Please help...AmEx
Date: Wed, 01/14/2009 - 14:19
I currently owe AmEx about $12,000 and am 90 days past due. They have sent my account to a CA who is offering to settle, at about 70%. They are threatening law suit if I don't pay. I am freaked out by this! I can settle with them but not at such a high rate. Any suggestions?
AmEx usually sends your account to collections after 90 days, th
AmEx usually sends your account to collections after 90 days, those first agencies will not settle for lower than 55%, however, the debt will go back to AmEx and then they will forward to another collection agency that you can get a better lower settlement. I have 2 cards with AmEx, 1 with a 5k balance and 1 with a 30k balance. I just settled the 5k for 40% and I will need to wait until they settle low 20-30% for the 30k. I was not able to settle the 1 account until I was 7 months late. Good Luck. I've settled 6 accounts for under 30% and AmEx is my last one and by far the hardest.
Keep waiting, season the debt more. If it does go to litigation
Keep waiting, season the debt more. If it does go to litigation, typically they'll force you in a settlement sum spread out over payments. 10 to 1 though it jumps to a collection agency.