AMEX Settlement Offer & Charge Off Days
Date: Thu, 12/10/2009 - 08:12
Can anyone confirm how many days it takes before AMEX will Charge Off an account? I've read most CC are 180 days, but AMEX might be less than that. If it's less than the 180 days does it make sense to pay another month on them to have all your accounts charge off at the same time when starting DIY Card Settlement?
I also was wondering how difficult AMEX is to deal with regarding settlements and how long it usually take to get a settlement offer from them?
Thanks
some do it as early as 90, most will wait til at least 120 or m
some do it as early as 90, most will wait til at least 120 or more.. its a roulette game no one really knows what criteria will push the button, but do talk to them at least once a month and say the same thing over and over.
as above posted no one really knows its kinda when they feel lik
as above posted no one really knows its kinda when they feel like it. I dont think my first settlement came until month six to be honest with ya. 6 months to a year was when most of my accounts were through i had a few that hung in there even longer. so it may be a long road. just hang in there if your doing it yourself and keep that communication open!
Amex is not easy to settle with
Amex has been my most difficult account to settle. I have settled 8 out of 13 accounts successfully, and I have had 2 different Amex accounts. One I was able to settle for 50% but only after I was served and had to answer the summons, hire an attorney, etc. Then Amex unexplicably pulled the account back from the attorney and agreed to settle for 50%.
My other Amex account is heading toward a lawsuit. The attorney's office will not accept anything reasonable and is just sending the case to court. By reasonable, I mean an offer to settle for 50% just as I did on the other account. Lump sum payment within 30 days.
I have settled with several of the big name banks and AmEx in my opinion is different than the rest. They just don't seem interested in settling until they have spent a lot of money sending the account to 2 or 3 collection agencies or attorneys and threatening you with court.
Both Amex accounts were > $15K, if that helps.
Good luck, but if I had to do it over again I would not mess with Amex. Too difficult. I would have paid this one over time and settled the rest.
Thanks everyone for the replies and info. scarecrowwinces, I
Thanks everyone for the replies and info.
scarecrowwinces,
I appreciate the details and wish you the best of luck on all your card settlements.
Thanks