Advanta Bank Liquidated By FDIC

[frogger]

I was reading a report this weekend on banking, and it has been predicted that 1000+ more banks are going to fail or be shut down within the next 3 years. This party's still just getting warmed up.

[banca rotta]

I was reading a report this weekend on banking, and it has been predicted that 1000+ more banks are going to fail or be shut down within the next 3 years. This party's still just getting warmed up.

I keep hearing it's more like 3000 but it's hard to tell since this information is not open to the public.

I'm just wondering how they plan in "fixing" this problem. If the fed makes the banks whole again that's when the hyperinflationary nightmare will begin.

If the FDIC just lets it all crash down since they too are broke then those with deposits in these banks will lose it.

There is no in between. It's either one or the other.

[keepswimming]

Advanta's greed has caught up to them. This bank is the one who raised our rate from 6% to 35% "because they can".....I fought with them for months then told them I was no longer going to pay them because I feel they are stealing from me. They played HARD BALL...would not budge at all. Told me if i stopped paying them, then everyone else would raise their rates, too, and that is what happened. Therefore, no one wins.

The credit scam is unbelievable.

Sheriff came to our house yesterday. (I was not here and they actually left their card inside my house, up eight steps into the house!)..... Looks like it is time to file asap!

[webshot]

I have an Advanta account for about $8000. Is there an opportunity here?

[JacksDad]

I have an Advanta account for about $8000. Is there an opportunity here?

I owe them about $9200 it is at 6.9 percent for life from a balance transfer so I am not paying the ridiculous interest rates that some people are.

I have always paid on time, but now I am think there may be an opportunity to settle with who ever ends up with the debt.

Also can they report to the CRA's if they are behind in their payments to the CRA's?

[iceman]

They will report you to CRA if you miss payments, but after the FDIC sells off the bad debit. I am assuming it will not be that hard to dispute Advanta off your personal credit report since they are no longer around???

[JacksDad]

You also have to pay the CRA .25 cents per account per month to report.

That is .75 cents an account to report to all 3.

I wonder if they are behind on this bill?

[iceman]

I just got hit with a 30 day late. So they are reporting. I have never missed a payment in over 20 years until I came across Advanta. I am not paying this people more that 10% of the debit. They screwed me to 37% for no reason.

[Tai]

I'm hoping to get some opinions on this. I'm considering stopping payments on my two Advanta CCs, which I've had for a few years at 3% (total balance $9000). Only because it is getting impossible to meet monthly expenses and CC payments. I thought this would be a better alternative to bankruptcy. It also doesn't make sense to refinance at a much higher rate even if they'd take half.

My question is this, and please correct me if I'm wrong. Do you believe the FDIC (or Advanta or collection agency) would come after me the same as other credit card companies; i.e. is the FDIC more likely to just write off my account than a nonbankrupt bank? I'm confused on this, because the FDIC appears to have taken over the CCs of Advanta and already has a large amount for written-off accounts.

[HHM]

Most of Advanta's Credit cards are being serviced by a different company now, so yes, they will come after you like any other card.

[Tai]

HHM, thanks for the info and quick reply.

[banca rotta]

It looks like last Friday and tonight combined another 15 banks failed. It's usually done on Friday after the markets close to avoid a panic.

We will probably start seeing these numbers double, then triple, then snowball.

[Mensa1]

It looks like last Friday and tonight combined another 15 banks failed. It's usually done on Friday after the markets close to avoid a panic.

We will probably start seeing these numbers double, then triple, then snowball.

Agreed. I watch intently each week in anticipation of seeing a couple of familiar names. Maybe next week.

Kind of interesting how this weeks group consisted of 7 banks, ALL from IL. Kind of unusual that they are all from one state.

Wheatland Bank Naperville IL 58429
Peotone Bank and Trust Company Peotone IL 10888
Lincoln Park Savings Bank Chicago IL 30600
New Century Bank Chicago IL 34821
Citizens Bank and Trust Company of Chicago Chicago IL 34658
Broadway Bank Chicago IL 22853
Amcore Bank, National Association Rockford IL 3735

[iceman]

Advanta Full Off Hot Air

I don't think at this time Advanta is going after anyone. They are just blowing hot air with there letters and phone calls. They don't have any MONEY for lawyers . Advanta has NOT filed a law suite against anyone for some time now. I for one, would love to go to court with Advanta and show a judge 39.8% interest rate jack for paying my CC on time for 7+ years. Why the FDIC does not see this is beyond me?? I am going to wait this out and see who buys the advanta debt??

Anyone please correct me if they see it anther way.

[Mensa1]

ice: I think you got it pretty much right-on here. They flap their jaws about lawsuits but the reality has been, not enough $$$ for real collections. They also have known that the days were short, so why invest invest long-term $$$...?

Will be interesting to see who picks up the pieces and how ameanable they are to settlements. I would think VERY.