Amex won't budge! Threatened to "escalate"??

[TomEason]

Latest message from Amex was a guy stating there were a few options for us and to please call. He was really hard to understand in the message. He said he was senor level something.
What do you think? Is this guy gonna make a settlement offer or is this still last ditch collections department tactics? I'm not a 100% sure but I would say we are almost 150 days late.

leftcoasadv
Thanks for your question. Although I've never settled with Amex, I have closely observed the time interval on several CC accounts with a major bank. Although I chose not to settle, I didn't receive my first offer, and it was in writing, until about 13 months after my last payment. It sounds like this is still the collections dept. If I were you, I'd wait until you get a voicemail or letter stating there is a settlement offer.

[leftcoastadv]

leftcoasadv
Thanks for your question. Although I've never settled with Amex, I have closely observed the time interval on several CC accounts with a major bank. Although I chose not to settle, I didn't receive my first offer, and it was in writing, until about 13 months after my last payment. It sounds like this is still the collections dept. If I were you, I'd wait until you get a voicemail or letter stating there is a settlement offer.

Sounds good to me.
The message did have a different tone and verbage but no mention of a settlement. I will continue to wait and see. Thanks again.

[leftcoastadv]

Nationwide Credit looks to be handeling Amex collections with us at this point. I'm assuming it is still internal becuase the letter asks us to remit payment to Amex directly.

Amex has also sent us two applications for their "Secured" credit card. Pretty interesting that Amex still wants/possibly needs to consider me a customer.

[leftcoastadv]

Now that my other CC charged off 38 days before the 6 month mark, I think I am going to contact amex for the first time just to see where they are at. Who knows, they might have charged off at the end of last quarter also.

Do you think I should contact Amex or this Nationwide credit company that is playing middle man?

[JACKAUGUST]

This might help those of you dealing with AMEX default. I have a personal 1.5k and business 2.7k AMEX, stopped paying 6/2010. Accounts have been handled by DebtAlert, United Recovery Systems, GC Services, MRS, Wagner & Hunt, James A. West and most recently NCO and Pollack & Rosen. It seems AMEX CORP. has always been involved in the back ground since I received a settlement offer directly from them on June 2011 for 40% on the 2.7k with no communication. My advice is no communication, period, until you are ready to settle. My goal is 10-15% of balance with a "paid in full" status, deletion of all negative listings with the big 3 or a "pay for deletion" agreement.

FYI, I currently have 8-10 cc totaling over 75k, a business LOC 98k, 12 mo.+ last paid personal and rental homes and a few others. I subscribe to a personally modified version of TomEason's SE methods. After successfully negotiating a 550k judgment via short-sale/deficiency agreement with Bank United on my business property, I hope to be more active in these forums in order to share my experiences.

[Sunshinecop]

I haven't paid my Amex bill since May 2011 and GC Services is handling the account since 90 days late. They are pretty much uninterested in making any deal to settle. They told me the deal is 55 percent of the $8,400 balance or nothing and said that the account will go back to Amex soon and Amex will decide what to do from there. I called Amex to tell them that I just settled with BofA and that these goofballs at GC are not worth whatever they are paying them and Amex apologized and said there is nothing they can do while the account is with an outside Collection Agency. At this point I am having no further contact with them and focusing on settling my Citibank credit card.

[JACKAUGUST]

Sunshinecop,

I just recieved an updated offer directly from AMEX: Balance $2,772, 60% forgivness and pay the balance over 23 months $50 a month, same offer in June 2011. This was after 3-4 CA had the account, mainly NCO. I have not talked to anyone or contacted anyone regarding the account since June 2010. I'm considering a 20% settlement offer.

I also just received an offer from Unied Collection Bureau for a Citibank/Sears: Balance $3,495, 50% forgivness. I have not talked to anyone or contacted anyone regarding the account since January 2011. I will ride this one out for a while.

Tell me more about the BOA negotiations? I have 28k outstanding, NCB is CA.

[chrissty]

hi guys -- i have personally settled with 5 companies already --- I also have amex (20K) and chase still to work out -- chase is active in their settlement negotiations -- amex not so much -- they won't even talk settlement -- mine is with NCO right now -- they are constantly only talking about bringing the acct current -- I was told it will leave there soon and go back to amex --
they will prob be my last settlement at this point

[JACKAUGUST]

Chrissty, Can you provide more details on your settlements. Brief format like I did on the post above. I have about 8-10 cards in various stages. Much appreciated.

[chrissty]

sure no problem --

citibank -- 30 percent (6620 settled 2013 3 payments)
first national bank omaha -- 25 percent (5371 - settled 1342)
toyota financial 30 percent (12115 settled for 3100)
home depot 4849 settled for 1241
best buy 1830 settled for 797 (my first one -- was scared)

discover 6435 -- settled for 3218 50 percent - with discover might do better with collections

capital one -- no settlement

hope it helps

[leftcoastadv]

Quick update...

I received another settlement letter from MRS on my Amex CC. 35 percent due in one lump sum. The letter before that was for 50 percent.
That’s quite the drop in a bit over a month.

