Amex Settlement Help!!!
Date: Wed, 11/25/2009 - 18:58
They told me to come up with at least the minimum payment before my account is 120 days past due or the might start a litigation process.
What are my chances of settling with them for 35 or 40% at this point?
Should I call the law firm or Amex directly to settle?
Is it better for AMEX to start a litigation process against me than settle for 35 or 40% of the amount owed?
Thanks for your help!
If Amex has sold the account to a third party collection agency,
If Amex has sold the account to a third party collection agency, you may then have to deal with them henceforth. But if the CA is only assigned to recover the debt, then you may still can deal with the OC.
Also it's hard to say whether or not they would agree to 40% settlement. Normally the chances for a low amount settlement increases as the account grow older but again it really would be a matter of negotiation with the collector.
Now, if AMEX decides to sue you and wins a judgement, they can then recover the entire debt amount either by wage garnishment or levying your account, depending upon your state laws.
However, when dealing with a collector remember your rights as mentioned in the FDCPA and also secure every negotiation in writing before making any payment.
