My ammex account went to URS what do i do?
Date: Sun, 01/17/2010 - 15:02
Unfortunately i didn't pay them for three months and the account was sent over to United recovery service.
I managed to pay them the 3000 due, and i'd like to go back to paying them minimum monthly payments, however American express wont take back the account as it has gone to the collection agency.
My question is how to proceed from here, i haven't yet responded to the letter from URS and have ignored all phone calls from URS.
What do i do? will this whole episode throw my credit score into the toilet? it is now 730.
Please help!!!
Okay, probably the damage has already been done and the negative
Okay, probably the damage has already been done and the negative info would stay on the report for seven years to come. Amex has charged off the account and has sent it to collection.
Anyway, IMO you should respond to the letter of United Recovery. Normally, you have 30 days time to ask for debt validation to the collector after their initial contact. If you don't they would report the account to your credit report and at the same time would continue with collection activities. They may also initiate a lawsuit against you.
You can search the site to read more about the collector.
The bank won't reopen your account so you might as well try to g
The bank won't reopen your account so you might as well try to get a reduced balance payoff. My advice to you is to contact the collection agency and make an offer to payoff the debt at a reduced amount. (I had a BOA / AMEX card which I paid off for 10% of the loan balance. ) They may make a counter offer at a higher percent and may offer a payment plan, in which case you can keep negotiating with them. Or, they might just laugh at you, as some collectors on other cards did to me. When you get to the point that the clerk won't offer anything better, ask to talk to the person's supervisor. They may be able to make you a better offer. If you can settle, that will change your account status from charge off to some type of paid or settled status which should affect your credit less than the charge off.
Note, make sure the settlement letter is legibly signed and clearly states it covers the full debt or something like that so they can't come back later and say it was a partial payment.
If you haven't already, get a copy of your credit report with the credit score. Each of the three credit agencies, Transunion, Equifax and Experien have to give you a free credit report each year. I doubt this includes a credit score though. I subscribe to Transunion's three agency report which costs about $10 a month. They give you a score for each agency.
You can email me if you have questions. This is a new email address and will only be good for this week.
iomh at live . com
Just substitute the word at for @ and remove the spaces to get the actual email address. (Writing it this way keeps the automatic email address collectors from finding me.)
Good Luck,
IOMH
