American Express closed my card, what happens now?
Date: Sun, 12/26/2010 - 10:46
I've been a cardholder with Amex for about 7 years and fell behind with payments just this month-30 days late. I owe $7100 on my Hilton Honors card and $865 on my green card. I had 2 return payments(insufficient funds) on my HH card this month and just received a letter that they cancelled/closed my HH card. I cannot afford to make the monthly $159 that is the minimum payment on the HH card any longer or pay the $865 on my green card in full which is now late by 30 days also-this card is showing.."we will consider restoring your charging priveleges once the past due amount is paid".
Could you please tell me what happens now with these accounts? Do they go to collections or do I have time to talk with Amex? I can afford maybe $50 a month to pay for them and certainly do not have any lump sum to settle with. Any advice would be of great help.
Thank you
Could you please tell me what happens now with these accounts? Do they go to collections or do I have time to talk with Amex? I can afford maybe $50 a month to pay for them and certainly do not have any lump sum to settle with. Any advice would be of great help.
Thank you
They will more than likely keep them in house for another 30 day
They will more than likely keep them in house for another 30 days and then send you out for collections. They are not likely to accept $50/month as a payment though. AMEX can be very agressive.
i guess my question is once it goes to a collection agency, woul
i guess my question is once it goes to a collection agency, would they be willing to take payments and i can negotiate a settlement? i can only afford $50 a month right now but come march i will have a lump sum of money from my tax return that i can settle with.
