Advanta Business CC - threat to turn unsecured into lien?

[Anonymous]

I'm negotiating with several companies to settle unsecured CC debt.  Most are willing to consider something in the range of 30-65 cents on the dollar, but Advanta seems intent on threatening to escalate with lawsuit, in an attempt to place lien against property for unsecured platinum business CC debt, which is personally guaranteed.  I don't doubt they are within their rights to try, but what is the experience of others as to whether this is more bark or a likely bite if I call their bluff?  They are offering 75% settlement now, which is not bad but not enough for my limited funds compared to other debts I am negotiating.  Any thoughts?  Thanks.

[2wheel]

Iposted in cc section I beleive that a cc company any have the right to do what is nessecary to recover. I had advanta but I am not in a bind right now with them or other cards. From what I am gathering you have fallen on hard times with your business. But if your fico is shot ( 460) and you are neg with cc companies Why havent you put yourself in bankruptcy protection. I dont know if there just barking But I do know that they wouldnt budge on intrest rate after they closed my account out and was hard to work with. I just bt the money over to my chase card. I say good bye advanta

[Anonymous]

Reason I'm not seeking bankruptcy is I have a healthy net worth, just not liquid at the moment.  Your insight on stubbornness of Advanta regarding rate is useful, and of course all their business accounts are closed.  Thanks.

[2wheel]

Bonds .Ira. cd ?

[Uborrow-Upay]

Edit:  Smoodles22, I'm sorry - I posted this before reading an additional post of yours in the other thread.  You've indicated that you do not question their (Advanta's) right to lien the property, but you're wondering if they will do so (rather than take a settlement), and how long it could take to perfect the lien.   I misunderstood your question.

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Smoodles22, just to clarify a bit more...

Am I correct in assuming that you are a sole proprietor (you stated in another thread that your SSN was used on this account)?  Or are you incorporated in some form (LLC, etc.) ?

Was the account used strictly in the course of your business?

Is the property in question real property or personal property?

Is the subject property essentially business property?  Did it exist prior to the business start date, or was it acquired later?

Were business and personal funds and obligations co-mingled in any way during the course of your business?

How much money are we talking about here on the debt?  And what is the value/equity in of the subject property?

I hope someone here can provide you with further info, but these questions are, I think, absolutely relevent to this situation.  It may be appropriate to consult with an attorney before calling their bluff.

I did a little research on this last night after you posted, but the answers I came up with are all over the place, depending on each individual situation, and may not apply to your situation.  I'm thinking attorney at this point.

Please keep us posted, and I hope someone else jumps in here with added info.  

Message Edited by Uborrow-Upay on 08-12-2009 06:53 AM