Advanta bank goes to cardworks??????

[iceman]

July 26, 2010

CardWorks to Service Advanta Business Card Portfolio

CardWorks, Inc., the parent company of CardWorks Servicing, LLC, a leading third party bankcard servicer, announced today that CardWorks has been appointed as successor servicer to the Advanta Business Card Master Trust by Deutsche Bank Trust Company Americas, with the consent and agreement of the FDIC. The Master Trust contains over 220,000 non-charged off accounts with approximately $1.7 Billion in receivables.

"We are pleased that our experience and expertise in transitioning and servicing accounts in similar situations has allowed Deutsche Bank to choose CardWorks," said Chairman and CEO Donald Berman. "CardWorks has time and again demonstrated that we are not only able to professionally service such portfolios, but we have a proven track record of exceeding performance expectations," he added.

CardWorks intends to commence servicing of the accounts on August 1, 2010.

About CardWorks:

CardWorks, Inc. is the parent company of CardWorks Servicing, Merrick Bank, CardWorks Acquiring, and CardWorks Processing. CardWorks Servicing is a nationally recognized, leading servicer of credit cards, national debit cards, pre-funded cards and other unique card products and is the largest privately held servicer of MasterCard(R)/Visa(R) cards. CardWorks Servicing provides 24-hour, 7-day-a-week card servicing through its state-of-the-art facilities in Woodbury, NY and Pittsburgh, PA. The services provided are transparent to cardholders, with specifications driven by each individual organization's needs.

Source:

http://www.marketwatch.com/story/cardworks-to-service-advanta-business-card-portfolio-2010-07-26?reflink=MW_news_stmp

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I have no idea what this means to all the people that got rate jack into the 30% interest zone.

Can Someone here can possibly explain if you have a charge off; what this means.

[catleg]

I think this is only for accounts that are still "current" or not too far behind.

Defaulted account have, I think, been sold to Portfolio Recovery Associates.

At least mine was. :-)

[wnguyen]

Mine was sold to ACE or something like that. I have no idea who that is. When I visited Advanta website last month to pull off my statement for my attorney, I was surprised to learn that they had file for chapter 11 in November 2009.

[DeadManCrawling]

Advanta is the devil.

I am glad to see them gone.

[giselle]

"We have been given directions to engage outside counsel in Pennsylvania to fill the complaint in the Federal Bankruptcy Court jurisdiction for the commencement of five, what is known as the main lot free bankruptcy proceedings," got a call today from a Collection Company. This account was a Advanta and it was closed by us because someone used used the card (not us) and charged merchandise all over the US had it delivered to a address in FL. WE jumped thru hoops to get the information to ADVANTA did what local law enforcement advised, so now what.....
Can any one enlighten me on this?

[catleg]

Hopefully you have clear evidence the fraud was committed and possibly a police report if you planned ahead.
The next step would be to dispute the charges under the FACTA "red flag" rules. If it goes to court you would need to present your evidence of fraud to a judge and hope he believes you. But ideally someone with a brain should get engaged sooner in the process. At worst, whoever currently owns the debt needs to be made to realize their claim is pretty shaky and they will lose money if they pursue it. You might want to spend a few bucks on a consumer (NACA) lawyer to write some letters so they know you're serious. Also this should stop further dunning attempts against you.

[gamama]

they closed my acct and that began my spiral affect.
32% interest, never late
May 2009, they went out of business, closed my acct - my credit took a hit. Why would i want to pay them ? i don't have charging privileges anyway...right ?

[Flamingo]

they closed my acct and that began my spiral affect.
32% interest, never late
May 2009, they went out of business, closed my acct - my credit took a hit. Why would i want to pay them ? i don't have charging privileges anyway...right ?

I am a bit confused by your response...if you borrow money and/or use a credit card to make purchases and signed a contract that you would pay back what you borrowed, and don't pay - you are in breach of contract and agreed to whatever is stated in that contract if you don't pay. You state above that because a company went out of business and closed your account (which they could do as stated in your signed contract), that you stopped paying because you could not charge? Obviously if you stop paying any bill with which you have a signed agreement your credit is going to take a dive and your interest rise. It's not the company's fault, it is yours. Not paying a bill because you "don't have charging privileges" is absurd.

[gamama]

Let me be clear - I did not NOT pay the advanta bill because I no longer had charging privileges. In fact, I setup automatic payments to pay out twice a month, each of those payments were the statement's minimum payment - so I was doubling up on paying that card...even with no charging privilege.

However, making the decision of filing bk from actions such as advanta, chase and others for jacking up interest rates, reducing lines of credit or discontinue the credit all together made it a bit easier - more a business decision then a personal failure of not being able to meet my commitments due to financial hardship.