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

I talked today with a lady regarding my 57 day late Advanta bank corp account. First of all she mentioned to me debt management, I then mentioned to her that dmp would not help my monthly payments be lowered and I mentioned debt settlement. She then told me that they do not deal with DS companies as they require them to "sell" my account and they don't do that. I had never heard that before. And she also said that as of the 30th my account would leave her department and so somewhere else, collections I assumed. I explained my situation to her and she wasn't rude but she still was wanting me to make a whole payment when I had just explained that I could not. We then got cut off when I went down into a bad cell phone place. If they don't deal with DS companies, will they deal with DS lawyers?

927 Answers

The advice I have seen is not to sign a DV letter, meaning, no handwriting, no "John Hancock." Just have your name and address printed at the bottom. The reason being that collection agencies could scan in your signature and use it to forge things.


Is anyone interested in a class action lawsuit against Advanta. They are trying to kill everyone financially. I will pay what i borrowed from them but I cannot and will not send them $2500.00 again and $2000.00 is posted to interest and only $500 to principal.
Together we can stand divided we will fall. I will pay the attorney fees if anyone wants to join.


If a Sheriff or process server did not give it to you you were not served to appear in court. It is a scare tactic by the creditors


They settled with me as I owed $17,300 paid $14,500.00 done deal I told them I'm not paying 29.99% they closed the book on this one, which I am happy to do, they do report any charge offs over $600 to the IRS as income. So in my mind I am ahead, $2800.00 plus less all the intrest and new fees for the next 5 years, They also will offer a 5 year repayment plan which when I did the math would have cost me over $5500.00 extra. I now only have 3 other bank cards to get rid of working deals on them all, Next thing to do once that is done is dump all the banks for credit unions, and use debit and or cash, No more Credit cards. As of the new rulings that took effect today 2/22/2010 I have learned a great lesson, if I don't have the cash I don't buy it, or need it. The people are waking up and the Banks days are numbered. How are they to survive when everyone stops using thier services.


[QUOTE=Anonymous;761186]If you keep paying them, realize that you keep extending (tolling) the statute they have to file a claim against you. Either stick to a payment plan (if you need credit in near future) stiffing them 100%, or making a lump sum settlement. For me, it makes more sense to walk away 100% and wait it out. If they sue, I have already rendered myself judgment-proof.[/QUOTE]

how do you render yourself judgement proof? i was just served with a lawsuit from those assholes yesterday, and i am getting nervous. I tried to settle with them a year ago, but they would not work with me because i am current on my house and car payment. Any advice you have would be great, I am thinking about going to a lawyer next week.


Yes..all of my balance INCLUDES lates fees and interest rate hike..that is what sucks. I figure the $2410..which is my 50% is probably at least close to what our true balance is to what we actually borrowed. They will not waive fees and interest. They did stop as of today interest and late fees b/c I started the settlement process. Joe, you have no hope of settling while you are still current. You have to prove hardship AND DO NOT let them put you on a hardship plan either if you truly just want to get rid of them..just don't answer calls for a few weeks..then start taking them and tell them about your failed business and how you can't make a payment. Bring up settlement at about 90 days..then you can rid them out of your life.


Did you mean Phillips & Colon? Sounds like a milk of magnesia event to me...


I was wondering if anyone out there has received a 1099 form from Advanta, P & C or Cardworks? My account was charged off by Advanta back in May and I have not received anything yet. I want to make sure with tax season coming up.


hi guys, i owe about $900.. should i just pay it off or settle? i paid almost $1,500 off and now feel like i should have just settled.. is there any way i can contact them and tell them i lost my job and would like to pay half of it and clear the debt?


I found myself overwhelmed by unpaid bills. Debt settlement is a good option for people like me who have accumulated debt, cannot afford the minimum monthly payments, and find themselves falling behind ( or just about to fall behind like I was)I was just struggling to save my credit and didn't want to file a BK. THis was a really good option for my situation and It been working very well. This company that we are all chit chatting about PFS is really the only one that made me feel comfortable. It meant a lot to be finally heard by somone.


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