Advice for AmeX in collections w/Allied
Date: Wed, 02/11/2009 - 08:43
First, yes I know all about Allied.
Here is my situation. I owe 20k, last payment was Aug 1, 2008. I am going to be able to scrap up about 14k by the end of feb, and that will be the most I will be able to get for probably the next few years, and most likely not to be able to afford any more payments due to 25% pay cut and the looming possibility of layoffs.
Do I....
1) Pay 14k to Amex, and still have to pay payments
2) Pay 14k thru Allied to Amex, and still have to pay payments
3) Try to settle w/Amex for 14k which would be 80%
Ideally I would like option 3. Doing the math it has been about 180 days since last payment, would they be willing to do option 3?
Here is my situation. I owe 20k, last payment was Aug 1, 2008. I am going to be able to scrap up about 14k by the end of feb, and that will be the most I will be able to get for probably the next few years, and most likely not to be able to afford any more payments due to 25% pay cut and the looming possibility of layoffs.
Do I....
1) Pay 14k to Amex, and still have to pay payments
2) Pay 14k thru Allied to Amex, and still have to pay payments
3) Try to settle w/Amex for 14k which would be 80%
Ideally I would like option 3. Doing the math it has been about 180 days since last payment, would they be willing to do option 3?
They will DEFINITELY settle for 55%, 60% no problem. Don't give
They will DEFINITELY settle for 55%, 60% no problem. Don't give them 80%, especially since the account is obviously closed already.
I just got off the phone, 55% is the settlement, so roughly 11k.
I just got off the phone, 55% is the settlement, so roughly 11k. I just need to write a hardship letter telling them my debt to income ratio, is that normal? If so any particular ratio here they want?
That's new...a hardship letter for a credit card settlement? I
That's new...a hardship letter for a credit card settlement? I had to write one to short sell my home but never to any of the cards I settled. Anyone else have this with Amex?