NCO willing to settle for 36% on an Amex account

Maybe close to my current sit with AMX, 36% of debt sounds ok. Await a response

Hi Deb bie,
36% of your debt is a good deal and it's quite acceptable. Get everything in writing and keep it safe.

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Is a faxed copy acceptable?

What things should the letter clearly state?

What if AMEX Still owns the debt and NCO is only assisting AMEX in collecting the debt? How would this change the way the letter needs to be written?

deb. i settled with nco/amex in jan/2010. 35% over 6 payments. they faxed me a letter and also signed me up for their email system. they are well-organized and once you make the final payment they have amex reflect it as settled. they do NOT sell the debt. they own it. congrats on a good settlement. that is about as good as it gets with amex.

I just settled and AMEX today with NCO for 30%. They called and offered me a dollar figure of 40%, I said I couldn't do that and offered them a figure which was 26%, they immediately came back at 30% down to the penny.
That was the first time I ever talked to them, I had received 2 invoices requesting the full amount including one in today's mail. They have called a few times but never left a message. Since the account was approaching 150 days I piked up the call and immediately said they could settle the account at a discount.

Did they first send your account to their ( AMEX ) own legal services? How did you find out it was sent to NCO? My account is still with Amex legal dept. I have nothing to settle with them yet. I'm at the 110 day or something.

AMEX kept calling, I last talked to them on Dec 24 when account was 50 days. They kept calling and I never answered or called them back and they finally stopped leaving messages. At 90 days I got a call from NCO and then an invoice asking for the full balance (like that was going to happen) I did nothing until what I explained in earlier post. Oh, I did get a letter from AMEX about 2 weeks ago saying if I paid NCO the balance they would send me an application for an Optima card, fine print says it is not guaranteed to be approved. (Do they think I am stupid)

AMEX could save money if they would just offer a settlement instead of sending it to collections.

Good Luck

NCO is the main agency that Amex works with. They do not sell their debt. NCO is only working on their behalf and they always go back to Amex for final approval on a settlement. You can do better than 36%. I got 16% and 19% on Amex through NCO and the accounts were large and over 8 months old.

ALERT ALERT ALERT
Same crap happened to me. If they are serious about a settlement, they should send you an official letter with terms and conditions. Not a crappy fax from their office in Toronto (Younge street). Younge Street is one block away from where you buy your POT and find Hookers. Watch out. SCAM SCAM SCAM.

I have told them to screw themselevs when I received the fax for 30% and sent a certified debt validation to their office in PA. 28 days later and no response for my debt validation. Note, I want to settle but it will be on my TERMS. Proper official letter with terms and conditions.

Those of you who settled through a fax document, your payments will be applied to the balance. You got screwed because you haven't done your due dilligence.

Was the settlement letter from NCO or from the original creditor? When I settled my Cap One account with NCO the letter came from Capital One on their letterhead. The debt had not been sold as was under 180 days or whenever they sell their stuff.

You are good to go. as long as you received a letter with the cap one letter head and terms and conditions, then you are safe. becareful with these crappy NCO faxes called settlement offer. Your payment will go towards the balance.

Ok, this information that a faxed settlement from NCO will result in just applying payments to your balance is JUST NOT TRUE! I settled in this manner and received a fax with the terms from NCO in Horsham Pa. Shortly thereafter, I received confirmation of the validity of my agreement from Amex. It is settled. If you have a valid settlement agreement from the creditor or representative, you will be good as gold in court.

Second, ok, so somebody says they got 15% or 20%. Maybe they did or maybe they didn't...I don't know. But I can tell you this: AMEX WILL SUE and generally AMEX will NOT go below 30-35%. I did a tremendous amount of research on Amex upon which I base this opinion.

If you have received a FAX with the following verbiage then you are 100% screwed. It is not a settlement letter. Please understand that I didn't say that 30% is not a good offer. It is an excellent offer if it was valid and legit. I am willing to settle your account for 10%. would you pay me today?????

Fax from NCO:

Pursuant to yoru agreement, we can offer you a settlement of $xxxx due by xx/xx/201. Upon clearance of said funds, American express will be notified that the account is settled.

Please contact us at 1-xxxx-xxx-xxxx, if you have any questions.

Please forward all payments/correspondence to: NCO bla bla in Horsham

This is a communication from blah blah.

Why this is crap?

1. No terms and conditions.
2. It doesn't state that the debt will be settled in FULL.
3. By law, a settlement letter should include the 1099 form and let you know about yoru rights as this wil show as an income.

Simply, WATCH OUT. 30 or even 40% is a great bargain, but it has to be legit.

I got a settlement from AMEX using DS Financial at 20 cents on the dollar. Give them a call and save money. DELETED...PM

this person works for a scam on craigslist.the number will be deleted whenever it shows up.

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NCO will get your money and apply it to the balance. dud, the verbiage is not up to NCO, but federal law. The rest of the money should be reflected under a 1099. They haven't mentioned that in their letter. Watch out.

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DO NOT give any bank information until you have signed settlement letter.

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