NCO Financial Systems

Be sure that it is very clear on exactly which account it is in reference to. There should be an original Amex account number on the letter. Typically, when I was in settlement, I would make sure that ALL of the following was included in the offer letter:

- Current date
- Original creditor & acct #
- Collection agency & reference # (if applicable)
- Current balance
- Settlement offer & due date
- Required terms of payment
- Signature of account rep

Seems like a lot, but should there be any discrepancies at any point, you want to make sure you have ALL of the information in writing!

If you're worried that this is legit, contact NCO Financial Systems and get them to verify in writing that they have the right to collect. And you can try contacting American Express to see if they did assign the debt to NCO. If you're worried about being harassed about this again, keep all the letters and anything you have in writing that way if you are you have proof that it's over and done with.

Andrew, this is the exact letter I received and all appears well. Amex did confirm they had referred the account to NCO. I settled for 35% and it was a job to get that.

Thanks all.

dantheman, I am going to finalize it this morning. I got 35% too, but like you said, it was a lot of work to get that.

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BS Financial got me a settlement of 20 cents on the dollar with NCO Financial. They can be reached at

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Again, I agree on this process that it is a waste of time to write these people at NCO. Amex sent me a letter stating that NCO was collecting for them. Then I settled based on this same letter. I did not care for the wording either, but that was all they would furnish. Good Luck.

NCO is a junk debt buyer. Check the laws in your state, but if the debt is several years old (often 6 years or more) and long past the statute of limitation, you aren't legally required to pay...at all! You should never admit to owing them anything, because they can kind of reset the clock on how old your debt is. Don't ever call them and you should send them a certified letter telling them to stop calling.

Don't agree to anything with junk debt buyers. Even though they can sue you, often times what you'll find is that they never show up to the court date. All you have to do is show up and you win. If you don't show up, they win by default, even if they don't show up.

Andrew - Congrats!

OVLG - What Soap said.

Greg - NCO is both a purchaser and assignee collector. In this instance they are most certainly hired by AMEX as an assignee given the fact that AMEX is not known to sell bad debt.


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Greg is trying to sell a service....he is very narrow minded and doesnt understand that all agencies are NOT junk debt buyers.

In my other thread on this topic, I have requested that anyone who settled with NCO with this settlement letter format please tell the board if it was recognized on your cr or with Amex as settled. I completed all of my payments timely and Amex says after 30 days now that it is NOT settled. Very concerned about this one.

Dan,
I am willing to spend some time speaking with you to elaborate on my comment in the other thread. I can suggest some steps to take to expedite and meet your need.
A drive by comment post will only lead to more questions from us both.

If you are interested, post a comment and say so. I will then send you a PM.



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Dan,

No worries.

It can be tough to reach out to someone beyond the threads and comments.
I can tell from your posts that this is troubling you and you do have some time lines you are trying to meet.

You already did all the heavy lifting and are simply doing mop up. Some of that clean up tedium is a bi-product of settlement. While it should be smoother, it is not unexpected.

If your mod is declined due to DTI figures that result from the AMEX account not showing zero balance you will likely be able to reassert yourself again once the reporting is corrected. Just be prepared for it to take 1-2 months (that is with you being proactive and filing a dispute with the CRA's). You may find it is updated in the next week to 2 on its own.

While it is always best to send disputes certified return receipt (in the event you need to file an action, you will want documentation), you may also want to do the dispute on line. Lay out the facts, dates etc...

You also now have the option of sending the dispute to AMEX directly as well as the CRA's. This may lead to quicker resolution.



Best of Success!

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