plan to settle with amex!!!

You got an auto refi loan and you wanna use it to pay amex? Wont happen...the bank is gving you a secured loan, secured by the vehicle...they will want to send the money directly to your fiance company.

If that secured auto loan is for a car you have, theres a good chance they will take that car right back, sell it for less than what you bought it, and sent the remainder into collections, leaving you worse off.

To get out of the amex thing, negotiating with the original creditor will often yield settlements that are not that great.. Alot of Amex accounts go to a company called FirstSource Advantage, based out of NY but with outsourced call centers in India. In my experience with them I was able to work out 30-50% settlements on a regular basis. As an individual not backed by a company, you may just have to be a little more persistent, drive home your hardship that caused your problem, and keep sending in a settlement offer. There is a chance they could try forwarding it to an attorney to try and sue you for the balance if you don't resolve it in collections.

I am back.

I got my car refinancing loan approved by my cu. I have a car that has been paid off and I plan to use loan funds again my car to "settle" with Amex. I was told that the approval is up to 60 days for me to take and finalize it. All I need to do is to go back to cu to finish up paperwork.
I don't have any cc cards to access. I have been participating in a 5 year hardship with Citi for over 6 month. I have two huge cc debts and I got one debt (citi) finally in control, but not with the Amex - it has been out of control and my goal is to get my debt with Amex in control. I don't have any savings - that is why I am asking you folks if it is wise to take a loan? my guts have been telling me that I should grab it while it is still offered. Because I know my credit score will be quickly down the hill very soon and I won;t be able to get any loan because I already skipped my first due payment with Amex.

It sounds like you are on somewhat of a slippery slope. I agree with you that you need to take that second loan. What are the terms of your auto loan? Can you make the payments on the auto loan. My husband did this same thing....he took from one card or loan to pay another. Can you cut expenses...live with relatives? I am just concerned that you are digging yourself deeper. Could you get a consolidation loan through your credit union without putting your car on the line?

just some thoughts....anyone else?

4.5 interest for 60 months based on my good credit score. This is a good deal.
I did consider personal loans, but the interest rate goes at least 11.9.
I will return to my 2nd job this Fall. It will help me pay some back to the loan, but I have other issues to handle. My cars need to be serviced - the youngest is 8 years old. My 20 year old fridge needs to be replaced. My 2nd job last only during the school year, and I am off during summer. It is not permanent. Anyhow, there are always expenses popping out but with 2nd job, I was able to make the minimum payments to both Citi and Amex. I had my son lend me $$ for car repairs this summer because I dont have extra money left.
I did try a lawyer last fall but he kept suggesting me to file an bankrupt. I have a house and I have kids - Bankrupty? No way!!! It would make sense if I did not have a job, but I do have a job. He suggested me to default with the Amex - I did it last January for the first time, then the Amex talked about 1st 6 month 0.0 interest and 2nd 6mo.
I tried to tell them I wanted my acct to be closed. I was not working 2nd job in summer. I objected, but they said not to worry, the balance would be lower. It is not true. I also did not understand their terms and told them. I got their letter. I did not agree, but I went ahead and made payment until this summer. It did not work out. I am out of money. My 1st job barely meets our basic living expenses.