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 Posted: Tue May 13, 2008 2:09 pm Subject: American Express did a review |
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American Express did a review on my account and close them, i now owe over $40,000 in debt to them, and they want me to pay it, i cant afford it any way to settle with them, help!
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gil
Joined: 13 May 2008
Posts: 1
Debtcc Points: 13
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| Posted: Wed May 14, 2008 4:00 am Subject: American Express |
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You have two options, you could go through debt management and possibly get your interest reduced and favorable terms. If you are delinquent they will usually give you a hardship program after about 90 days. However, if you just want to settle the matter, sometimes between 120 days and 180 days late they will settle for 40-50% of the balance you owe them. You would have to find a way to come up with a lump sum settlement to pay them.
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Debt Free
Guest
Debtcc Points: 100
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| Posted: Wed May 14, 2008 9:05 am Subject: |
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Go for Debt consolidation...its a one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.
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http://consolidate-debtloans.blogspot.com/
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justinhi5
Joined: 22 Apr 2008
Posts: 86
Debtcc Points: 638
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| Posted: Wed May 14, 2008 10:29 am Subject: |
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I don`t believe a consolidation loan is the answer. If you can`t afford to pay them now why would you want to turn unsecured debt into secured debt. All thats doing is robbing peter to pay paul. It doesn`t fix the problem.If you are over extended I would suggest you consider looking into a debt settlement program. Be sure to look what ever company up on the BBB to make sure they are legit.
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mobile0311
Joined: 05 May 2008
Posts: 1040
Debtcc Points: 5559
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