Unable to pay AmEx this month

Date: Tue, 05/15/2007 - 16:11

Submitted by anonymous
on Tue, 05/15/2007 - 16:11

Posts: 202330 Credits: [Donate]

Total Replies: 1

I have faithfully been paying AmEx $2500 per month for several years on a $40,000 debt that a family member rung up. I just lost my job and cannot keep making these payments. Criminal charges are NOT an option. I am also going to grad school next year, need student loans, and cannot afford to have my credit record ruined and/or tarnsihed in any manner.

What are my options in terms of reducing my payment and/or potentially settling? Who at AmEx would I speak to about this. I'm 23.

Call Amex and propose a payment plan. There must be some hardshi

Call Amex and propose a payment plan. There must be some hardship program for people in need. You need to speak with someone there who handles such matters.

Or you can hire a settlement company to do the negotiations with Amex. They will get your debts settled with Amex.

Be aware, your credit is going to be affected if "Settled" is reported on your file. Your future lenders will think that you were unable to pay their debts for some reasons, hence they might see you as a risk to their finance. While speaking with the counselor, tell him that you want to see your credit with a fair reporting. Even after settling the debts, a good settlement company can insist the creditor for a fair credit reporting.

lrhall41

Submitted by Steg on Tue, 05/15/2007 - 16:24

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