Just Settled American Express @ 28 % !!!
Date: Wed, 01/27/2010 - 16:56
Just had my first (of many) settlements
American Express Bal 10k
67 Days lat
Sent to NCO Financial (collection agency) for about 25 days
They are very nice actually
They settled at 2800 in one payment
Got a settlement letter faxed too
Thanks for everyones help on this forum !!!:):)
mac:)
nice job. looks like we are going down this road at the same ti
nice job. looks like we are going down this road at the same time so stay in touch.
just remember that american express will not "officially" take i
just remember that american express will not "officially" take it off their books...i didn't know this until I called amex directly to ask after I settled with NCO Financial. i talked to two reps (just to verify) in their collections dept who told me that since I didn't pay the full amount, they keep it in their internal records forever! both reps were extremely rude and told me that I would have to pay up if I want to open a new amex account in the future. They rudely reminded me that I didn't pay the full amount! It really doesn't matter unless you want an amex card in the future but I could care less and I'm really done with using plastic!
Quote:Originally Posted by Anonymousjust remember that american
Quote:
Originally Posted by Anonymous just remember that american express will not "officially" take it off their books...i didn't know this until I called amex directly to ask after I settled with NCO Financial. i talked to two reps (just to verify) in their collections dept who told me that since I didn't pay the full amount, they keep it in their internal records forever! both reps were extremely rude and told me that I would have to pay up if I want to open a new amex account in the future. They rudely reminded me that I didn't pay the full amount! It really doesn't matter unless you want an amex card in the future but I could care less and I'm really done with using plastic! |
I have verified this to be true. It seems to vary how it will show on the credit report. They will consider it settled and not come after you. However, if you want another Amex account they require you to pay the unpaid balance first. That makes for an expensive CC! I remember them stating to me "do you want to lose a relationship we have had since 1986? My answer, of course, is definitely and absolutely.
Quote:Originally Posted by mac123Just wanted to keep everyone po
Quote:
Originally Posted by mac123 Just wanted to keep everyone posted Just had my first (of many) settlements American Express Bal 10k 67 Days lat Sent to NCO Financial (collection agency) for about 25 days They are very nice actually They settled at 2800 in one payment Got a settlement letter faxed too Thanks for everyones help on this forum !!!:):) mac:) |
Did that $10k include interest and such, or was that the original debt amount?
I'm a little confused on how collection agencies work. When your
I'm a little confused on how collection agencies work. When your account was sent to NCO Financial, does NCO Financial own the account or are they just acting as the collection agency on behalf of AmEX (American Express owns the account still)? If it is the latter, is settling with a contracted collection agency the same as settling directly with the account holder?
The balance of $10,015 was almost all original balance (maybe $1
The balance of $10,015 was almost all original balance (maybe $150 in interest). It was only 67 days late which helped as well. Am Ex did not jack my rate up either - it stayed at a 7.9% rate. We had the card for 13 years - maybe that helped - we were never late until recently.
NCO was assigned the debt - they did not own it . So I did pay Am Exp. directly to get the 28% settlement. It took about a week of going back and fourth with NCO - They orig wanted 55 % then 48% then dropped to 45 %. Then towards the end of the month they caved - and took 28% It was like an old fashioned car deal !! But Im in the car business - and I won that one !
From Total Debt Management If you have any other questions re
From Total Debt Management
If you have any other questions regarding debt settlement feel free to contact us at [email]totaldebtmanagement@gmail.com[/email], or you can call me directly (Lenny) at 646-450-DEBT ( 3328 )
Quote:Originally Posted by mac123The balance of $10,015 was almo
Quote:
Originally Posted by mac123 The balance of $10,015 was almost all original balance (maybe $150 in interest). It was only 67 days late which helped as well. Am Ex did not jack my rate up either - it stayed at a 7.9% rate. We had the card for 13 years - maybe that helped - we were never late until recently. NCO was assigned the debt - they did not own it . So I did pay Am Exp. directly to get the 28% settlement. It took about a week of going back and fourth with NCO - They orig wanted 55 % then 48% then dropped to 45 %. Then towards the end of the month they caved - and took 28% It was like an old fashioned car deal !! But Im in the car business - and I won that one ! |
They offered 67%, and then a couple days later have offered 57, and say that is the lowest they can go.
Did you make counter offers?
Quote:Originally Posted by AnonymousThey offered 67%, and then a
Quote:
Originally Posted by Anonymous They offered 67%, and then a couple days later have offered 57, and say that is the lowest they can go. Did you make counter offers? |
YES! Counter Offer. And tell them just how desperate you are. You have to make a deal like you are buying a car. Do you go to the dealer and pay what they are asking? Hope Not! They say 67%, you say 25%. I did that and settled $15k for 35% in a couple of phone calls. They look at your cr to make sure you are in a ton of hurt, or else you may not get nearly the % I received. Good Luck
when you guys did this dealing do you remember what number you c
when you guys did this dealing do you remember what number you called or what dept it was at american express? i am at a "stale mate " with them right now at 70-75%...
They wouldn't talk settlement until it went to nco.
They wouldn't talk settlement until it went to nco.
is nco the usual for them? my son is dealing with them for att a
is nco the usual for them? my son is dealing with them for att and they are good to work with
They use several. If you are lucky you will get a call from nco
They use several. If you are lucky you will get a call from nco.
Quote:Originally Posted by AnonymousI'm a little confused on how
Quote:
Originally Posted by Anonymous I'm a little confused on how collection agencies work. When your account was sent to NCO Financial, does NCO Financial own the account or are they just acting as the collection agency on behalf of AmEX (American Express owns the account still)? If it is the latter, is settling with a contracted collection agency the same as settling directly with the account holder? |
No, NCO almost never buys Amex (in general). They're a placement/contingency account there @ NCO. Most likely the office to deal with is the one in Horsham, PA. (there are 000s of NCO offices worldwide mind you). To the OP, 'grats on the 28%. It's tough enough to get 30% ....
oh, also aside from NCO, these also go to Nationwide (India), AR
oh, also aside from NCO, these also go to Nationwide (India), ARSI (in the Sherman Oaks, CA area), URS to name a few places .....