AMEX settlement ... is this realistic?

Date: Fri, 12/04/2009 - 11:50

Submitted by anonymous
on Fri, 12/04/2009 - 11:50

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Total Replies: 2

I owe $3,600 from AMEX that is 120 days past due. I spoke to a rep today and told my sob story (true!) -- husband lost a job since March and cant afford payments, house going into foreclosure and father in law helping to settle. She rejected 40% but will submit 50% lumpsum if i will pay $70 today to make my account stay inhouse and wait for settlement offer in 4-5 days. She said they might accept the 50% lumpsum, but not a guarantee. At least it will buy me a month to look for additional cash and not deal with the collection agency.

In your experience, will AMEX settle for 50%?

Thanks a lot!

Amex hasn't changed its non-cooperative attitude, even after rec

Amex hasn't changed its non-cooperative attitude, even after recession. you're lucky if you were offered 50% settlement..but be informed that Amex chargesoff unpaid accounts after 120 days..pls make sure ur acct is still with Amex..

lrhall41

Submitted by on Fri, 12/04/2009 - 20:41

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When she said 'not a guarantee' it's true. Amex has been one of

When she said 'not a guarantee' it's true. Amex has been one of the hardest creditors to deal with. I have often read on the board about people preferring dealing with collection than AMEX. Hence, it is difficult to say whether they would later on agree to the 50% lump sum. But if it really happens that way, then it's surely a good deal.

You can search yourself on the board to learn people's experiences with AMEX settlement and must also wait for feedback from other members before deciding.

lrhall41

Submitted by SC on Fri, 12/04/2009 - 23:22

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