American Express
I have also read that Amex has it's own DMP program. Has anyone used it or know about it? My account is current (although over lime) until next week when my payment is due. I can't make the payment at this time and am really looking for help. I would rather not default or settle but may have no choice.
I did send Amex certified letter last week using the ideas from the sample letters on this site. I reiterated to them that I did want to pay my debt in full but would need assistance. I don't know if this letter will hurt me or help me.
Thanks for any advice--
The answer to your question is yes and no. American Express will
The answer to your question is yes and no. American Express will work with dmp's except for their business accounts. In a DMP they will almost always lower their apr's to around 9.9%.
Do you know if there are certain dmp's they will work with? Shou
Do you know if there are certain dmp's they will work with? Should I call amex directly? Oh, and it's a personal account, not business.
Someone else just told me that if my account goes to collections, then I can add it to a DMP. I would rather not let it get that far.
Thanks again-
Make sure that the credit counseling agency is ISO Certified. IS
Make sure that the credit counseling agency is ISO Certified. ISO stands for International Standardization of Organizations. Recently, most major credit lenders began requiring that credit counseling agencies achieve ISO 9000:2000 certification and satisfy the requirements listed in their Code of Practice in order to receive the benefits they offer.
Also make sure that the counseling agency is 501(c) 3 Non profit Organization . In order for a credit counseling company to receive benefits such as reduced interest rates, waiving late fees, etc from the creditors, the agency must have its 501(c) 3 Non profit business license. Typically if a company does not have this license, they are unable to receive the benefits for their clients.
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Someone else just told me that if my account goes to collections, then I can add it to a dmp. I would rather not let it get that far. |
Who ever told you that is not necessarily correct. Actually a lot of collection agencies don`t work with DMP's. I suggest you shop around with several credit counseling agencies like Debt Wave Credit Counseling , Consumer Credit Management Services, Inc. , and GreenPath, Inc. These are all members of the BBB and meet all of those criteria. I am not endorsing these companies but rather pointing you in the right direction when shopping around. :D
AM EX
Not sure where any of you are getting your info but I can tell you from persoanl experience that AM EX DOES NOT WORK WITH dmp'S PERIOD. I would love to know those of you that say they do to name on DMP that does???????