Amex cc settlement

Hi,

Yes, this is a great offer. Rather than letting your creditor charge-off the account you should agree to this settlement offer. Charge-off hurts your credit, and will stay on your credit report for 7 years. However, you should remember to get the settlement agreement in writing.

Thanks

First off, if the account is not even charged off yet, are you sure NCO has the legal right to collect this?! Did AE tell you NCO is handling it now or did you just get a call out of the blue from NCO telling you that you owe them? If its the latter then SEND them a DV letter FIRST, make sure they own it legally!! I find it very hard to believe that AM EX has not even charged it off but you are receiving calls from NCO with a settlement plan-thats signals somethings not quite right. 90% of companies ARE NOT going to offer a settlement before the account is even charged off. Please make sure NCO has the legal ownership BEFORE you agree or pay anything. Post back if AE told you about NCO or if NCO just called out of the blue about this account, you want to make sure you pay the right place.

If you let it charge off you will have a greater ability to negotiate no tax consequences. I have seen NCO take 10 cents on the dollar or give up trying to collect altogether depending on the strategy you use in your negotiation to get them to prove the validity of their ownership of the debt. After a debt is charged off there are ways to work your credit situation so it can be restored from the charge off in as little as 6-12 months. There is a lot of good, free information at LIINK REMOVED PER TOS

Rodscow-first the OP NEEDS to make sure NCO owns it before they even talk to them. AE giving their account to a debt collector before chargeoff is very fishy expecially with a JDB like NCO, if they are behind on their credit report and NCO pulled it they may be very well illegally trying to collect an account they dont own, they are famous for this. When you help someone here, first thing tell them if they have been contacted by a collector DONT just take the collectors word for it on a phone call, they MUST send a DV letter first, especially nowadays when they are crawling out of the woodwork and scamming people left and right. Working a setlement is all well and good but before you advise that tell them they need to make sure the collector OWNS that debt.

I've a feeling that NCO doesn't own your account. Have they sent you any letter which says that your original creditor has sold off the account to them? Since your account is not even charged off, I don't think your OC has sold off the account.

Under FDCPA rules, the collection agency should send you a debt validation notice within 5 days of contacting you over the phone. After you receive the letter, you can dispute the debt within 30 days. If the CA cannot validate your debts, they cannot carry on their collection process for that debt.

Take out your credit report after a few days and check out whether your account has been charged off and with whom your account is. You can then contact the CA who has bought your 'charged off' account and negotiate for a good settlement.

It is NOT uncommon for AMEX to assign an account to a collection agency pre charge off....it is commonly called a cure. AMEX for the most part does not sell their accounts...they pretty well always assign. Talk to AMEX and confirm NCO is collecting. If the settlement is good for you, go ahead. DVing at this point will void the settlement.