. They have been making repeated calls (I was smart and gave these idiots a voice mail no. from the get go - never a land line!) threatening "personal litigation". I have defaulted on dozens of credit card debt over the year. I have never seen any unsecured creditor so aggressive! I say, bring it on!

My business has dissolved. I have zero assets at this point. The small liquid bank account balance can be moved a hundred times once they get a judgment. They are S.O.L.

They either take my settlement of 5 cents on the dollar (that's THE most I would pay to get them off the books as a "harrassment fee") or I threaten BK or they get nothing and I wait out the statute of limitations on filing suit (4 years in my state) or if they sue, I'm judgment proof anyway.

Again, I say screw them, stand in line with the secured creditors that have much more priority, let them sue.

What ever works for you,go for it! The fact of the matter is I owed this company money,I'll take there generous offer and run with it.It works for me!! GLTA

I am going to offer 10% - see what happens???120 late at present time??

since I last paid Advanta. Had a few phone calls ... Phillips & Cohen, later Sentry out of Washington State (I laughed at them).

Nothing has happened.

Of course, something CAN happen. It's just unlikely to happen anytime soon.

I keep getting calls from P & C saying that as of June 9th they will file a law suite against me but they have not put anything in writing. Has anyone experience this and has anyone got taken to court by P & C.

I have not heard of P&C filing any law suites......Someone please correct me if I am wrong.

I keep gettign calls from Phillips and Chen saying they will file a lawsuit. Has anyoen has thsi suited filed?

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Philips and C are not attorneys. They are a collection agency. Have not heard of anyone being brought to court by them. After a while they will just turn your account over to another collection Agency. These accounts are owned by the FDIC. There job is to get as much money out of you as possible - NOT run up court costs. I am in the same boat as you and not going to pay over 10%. I am paying all my other debits on time, but advanta can go to kiss my AS?. I do not have any assets to take and I will not forget a 37% interest rate jack for doing nothing at all.

Thank you for getting this thread back on track.

Only a fool would settle a credit card account for 50%.

Settling at 50% was a personal decision that I really hated doing BUT I decided to run with it just because of what I have read on this thread (several pages back) of what Advanta will continue to do to your credit. They destroy it. I realize it is already bad by settling but by having a charge off being hit on your credit every three months is very tough to recover from and that is what they do. My goal is all of my credit card settling is to settle with the actual credit card companies, avoid any charge offs and then get my credit history back on track in the next two years..which I think is very possible. We have good jobs our outlook is good we have just hit a serious bump in the road that we can't recover from without doing this debt settlement. So just wanted to add my two cents as to why I am one of the "fools" that settled for 50%..the other card I settled ..Chase was 25%..so trust me I get the game but Advanta has just been a different game all together....

Guys, like I said, they will use every scare tactic in the book, they are desparate, because everyone who's smart has defaulted on these a**holes.
Let the debt season for a year or longer, then offer them 5 cents on the dollar MAX - or just wait out the collection statute which varies by state (usually 4 years in most states). They have 4 years from the time of default (when you were determined to first be in default) to commence litigation. If they don't file within the statute, they are barred from further action, period.
Do whatever you can to string them out and buy time and then - bye-bye!

Thanks Underwater!

I prefer that method verses paying them 50%. These scum bags took my interest rate from 6% to 36% without cause. I hired an Attny who wrote them a certified letter and attached 2 years of electronic payments to dispute the allegation I was ever late.

They ignored our response and instead outsourced collections to India. What an insult.

Never late on a payment in my life then forced-mafia style to make a payment 6 times larger than before. Upper management should be put into jail.

To think of somehow rewarding a scum-bag collection company one penny for their involvement makes me sick!

I have values and would never do this to a customer or client so I am not rewarding Advanta nor any Collection Company. Screw my credit scores-I have a Code of Business Ethics and I can sleep at night!

