American Express

Is it a American Express business account ?

Did you call American Express & ask them why they declined or perhaps if you could work something out with them?

American Express keeps good records & will sue to get their money.Your best option with them is to contact their recovery office & get in on the oasis repayment program.You will pay in full and should receive a American Express account upon completion of program.

I have a debt with AMEX which I have in my debt settlement, but I just started so I don't know what they do, but it scares me when I read this post. I just went 90 days delinquent and they sent me to collections. Their collector offered me 65% right away, but I can't come up with $9500 right away.

I'm awaiting any advice as well.

Let me rephrase that answer.I am sure they will do settlements after being bad debt for a period of time,but you suffer due to bad credit on your credit bureau reports. Oasis lets you back into them with a positive account. The rest of my post concerning records/litigation stresses a point to not ignore them if you want to stay out of court. They can also do long term repayment plans,but it would be better to contact American Express office for this to be setup as collectors rarely offer these terms & the card company(Amex) rarely sells accounts.

Rather than applying the payment to the pricipal amount owed AS AGREED, for the last TWO Years AMEX has applied the payments to the interest owed. Thus, no money has been applied to the principal, the interest keeps accumulating and the principal is the same as when payments started two years ago. HOW DO I STOP THIS, GET THE PAYMENTS APPLIED TO THE PRINCIPAL AND GET A CREDIT FOR THE LAST TWO YEARS OF PAYMENTS? This debt will never end with this AMEX practice! It is so frustrating!

I am working on getting my Amex accepted into my dmp also. I have heard that Amex will only work with non-profit debt management programs. But I don't know if that's true. The Amex rep I spoke with thought they would take any program.

Amex also wants the account current before agreeing to a program. Or, if not, this is how they figure your payments for the first 10-12 months. Any past due or overage amount is divided by four. That amount is added to your payment for the first year or so. Depending on how far behind you are, that could be a lot.

I have my file hold at my debt mgmt company until I get my account current. Otherwise, I have to tack on an extra $800 per month for a year. I am currently $3K behind. I should be able to bring it current in the next two weeks (waiting on a 401K check----I know, not a good idea but don't go there). After that, we can submt the proposal.

I'll keep you posted on how it goes.

I thought the Oasis program was for opening a new account after closing the orginal one. Am I wrong? If Amex has their own program, I would love to know about it. When I asked the reps, they knew nothing.

I have just started debt management due to American Express. Short story - Lost my job, late with payments default interest rate increased to 30% (previously had low interest balance transfers ????????that????????s had they got me). I was a great Amx customer for 17 years, and had credit score of over 700 until 2007. Monthly interest on Amx rose to over 1,000 a month, not including the payment amount. I could not afford the requested amount - asked to work out a reasonable payment arrangement. Paying them made my other creditors late which caused a snowball affect. I borrowed a few thousand to pay Amx, because they said they would lower the finance, after paying them, I received calls from their Debt collector. I called Amx & they said the computers sent my accounts to Debt collector and they could not do anything. I called a credit attorney to have them work out a deal, Amx only offered an unreasonable deal (I can't borrow any more- no savings), I wrote to Attorney General and Amx to try again, to see if I could get a fair monthly payment. Amx wrote letter saying they were keeping to terms of the agreement. I am now with a debt management co and Amx did not accept their agreement. I tried to get a home equity to pay them and 3 banks over the past year declined because of Amx. entries on my credit profile. It????????s been about a year I have been having this issue with them and they just keep on piling on the interest ????????over $10,000 now and keeps going up. They are putting me in financial ruins & unbearable stress. Does anyone know of any other way to approach Amx for a fair deal,there must be some way to pay them & after this I will never want to own an American Express card again because I heard of too many unfair stories.

Amex would not take my dmp's proposal either. they want my minimum payment for the nest 4-6 months before they will drop the interest rate. But there is no guarantee of a lower payment. Huh? And this is supposed to be better? With the payment they want plus the monthly fee to the DMP, I am actually paying more in HOPES the proposal is accepted in 4-6 months. I am not sure what to do right now. I may ditch the whole thing.

They should be thankful I didn't go the settlement route because that is next on my list. At least with the DMP original proposal, they were getting paid the entire balance. With a settlement, they only get some of the balance. Hmmm. Which one should be the winner???

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Was just contacted by a sales guy who wanted to sell me a newspaper, I told him from the intiial hallo bla bla thing that Iwasnt interested he talked a min of 10 min. finally a break and I simply told him again I'm not interested, he hang up..He wasted both his and my time... :)