Amex Settlement

I settled about 8 mos out for 35%. It had gone to an inside collection agent who were pretty nasty.

they sued me for 41k, arbitration hearing set for Oct
they've offered to settle for 55%

800 on 2200 with NCO. Now I need it reported correctly to credit!

I owed them just over 10k. They sent me to a law firm who threatened to sue me if I would not settle within 10 days. They first offered 65%, but then went down to 55% 2 days later. I could not get them to budge from that point. I do believe they would have taken me to court, so I took the 55% offer. They are allowing me to pay in 3 payments. Oh by the way this all took place about 2 weeks ago.

How late were you when they sent you to a law firm? Guest23 do you know why they would sue you? Did you not have the funds to settle?

They sent me to a law firm after 90 days late.

I am in a debt settlement program. They just settled with AMEX two days ago for 36% on a balance of $7447 after 5 months of non-payment.

here's my story,

hired an IAPDA certified settlement agent in nov 08. had a balance of 11250 with amex back then accruing interest.

they stopped the interest. today i got a call from some Aegis i.e. Global Vantedge, a company using a new jersey area code 201 but actually from india Bob Carter and they offered me 25% over payments and a new card in 6 months of full settlement. yea like i am going to use credit again.. sure....

anyway, if i made them a lump sum of 1500.00 they would consider it paid but i cnanot afford that so i took 25cents on the dollar with payments and walked away.

not to mention i already settled with one of my citi cards for 28 cents on the dollar.

50% debt reduced in 4 months time frame and 50% to go... hopefully there is a bright light at the end of the tunnel. for now i am thankful to God and hoping for the best.

sure i was negative and frustrated as all at first, but stopped paying them in november and they turned so quickly.. from Amex, to NCO, to GC Services to Global Vantedge... i guess i got lucky or just timed with the market.

Good for you successfulsettlement! I hope I am as lucky as you! Can I ask what was your balance with citibank? How many months did they allow you to pay the settlement amount?

Amex is suing my Dad and his business for 30,000. We are already on the verge of shutting our doors because of the economy. We have been paying them about 2,000 a month but the collection agency wanted us to sign a contract guaranteeing them 3,000. We just can't do it. My Dad has allways had great credit but the business is tanking and he owes EVERYONE now. We don't even know where to begin. Anyone have any advice?

The variation in stories is absolutely amazing. I guess it's just a crapshoot on who you deal with and how they feel on that day.

You got some people sent to a CA at 90 days. Others sued. Some settle at 25%. Others at 55% or a lawsuit.

if any of you have the name and number or the email that you used to get these 25% settlement it wouls ure help us all out thanks

Yes, ball_mich, the variation is quite interesting. It would be great to know some things about these low settlements. I was sent to collections by amexp after 30 days.

Would love to know- are people with settlement companies getting better deals? Are they staying in contact with collectors? No contact? Maybe it's just a crap shoot on all of these but any info would be helpful.

I am with a settlement company. I never spoke to Amex once. I let the settlement company handle everything. Amex did call me almost everyday at work and at home. But, I had caller ID and I never answered or returned their calls per settlement company instructions. The account settled at 5 months delinquent for 36% of the balance.

Have any of the Amex CA's asked for a hardship letter from you?