Who's the real crooks here,Advanta or the posters holding out for ridiculous settlement talks? WOW talk about calling the kettle black! ROTFLMAO

gator11 - with that type of comment, you MUST be an employee of Advanta or pro-bank! The bottom line is - a bad settlement (to Advanta) is better than a good lawsuit - and they know that. There is no such thing as a ridiculous settlement in our favor. The less, the better. You must also think the govt. always does right by its citizens and we should believe in it as well. Don't get me started!

Figure out whose side you're on first!

gator11 - also - if you read my prior post, you'd understand that a 5% settlement is being commonly accepted for 2ND MORTGAGES because the banks know they're gonna get zip if the house forecloses - thus, the debt is essentially unsecured. Advanta is even more SOL because they're starting out unsecured, so they have zero collateral on the get go. So, WHY BE AN IDIOT AND PAY THEM MORE THAT YOU'D PAY ON A MORTGAGE LOAN, FOR CRYING OUT LOUD! In comparison, that makes zero financial sense. These are debtors who are already pretty much insolvent, mind you. Not folks who are still solvent and should be paying their debts they've incurred. THAT'S A BIG DIFFERENCE. It's NOT IMMORAL or UNETHICAL to stop paying your debts if you DON'T HAVE THE INCOME. Making the smallest settlement you can is WISE, PRUDENT, and shows you're trying at least to settle as best you can.

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Gator,

Open your mind.

People on this thread have been forced into financial harship by a company who lured them into a payment later quintupled in price. Some of us live on a budget and take it one month at a time hoping we are able to ride out this economic storm.

Forget for a moment whether it's a 5 or 50% settlement.....we simply can't afford a payment going from $300/mo to $1500.

Do you get it now?????

So as Underwater put's it, screw these f'rs for placing some many customers into financial hardship.

I got ya gator,Thanks for clearing that up.My circumstance is totally different....In your case and in many others who have been screwed like that,I definitely understand and don't blame you guys and gals!!!

My mistake and apology to all for misunderstanding the different scenarios.My case is definitely different as I lost 60% of my household income due to a part time business going down and my spouse losing her job.They never jabbed me like that though....just harassed me by phone and upped the interest rate.

I just couldn't make my minium payments at some point and went into default after a 18 year perfect credit record of never being late on any loan.

So to make a long story short,when they offered to settle for 1500 from a 4000 balance after 120 day's late or so......I thought it to be a good deal for me and my way out!
My income is still way down due to the on going circumstance I stated above and I can't catch up or make monthly minimums on the other cards I have, but I do have a little stashed back for negotiations(not much though). GLTA here and go get'em Underwater!!!!

after 120 days I am starting to get phone calls from P & C. I never answered one phone call from the time I stop paying them. I am waiting to see if something comes in the mail??? I think I got a ways to go in order to get the settlement I am looking for of no more than 10%?? Not sure if I should start to talk to P & C or just wait it out. I am leaning more in the direction of waiting it out?? What do you guys thnk???

I would send them a certified letter saying everything you just did but like UW 101 says, lower it 5%.

I reported PNC to the State Attny's Office for harrassment and they stopped calling. PNC have many complaints and the worst reputation amongst CA's.

Good Luck.

I wonder what their criteria is for moving ahead with litigation against a debtor. I'm sure Advanta pulled credit and ran an asset search, but I wonder if the CA does also. As long as you don't show assets and your FICO is lousy, I wouldn't think they'd waste their time, but I've seen banks sue for less than $1,000 also.

No need to wonder. Let me tell you. Advanta didn't do a damn thing other than hire India's Mafia.

Ater two-three months it went to Phillips and Cohen. They handed my file to Ms. Tamika and Ms. Dupre. Those ladys spoke Street Ebonics and threatened me with every law suit (reading from a script of course).

What set me off was when Ms. Dupre got giggly seeing my credit report and began reading things off to show she did indeed pull it without my authorization! It was embarassing to know some mutt in a cubicle now has my SS# and who knows what else she did with it.

So yes the ba$tards will pull your credit but in my case the Advanta did not.

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And they still haven't sued?