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Amex settlement

Date: Tue, 11/11/2008 - 08:10

Submitted by virtualdeal
on Tue, 11/11/2008 - 08:10

Posts: 99 Credits: [Donate]

Total Replies: 32


I also mentioned this in my thread but thought may be I should start a new thread:
I got an offer from NCO for my Amex acct. After negotitation finally got a 30% offer. The collector said he would send me a letter by email and mail. If I agree to the terms do I just send them a payment on that address or do I send it to Amex? I havent seen the letter yet, also he said that Amex would report my credit report as paid in full. I have read other experiences with NCO and was thinking if it is safe to send them payments.

Thanks to this community!!


I would not send money based on an emailed settlement offer. I would give a conditional agreement to it [assuming that I agreed with the terms, of course]! That conditional agreement would be contingent on receipt of the identical offer, typed/printed on company letterhead, and signed in ink by a company officer. Otherwise, no deal.

Email is stupid-easy to forge, if you know how. I, or any other competent engineer, could pick any given email apart and cast enough doubt on it's origin to destroy it's evidentiary value.


lrhall41

Submitted by unclewulf on Fri, 11/14/2008 - 16:25

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The email is with an attachment of an offer letter from NCO on their letter head from a divisional manager. I also talked to him at that no. and extension listed on the letter. everything looks legit because I compared it with some other nco settlement offer letters the only thing missing is signatures.


lrhall41

Submitted by virtualdeal on Fri, 11/14/2008 - 16:49

( Posts: 99 | Credits: )


NCO is horrible,i wouldn't trust them at all.demand signatures and a written copy of the agreement or no deal.


lrhall41

Submitted by paulmergel on Fri, 11/14/2008 - 18:16

( Posts: 15514 | Credits: )


I stand by my earlier statements. No signature on actual paper, no money. No kidding.

Be certain that the settlement agreement stipulates that this is final settlement in full. That the remaining balance on the account can not be resold, etc. NCO really is one of the worst CAs in existence. I wouldn't take their word that the sun rises in the east.


lrhall41

Submitted by unclewulf on Fri, 11/14/2008 - 18:32

( Posts: 3172 | Credits: )


Here's what the letter says...

Creditor: American EXpress Account # xxxxxxxxxxxxxx Our Reference No. xxxxx Balance: $ xxxxxx
Settlement Offer: $ xxxx

Dear xxxx,

Pursuant to your agreement, we can offer you a settlement of $XXXX due by xx/xx/xxxx. Upon clearance of said funds, American Express will be notified that the account is settled .

Please contact us at 888-899-0468 , if you have any questions.


Please forward all payments/correspondence to: NCO Financial Systems, Inc.
507 Prudential Road
Horsham, PA 19044







This is a communication from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.

Calls to or from NCO Financial Systems, Inc. may be monitored or recorded for quality assurance.


lrhall41

Submitted by virtualdeal on Fri, 11/14/2008 - 19:03

( Posts: 99 | Credits: )


This does not say that Amex will list the account paid in full, it says "SETTLED" not the same thing. Also depending on the amount you could receive a 1099 for the balance and have to pay income tax on it.

Also does NCO own the account or are they just representing Amex?

If they are representing them I would call Amex and see if they agree to the terms.


lrhall41

Submitted by on Fri, 11/14/2008 - 20:10

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[quote=virtualdeal]Here's what the letter says...

Creditor: American EXpress Account # xxxxxxxxxxxxxx Our Reference No. xxxxx Balance: $ xxxxxx
Settlement Offer: $ xxxx

Dear xxxx,

Pursuant to your agreement, we can offer you a settlement of $XXXX due by xx/xx/xxxx. Upon clearance of said funds, American Express will be notified that the account is settled .

Please contact us at 888-899-0468 , if you have any questions.


Please forward all payments/correspondence to: NCO Financial Systems, Inc.
507 Prudential Road
Horsham, PA 19044







This is a communication from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose.

