American Express Settlements ???

I settled last year December 2009 for 35%, around 120 days late. That is their low end of what is supposed ot be good, although I have seen some random 30% on other posters on this board. NCO, just ask for the supervisor, work your mojo.

Also, remember, 25% 6 months from now may be higher than 35-45% now, with interesting and fees accruing.

Incaheat did you send out a Debt validation letter to NCO ? When they recieved your account as the CA

I will try for the 35% that would save me 2k !

Thanks for the advice

Hi,

No I did not send out a debt validation letter. I just started negoatiating right off the bat with NCO, as they received the account right about the 90 day range. I utilized ZipDebt as coaching to settle accounts.

To all of my creditors sub 90 days, I just have been reaching out every couple of weeks to apprise them that I am in a difficult financial situation. Then post 90 is where I am at now, where the fun began last month.

Whats amazing to me is that 4-5 months ago, just before I stopped paying, no bank was willing to lower interest rates on my account. Now they are all willing to settle for well below the balance outstanding. Imagine that.

NCO may just have been assinged to collect. They might not have bought debt. I am at about 150 days out and Amer Exp would not accept 40% offer. They want 60%.

75 days or so late and just sent to NCO one week ago. Had no progress with Amex and largely ignored their calls. Told NCO in first call that the big B was looming....

I just settled my first account of 11 with NCO/Amex for 35% in 6 payments. I dealt with some very nice men from India. It was a lot like dealing with my cable and cell phone. The dialects are sometimes strained but the are nice. Anyway, they insisted on 65% and my offer was 30%. He agreed to 45%. Then I offered 40% which he accepted. Then they called back and I told them it was just too much for all the debt I have to settle and after another 20 minutes they accepted 35% over 6 monthly payments. It seems like he REEEELY wanted 40% almost like they only get paid if they get that percentage. Of course, YMMV as I have $150k in cc debt default. One down/Ten to go!

I have been talking with a debt settlement company... sounds like I might do just as well settling for myself. The dsc is going to charge 15% of my debt...but this also gets me an attorney...any suggestions? I have about 70k with 6 creditors....

PMARR

So you will end up paying debt firm $10,500 for something you can do yourself. I started out with about $50,000 6 months ago and so far have settled $36,000 myself.

Also depends on who cards are with. Some are harder to settle with. Put their name in the search box at top of page and read about settlements with the companies you have cards eith.

Here's my current situation, unfortunately my amex went to zwicker. We've been served and have made an arbitration demand...Lots of good info on that over at creditinfocenter, Amex contract offers 2 arbitration forums, aaa or naf, both are out of the business of handling credit card arbitrations...Puts them in a box, electing arbitration waives both parties rights to litigate in court, and definately will buy time no matter how it plays out...The arb card is working very well with cases involving cap 1...

Obviously I was very fortunate mine went to NCO. I have read the horror stories with Zwicker and others that require full payment or even 30% added on.