Amex Payoff Help

AMEX as a general rule does not sell off their paper....they tend to be very agressive and do regularly sue.

I think it is better to get current and then start negotiating with them.

It sounds like you're a prime candidate for a hardship plan. Have you talked to AMEX about getting on one of those?

Thanks for all the responses.

Yes I was on a program with them for all of last year and it ended in March. At that time I asked them can I go on for another year and they rejected that every time.

To be honest, i really dont care if they sue me. I have absolutely zero in my name. I live in a relatives basement, no job, no car, no house, nothing of any value at all in my name.

That is why when I called, i told them i can either give you the $16k or I can file for Bankruptcy and Amex will get nothing. But I guess they really dont care.

Thanks for the help.

So i guess the best thing to do now is become current with them and start negotiating again?

Only thing I am worried about with that is I will lose my leverage because they will say I became current so nothing they can do.

Any other ideas?

Thanks

mark...
Just settled 37k for 14k with an attorney for Amex. As others have said to get a deal for Amex, it must go to a CA or atty. Amex held mine for 120 days, then to a CA for 3 wks, then to local attorney. Amex would only go to 70% in the week before they gave it to a CA.

The LAST thing you want to do is bring it current and remove the remainder of their motivation to settle with you. You seem to be judgment-proof, so that means you have all the cards. You normally need to be a LOT more late to qualify for a nice settlement. Hang in there, those in a hurry to settle get the worst deals.

Quote:

As I'm sure you know quite well, judgment-proof doesn't mean suit-proof. It means there's nothing to attach the judgment to. In the collection industry, a judgment that has not been satisfied for a few years is considered junk debt, and is sold (or settled) accordingly for pennies on the Dollar. Additionally, if the cardmember agreement includes an arbitration clause, that's a whole new world of pain and delay that the consumer can impose on the CC company, making them more likely to settle on a much more reasonable ratio.

Keep in mind that, even if you have no assets to speak of, your accounts can be levied to satisfy the judgment (checking, savings, money market, etc.).

Also, yes, judgment-proof generally means that, although a judgment has been obtained, you have no assets or accounts that can be taken/levied to satisfy the judgment. However, judgments generally are valid for 10 years and are renewable (depending on the state in which you live) so, SoapLady's point is a valid one. You may be in the midst of hard financial times now, but in a few years, you might be back on your feet and get blindsided by having your checking account levied.

Protect yourself and keep in touch with the creditor so that you can settle when the time is right.

Thanks all for the help.

I guess I will wait a little longer. I have the $16k now to settle with them. I was able to secure that from a friend.

If they dont except then their loss. If they want to come after me fine with me, I have nothing for them to take. By then maybe they will except a settlement.

Thanks again for the help