Advanta settlement
Date: Mon, 01/24/2011 - 20:28
I am current with my Advanta business card, but my busiess is in the dumps (real estate!) and I cannot afford the payments. I'm paying 21.99 on $19,500. Anyone know if they will settle for 50c on the dollar if I offer to pay in one lump sum (I can borrow the money)? Since its a business card, will it affect my credit?
You will have to negotiate with your creditor so that he accepts
You will have to negotiate with your creditor so that he accepts your settlement offer. In case, you cannot negotiate with your creditor, you can contact a debt relief company and take their help in settling the debts. They may help you in settling the debt for 50c on a dollar.
Since it is your business card, settlement won't affect your personal credit scores. But it might affect your business credit scores and you may face issues in getting business loans in the near future.
From other blogs, I read that they have posted negative in other
From other blogs, I read that they have posted negative in other's personal report when they didn't pay on time. Personal Guarentee was probably signed. Post what happens.....