Calls to or from NCO Financial Systems, Inc. may be monitored or recorded for quality assurance.[/quote]

Umm........ That's an offer letter, all right. But I see nothing about your agreement. No terms. No assurances. Enough of this crap. You want any agreement with these idiots spelled out in full, in writing, on paper. And signed in ink by a company officer. Otherwise, you're borrowing trouble.


lrhall41

Submitted by unclewulf on Sat, 11/15/2008 - 06:07

( Posts: 3172 | Credits: )


I called American express talked to a live rep and he told me that its no l9onger with american express. I also asked him abt whether once I settle with them does it come to you to report on my credit report he said yes. Also I called NCO again demanding signature, I got a response that this format is approved by their lawyers and we cannot change it and we no longer sign letters. It being on our letter head from our office should be enough proof. The NCO CA also said that they have mailed me a letter through normal mail. And as usual was not nice when saying all the above :)


lrhall41

Submitted by on Sat, 11/15/2008 - 21:56

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they don't do signatures?that is pure BS.sounds like NCO purchased the debt from AMEX.i wouldn't go for this at all.they are trying to con you.


lrhall41

Submitted by paulmergel on Mon, 11/17/2008 - 06:10

( Posts: 15514 | Credits: )


Called the NCO CA and told him my relative wont give money unless you sign it and send a original copy. He denied and said Amex will come after you , dont let for go this deal. I said with out the sign I am not going to get money, nothing that I can do. BY the way I got the letter in postal mail today but it was just a print out of the attachment I got through email. The NCo logo wasnt even colored which it was in email. so wasnt a original letter head either. So will wait now and see what they do. Do you think they will call me back with a signed letter? any experiences?


lrhall41

Submitted by virtualdeal on Mon, 11/17/2008 - 16:47

( Posts: 99 | Credits: )


not sure,but i do know this CA doesn't play fair so i would wait to see before i do anything.


lrhall41

Submitted by paulmergel on Mon, 11/17/2008 - 18:13

( Posts: 15514 | Credits: )


I used to work for AMEX and, once your account leaves their 'collection group' (they have two - Account Services and Accounts Control - the second one being the 90 days plus usually), it leaves for the wonderful outside agency (CA) and that is where it remains. It DOES NOT go back to AMEX unless there are really, really special circumstances. However, the colleagues that I used to work with advised me that AMEX is keeping the accounts in house longer due to the current economic conditions and trying to work with people much more. However, if the rep told you that NCO 'owns' the account, that rep told you right. Hope this helps !!


lrhall41

Submitted by on Fri, 11/28/2008 - 14:48

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so AMEX sells the debt to a bottomfeeder extraordinaire.that is fine they virtualdeal i wouldn't pay more than 50% of the debt.that's just me though,but as we stated before get the sttelement and the assurances that they won't sell the remainder.get an actual signature,or something with your actual signature or...NO DEAL!!!!!!!!!!!!!


lrhall41

Submitted by paulmergel on Fri, 11/28/2008 - 17:46

( Posts: 15514 | Credits: )


Keep this in mind--there is no such thing as "settled in full". it is either paid in full or it is a paid settlement--"in full" means you paid the full balance owed. "settled" means you worked out an arrangement to pay less than the full amount owed and they agreed to close the matter for that amount.

At the end of the day, this would just be a paid collection at best on your report, and so "settled" or "paid in full" really shouldnt make that much difference in your credit score. the only thing that would help there would be a "pay for delete" agreement and not too many CA's are going for that these days.

as far as them not selling the "settled" debt off later, i would not be surprised if they would have done just that. NCO is known for being greedy more than smart.


lrhall41

Submitted by skydivr7673 on Sun, 12/28/2008 - 21:56

( Posts: 2036 | Credits: )


I cannot say for certain, but i would guess that they probably would not. At that point the account is still relatively recently delinquent, it isnt like AMEX holds the accounts for three years or something. The debt buyers can settle because they only paid something like 6 or 8 cents on the dollar for the debt. If you had a $1000 debt, a debt buyer will probably pay something like $80 for that debt. and then, they turn around and offer you a "one-time settlement, an amazing savings of 60% off the original balance" or something like that. well, sounds like a great deal, right?? Well, they are still making a hefty profit if you pay that....all they did at that point was spend $80 and send you a settlement offer...and for that they will have gotten a 500% return on that $80 investment. Thats how the game works. Original creditors are not anywhere near as likely to settle because they are out the total balance.


lrhall41

Submitted by skydivr7673 on Mon, 12/29/2008 - 07:48

( Posts: 2036 | Credits: )


:confused:I also received a settlement offer, please tell me if it is ok to pay them


lrhall41

Submitted by on Mon, 04/26/2010 - 10:13

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pay your bills and you wouldnt have to wonder if a collection agency is being legit or not all settlements done do not have to have signatures all you need is a letter a payment and a receipt if you paid your bills maybe you would know that


lrhall41

Submitted by on Tue, 11/16/2010 - 16:18

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