echo1 Posted May 4, 2010 Report Share Posted May 4, 2010 (edited) Just a quick question for the forum. I stopped paying on my business card and received a call from them which I did not answer. My goal is to get to a settlement with them. Should I take their phone calls or wait to have written communication from them? Edited May 4, 2010 by echo1 privacy Link to comment Share on other sites More sharing options...
willingtocope Posted May 4, 2010 Report Share Posted May 4, 2010 First, recognize that business card debt is not covered by the FDCPA, so even a CA attempting to collect can play pretty nasty.Second, recgnize that "settlement" is much different for business debt. If its strictly in the company's name, close the business and move on. If you personally guranteed it (normal procedure), you're in for a rough ride. Link to comment Share on other sites More sharing options...
echo1 Posted May 4, 2010 Author Report Share Posted May 4, 2010 Thx for the reply. It is personally guaranteed (99% sure). I knew I would not be covered under FDCPA, but what rights do I have to stop calls and go to a written form of correspondence? Is there a website that would give me more insight how to handle OC and CA with business debt? Link to comment Share on other sites More sharing options...
willingtocope Posted May 4, 2010 Report Share Posted May 4, 2010 You may be able to use your state's "telephone harasement" laws to get them to stop calling...but that will almost certainly get you sued. There is no law (even for consumer debt) that says "all communication must be in writing.No business debt related sites I'm aware of (none that I would recommend anyway).You're actually between a rock and a hard place...it says business on the card, but its really a personal debt that's not covered by the consumer protection laws. If you business has assets or receivables, they can probably seize them. If it has neither...or not enough...they'll start on your personal assets.When we were in a similiar situation, we wound up filing personal BK 7 to get out from under the debt. Link to comment Share on other sites More sharing options...
echo1 Posted May 4, 2010 Author Report Share Posted May 4, 2010 thx for the reply. The business has no worth while assets. I will look into the telephone harassment laws. Link to comment Share on other sites More sharing options...
WhoCares1000 Posted May 4, 2010 Report Share Posted May 4, 2010 Is this the business credit company that went BK a while back? If so, then you may have an advantage that no one knows who owns what right now. The consumer protection laws do not apply but contract law certainly applies, even if they do take you to court.I say ignore the calls until you are ready to settle and then call them to settle once you have the money. If they sue you, then offer the settlement to the attorney. Link to comment Share on other sites More sharing options...
willingtocope Posted May 4, 2010 Report Share Posted May 4, 2010 I think WhoCares1000 is right...Advanta did go belly up. In that case, I guess i'd suggest you take one of their calls just to see who's calling. (CAREFUL...don't let them intimidate you and don't agree to anything). I'm not sure whether dealing with a "receiver" or the BK court handling the Advanta case is better or worse for you. Since you're the "little guy" who's not protected by a bevy of lawyers, they may be tougher. Link to comment Share on other sites More sharing options...
willingtocope Posted May 4, 2010 Report Share Posted May 4, 2010 i just did the google to see if it really was Advanta...it was...but they're doing a BK 11. You might find www.bkforum.com/showthread.php?t=33983 interesting.(I don't know bkformum.com. No idea if they're reliable or not) Link to comment Share on other sites More sharing options...
echo1 Posted May 4, 2010 Author Report Share Posted May 4, 2010 thank you both for the replies...I have been reading through this and other forums about them to see what others are experiencing. Link to comment Share on other sites More sharing options...
willingtocope Posted May 4, 2010 Report Share Posted May 4, 2010 The thing is, since they're in a BK 11, that means there is a "caretaker" committee of some sort appointed by the court to run the company until it "recovers". The caretaker's job is to recover ALL receivables while paying as little to Advanta's payables as they can get away with.IMO, that means Advanta isn't going to talk settlement with thier card holders. Link to comment Share on other sites More sharing options...
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