Advanta Credit Card Scam
I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. Three months ago I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.
How To Collect Debt
The truth of the matter is, the more time that passes between the time the payment was overdue and the time the consumer is contacted, the less likely you are to get any sort of payment. If you’re serious about making money back, there are three ways to handle collection on past debt; in house efforts, hiring a collection agency, or taking legal action.
All About Bankruptcy Court
In a nutshell, bankruptcy cases are voluntary or involuntary. The vast majority of cases will be voluntary. In these, debtors (the people who owe money) petition the bankruptcy court. With involuntary bankruptcy creditors (the people who you money to) file the petition in bankruptcy. Involuntary petitions are typically rare and are sometimes used in business situations in order to force a company into bankruptcy so the creditors can enforce their rights.