Amex on a DMP

Date: Tue, 10/07/2008 - 17:31

Submitted by anonymous
on Tue, 10/07/2008 - 17:31

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Total Replies: 2

I recently put my Amex on a dmp. The proposal was sent to American Express in mid September. They replied the other day saying they wanted the monthly payment to be what my current minimum is for 4-6 months. At that time, they will review my account and perhaps lower the interest rate to 9.9%. The DMP company can't guarantee a lower minimum payment though. Of course, it's out of their hands. It's all up to Amex.

Is this pretty typical? I thought the point in moving to a DMP was to lower my payments. But with the payment Amex wants plus my monthly fee to the company, I am actually paying more.

I am considering cancelling the whole thing and just muddling through.

Anyone have experience with American Express on a DMP? I wonder if I should just ride it out for 4-6 months. Perhaps my payment will eventually be lower. Plus I'll have the lower interest rate, I hope.

If you are getting behind on your payments to Amex then you can

If you are getting behind on your payments to Amex then you can call them and explain your hardship to them and they can put you in a program where they lower the interest to 9.9% for 6 months or so. However if you miss a payment then they will default it back to the original interest rate. If you talk sweet enough to them they can also remove late fees and get you in an affordable payment plan.

lrhall41

Submitted by on Tue, 12/30/2008 - 13:05

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Typically a DMP will not get you lower monthly payments. Usually

Typically a DMP will not get you lower monthly payments. Usually the one monthly payment in a DMP will be around what your combined minimums were but at much lower APRs. If you are overextended and can't afford a monthly payment in a DMP that you may want to possibly consider debt settlement.

lrhall41

Submitted by mobile0311 on Tue, 12/30/2008 - 14:48

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