Subject: Advanta Bank is not willing for debt settlement - what to do
Sat Oct 24, 2009 4:49 pm
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?
Unfortunately this is your debt and not all creditors are willing to work with you. Been there done that. Usually when they do offer to work out something with you is after it goes into collection. I hate to say that but in some cases it's true. And it leaves a negative item on your report but from what you say it's already 57days late so I'm sure they have already reported it anyway. But if you can't afford to pay it it will end up in collections anyway until you can pay. So then you would send a pay for delete letter asking them to remove the negative item from your report after it is paid. But then again it is up to them whether they remove it or not. But then you can set up a payment plan and maybe even settle for less. Now this is how I would handle it but others may have other ideas to help you with this.
Hello Kim, Lots of people are going through this very same thing due to the economy and factors beyond their control. Hopefully you have found a good debt solution company (watch their are fraudulent ones also) to help you get back on track. Try to look at your states website and see if they have any recommendations. A lot are doing this now.
Once the bill goes into collections they will usaully try to work something out. The only other solution for the creditor would be to sell it or take you to court; most sell. Now by doing this it could really mar your credit so I would try to enlist an agencies help. I understand your delimma as I see so many people going through this very same thing. Good luck.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.