AMEX, Citi and Advanta
Date: Sun, 06/14/2009 - 12:28
I have a business that is failing and I have stopped paying my business credit cards. I contacted Citibusiness by letter about three weeks ago offering to settle a 15000 on 49000. I know I am early in the process as I am only sixty days later, but I wanted get something on file. I haven't heard anything. No phones calls requesting payment etc. Anyone experience this with Citibusiness?
The second card I am trying to tackle is AMEX. They started calling at about 10 days late and haven't stopped. I finally spoke to them today adn told them the situation. They offered me the hardship program of 0% interest for six months and then 9.99% interest for another six. Not a bad program if I wasn't faced with a bankruptcy. I explained to the very pleasant gentleman that I was interesting in settling the account in full before the bank exercised their option on the assets of the business. He then offered me a 90% settlement. I didn't take it but was pleased that in the first 10 days they were already offering a settlement/. The question is, where do I go from here? Anyone have current experience with AMEX. The amount due is 25k.
Advanta is the next one to tackle. I have about 50% set aside to settle on the 14k balance. I sent them an email through their website offering a settlement and they too said to call. I am also early in the process on this one as well, but will call them tomorrow.
Any advice on how to proceed from here?
The second card I am trying to tackle is AMEX. They started calling at about 10 days late and haven't stopped. I finally spoke to them today adn told them the situation. They offered me the hardship program of 0% interest for six months and then 9.99% interest for another six. Not a bad program if I wasn't faced with a bankruptcy. I explained to the very pleasant gentleman that I was interesting in settling the account in full before the bank exercised their option on the assets of the business. He then offered me a 90% settlement. I didn't take it but was pleased that in the first 10 days they were already offering a settlement/. The question is, where do I go from here? Anyone have current experience with AMEX. The amount due is 25k.
Advanta is the next one to tackle. I have about 50% set aside to settle on the 14k balance. I sent them an email through their website offering a settlement and they too said to call. I am also early in the process on this one as well, but will call them tomorrow.
Any advice on how to proceed from here?
citi business
Same with me. I didn't make the March payment on 35K credit line. They just send me statements saying I'm late and racking up the interest to 29.9% and with a crazy minimum payment, no other contact as yet. I have a lawyer working a DS program and she sent them a power of attorney letter back in February.\
Citibusiness
Got an overnight letter from Citibusiness telling me that had been trying to get in touch with me (I don't believe they had as there have been no messages) They offered me 85% settlement on the 49k and I am at 59 days overdue. I guess I will continue waiting. I guess it is a good sign that I am getting an offer already?