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Hello all, wow there is a ton of information here. I have a question, I owe Advanta business card about 31k and they made me one offer of a 9.9% interest rate over 4 years on a payment I could not afford. I am a small business owner that has taken quite a hit in this economy, and I just stopped paying. I did keep in contact with them, but I guess they just gave up on me. I think I was at about 120 days or so. Here is my question. Today I got a message from Phillips & Cohen asking me to call them back about my Advanta account. I guess this is where things start getting tough. I was doing some google search on them and I see they are a law firm, but pretty much just a coolection agency. Does anybody have any experience with them? or can anybody suggest how to deal with them? Do they try and settle and if they do, how far do they come down? If anybody has any experience at all with this company, or has any suggestions on how to deal with them, anything would be appreciated. Also, should I answer there phone calls? sned them any sort of letters? I have seen some stories here of Advanta trying to settle for even 10% of what people owe, for some reason that didnt happen to me, they were not really budging on settlement, so I had to just wait and now I have Phillips & Cohen calling. Any suggestions I would really appreciate.

Thank you

I've got two payment plans going with Phillips & Cohen

You can settle debt by yourself by following the Do it yourself guidelines.

Sub: #1 posted on Mon, 01/12/2009 - 13:28

phoenix phoenix
(Posts: 1444 | Credits: 275.38)

I am more than likely to file for BK, I am way over extended on unsecured debt. Does anybody know how long this company Phillips & Cohen usually take, just a ball park before they sue you?

Sub: #2 posted on Mon, 01/12/2009 - 20:54


They are not a law firm and they cannot sue you. Advanta has to do all the legalities. If you send a cease and desist letter they are not allowed to contact you. Advanta tells the company how much they will settle for. Low ball them. Tell them 10%. Dont accept their final offer.

Sub: #3 posted on Fri, 02/13/2009 - 12:02


If they are not a law firm they cannot sue you. However Advanta can send you a legal notice. I suggest you deal more with Advanta, tell them it could messy if you both went the legal way, so it is in the best interest of both parties to arrive at a settlement.

Sub: #4 posted on Fri, 02/13/2009 - 13:29

safdar168 safdar168

(Posts: 62 | Credits: 7.26)

a letter to stop calling you. give them your phone number to your attorney. Call the FTC if they continue to call.

Sub: #5 posted on Wed, 02/25/2009 - 04:33


well, i worked at pca. the office has a male working on the business name stinburg. not his relly name0 bob leroy is his real name - everything he is telling you is not true.. the truth is there is no fedral gov'ment small busjness loan. its just a simple collections nothing more- i sat recird good okd bob telling you anything, take the tape to a lawyer. PCA qill settle with you within a month. so get your recorder read

Sub: #6 posted on Sat, 09/04/2010 - 08:34


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