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BALLOONBOY
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Currently, i am delinquent i believe close to about 6 months on a ADVANTA Business card account, BUT, the account DOES NOT exist on my credit report, because it is a "Business account". I have verified this when refinancing and wanting to consolidate this account. WAS NOT on the credit report. So. i guess the big question is here is if i go through with eventually settling with them i'm wondering if anything will show up on the credit report. Also, has anyone have any info on ADVANTA BANK? Thanks

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Well then I strongly suspect that this will show up eventually on your CR. (Actually if it is 6 month deliquent they are supposed to charge it off right now so I suspect it could show up very soon...)

Is the amount deliquent large?

I don't know your situation but if you can afford to pay it off, that may be a better route.

Once its paid off, Advanta is not going to be too concerned with reporting this on somebody's credit report- it won't pay for them to pursue it because they are already paid.

Good luck,

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Guest sifxpert

Advanta settles business accounts for 30-50% depending on the situation. Whats the amount, how long have you had the account for and was there any balance transfers?

If the account is not on your credit report now it most likely will not but if it charges off it may.

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Usually, unless you flat out lied about assets and income and the like, Advanta requires a personal gurantee on any "business" CC. That means that once they determine it is in default by the business...like 6 months or so...they'll start treating it as a personal CC and it will show up on your CRs. You should be getting calls from CAs by now...

Note also that the FDCPA doesn't apply to business cards...but, once they start treating it as personal, you may be able to use the FDCPA against some of the less sophisticated collectors.

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Guest sifxpert

True true but Advanta accounts stay with Advanta for quite some time. They use their in house collections for up to 2 years before sending to an attorney or selling the account.

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Thanks so far for the info. I'll give you guys a run down of my situation.

1. ADVANTA: $9000, no balance transfers, been delinquent i believe almost 6 months, but made a small payment in october.

2. CHASE: 2 accounts, $4,500, and $2,600. Current

3. 2 BANK OF AMERICA accounts $7,600 and $6,000. (One of these accounts will be paid off with refinance). Both are current.

4. MBNA $10,000 I'm paying 1.9% for the life of the loan and its $30 a month so i will keep that current. As for the other ones, i'm to the point where i can no longer pay the minimum amounts unless other more important bills don't get paid. My idea is to let these go delinquent while saving up money for settlement. I'm just kinda concerned about this getting into a real legal mess. I'm still new to this forum so if anyone could explain the standard procedure for i am looking to do and also, spell out the most common used abbreviations on this forum (CA, DV, etc..) that would be greatly appreciated. Thanks Dan

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Guest sifxpert

If you are concerned with legalities arising you should only be concerned with the Advanta account since you stated the MBNA will remain current.

Chase may send your account to Mann Bracken to begin arbitration. If they do, all you need to do is send them a DV (debt validation request) and they will not send your account to the NAF (national arbitration forum). You will always be able to settle the account for 40% at least, no matter where the account goes. I never see chase accounts go to attorneys for litigation.

The advanta account.. I would send them $25.00-$50.00 per month and when they call tell them you are experiencing financial difficulties and this is all you have. Chances are, they will hold the account thinking they will get the full balance. I do this with large AMEX accounts and it works every time.

In the meantime, continue to save until you have enough to offer 30% and try to settle then.

You should be fine. Advanta is definitely an oddball creditor. They are very differnet than the norm so it is always hard to predict. Also, business accounts do not full under FDCPA so as far as cease and desist and Dv and many tools you can use against creditors...these do not apply.

Good luck!

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BB, Your credit line was probably based on a D&B report. When the creditor discovers there is no business they go after the owners if you are a sole proprietorship and especially if you used your SSN as opposed to an FEIN. Settlement amounts depend on assets owned, income and ability to repay the obligation. (The range is zero to 100%.) Also, if you misrepresented on a credit application, be sure not to file bankruptcy for at least two years!

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