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American Express Settlements ???

Date: Tue, 01/12/2010 - 13:27

Submitted by mac123
on Tue, 01/12/2010 - 13:27

Posts: 71 Credits: [Donate]

Total Replies: 9


Just wondering if any of you have advice with American Express

We are 60 days past due on Am Ex account (10k balance)

Am Ex sent our account to NCO Financial about 1 week ago.

They have called quite alot and one of the reps brought up the fact that I could settle. I said oh really ??

She went down to 55 % (or $5,525)

Should I wait til about 6 months or just settle now ?
I would like to settle at 25% but dont know if that is realistic.

Thanks for any advice


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.


lrhall41

Submitted by on Tue, 01/12/2010 - 14:36

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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.


lrhall41

Submitted by on Wed, 01/13/2010 - 06:24

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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!


lrhall41

Submitted by dantheman on Wed, 01/13/2010 - 14:11

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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.


lrhall41

Submitted by OZZIE69 on Thu, 01/14/2010 - 10:56

( Posts: 555 | Credits: )


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...


lrhall41

Submitted by maggie22 on Fri, 01/15/2010 - 09:59

( Posts: 140 | Credits: )