KidStallyn
04-23-2009, 06:44 AM
So my business closed back in Sept '08, and we therefore stopped paying people because we literally ran out of money. We had 23K on an advanta card, and they were absolutely ruthless at first. The guy repeatedly called, even after we told him that we were being represented by a lawyer. Finally, the phone calls stopped.......that was until a couple of days ago when they actually called me at work. It's been turned over to collections (shocking)......and the first offer was at 30%.
I told them that any offer would need to go through my attorney, which the ended up getting a hold of yesterday. I've instructed my attorney, that we can't afford the 30% and to talk to them about 10%. Interestingly, when the written offer came in (from a different person then who we started with and originally started with) it was 36%.
The of course started the strong arm tactics that this was a one time offer and that Advanta would pursue taking it to court. After discussions with my lawyer, he instructed them that I would be willing to settle at the right price in lieu of bankruptcy. Basically.....BK is on the table, here's what I can afford.....you can take something or nothing. My credit score is already schmacked due to this, went from an 812 to a 490. It was never reported on any of the three credit reports, as everything was tied to our LLC. I don' teven know if i was the person that opened the account, as I wasn't the financial officer then. They claim that in order to pull that information, that the will also pull any offers to settle and take the case to court, in which we told them again that I'm prepared to declare BK. We'll see where it goes from here.
I told them that any offer would need to go through my attorney, which the ended up getting a hold of yesterday. I've instructed my attorney, that we can't afford the 30% and to talk to them about 10%. Interestingly, when the written offer came in (from a different person then who we started with and originally started with) it was 36%.
The of course started the strong arm tactics that this was a one time offer and that Advanta would pursue taking it to court. After discussions with my lawyer, he instructed them that I would be willing to settle at the right price in lieu of bankruptcy. Basically.....BK is on the table, here's what I can afford.....you can take something or nothing. My credit score is already schmacked due to this, went from an 812 to a 490. It was never reported on any of the three credit reports, as everything was tied to our LLC. I don' teven know if i was the person that opened the account, as I wasn't the financial officer then. They claim that in order to pull that information, that the will also pull any offers to settle and take the case to court, in which we told them again that I'm prepared to declare BK. We'll see where it goes from here.