[JACKAUGUST]

I keep getting settlement offers directly from AMEX, P. Bristow, Director, American Express. I got one the other day for 60% forgiveness on a $1,484 balance. There is note on the back of the page about settling your account, it reads: "Once we have received the full payment, your settlement balance will be satisfied. We will report your settlement agreement to credit bureau agencies. No attempts will be made to collect the remaining balance... I think I am going to counter with a "Pay for delete" offer, with conditions, to include one full payment for 20% of balance, resulting in 80% forgiveness. FINAL OFFER... I will try this card first and then try it on my business card with a $2,773 balance. Keep you posted...

[IOAlot]

My amex experience...

Settled my wifes 37k Amex Costco at 138 days late with atty for 38% of the balance. Amex held it for 120 days and Amex only went to 70%, it then went to ARSI and we didnt speak to them, it went to an atty exactly 3 weeks later, settled with the atty within a week.

I now have 2 amex business accts that have been closed for some time. At 30 days late, amex sent one to GC Services who I spoke to and has offered a 70% settlement on a bal of $3700 with a hardship letter, they will have to wait. I dont know as of yet where the other one is.

[Sunshinecop]

I stopped paying Amex in April 2011, after about 2 months it went to a collection agency GEC Services(?). They wanted $7,000 for an $8,000 balance. I informed them that I have a bankruptcy attorney on retainer and was not going to settle for much more than 20 percent of the balance. I never heard back from them and I called them last month just before the six month mark and they went down to $6000 of the now $8,300 balance. I told them I could not come up with $6,000.
Yesterday I got a call from Nationwide collection agency wanting to know what I was going to do about the account. I told them that I had wanted to settle the account but the last Collection Agency never called me back. They asked what I could come up with and I said $3,000. They said okay (did not try to haggle or anything), faxed me a letter stating that everything would be closed, reported to the credit agencies as paid in full and I would have no further liability reference this account after they electronically debit my account next wek.
This is the third credit card I have settled and I have a separate account that I use just for that purpose. There has been no funny business with any of the settlements so far.

[IOAlot]

Just settled an Amex business card at 90 days late (this account has been closed for years, but have been paying till I couldnt any more) with a $2200 bal for $800 via Collect Corp, got an acceptable settlment letter and paid via the Amex web site.

GC Services is next, last we spoke only a 70% (30% reduction was offered)

[chrissty]

I am working on amex right now -- 2 diff cards -- 2 diff agencies -- one is first source advantage -- other is united collections --
bigger one is 13k smaller about 6 k --

will speak to them next month try to do installments for 1099 purposes -- what was lowest percentage on amex? seems to be around 35 percent

[IOAlot]

Is this Chris from DCC?

Seems to be 35-40%

My wifes Costco card went at 38% of $37k via attorney, my small bus went at 37% of $2200 via Collect Corp.

Both of these have been fairly easy, and early on, possibly could have gotten better if we waited, but Im sure they were preparing to sue on my wifes as it went to an atty only after 2 weeks at a CA.

They wanted her to sign a default judgement with the deal, told them she could'nt sign that until we had the bank check in our hands as we were borrowing the money. I delivered the signed agreement and the check to the attorney personally and also had him sign my own receipt for the check and "stipulation of settlement" to be safe.

Cap 1 is still a challenge though, charged off and is now with Cap 1 recovery and I was told it will be there till spring of 2012. Dont know why, thought they would have sent to collections or an attorney by now. A good note is they are softening up, down from only removing int and fees to a 75% settlement.

Good Luck

[IOAlot]

LOL a CA called after I posted above...

GC Services just called for another Amex bus card, tried not to let him get a word in and responded to his questions with settlement questions, asked about settlement, offered 60%. They were at 70% last month. Still a ways to go.

[chrissty]

hey -- why yes it is -- chris from dcc --

I found this forum for my mortgage mod and found this column too --- thanks for your post -- I want to stay out of litigation too -- just right now my focus is my house -- glad to hear about cap one -- I know you were trying to work with them till the end ---
I just had two or three cards charge off -- so we'll see what's next --
nice to know your're here too

[gmazz]

U rock Tom!. . .tried sending this yesterday. . .says my admin disabled private messages???. . .

Hope u get this . . .need help asap. . .

1st modified and current CitiM

2nd modified w/GMAC approx 1 year ago

Not pd in months. . .approx 8 mos ago they offered a settlement on (54,000) did have cash at time so I said no. . .not heard a word from them no statements come no calls. . .husband now disabled. . . trying to stay current w 1st. . .never been late . . .self employed underwater and nervous. . .what can I do. .???

Any help will be greatly appreciated!. . .God Bless. . ..

[TomEason]

Hi gmazz

Thanks for your post and your gracious remark! FYI, private messaging was disabled for all members many months ago, so don't feel as if you've been singled out.

I recommend you continue to stay current on your Citi 1st and forget about paying or communicating with GMAC. If that loan is underwater, they won't FC.

I recommend you visit this thread and read the article at post #1. Strategy for Settling Your 2nd

Good luck to you.

[JACKAUGUST]

Moderator's, I don't know the exact protocol for posting to appropriate threads but shouldn't the post from gazz regarding mortgages be posted in a more appropriate location?

In response to his thread "AMEX SETTLEMENTS", I have successfully settled 2 AMEX accounts as follows:

One AMEX account was with United CA back in August 2010, it will move it around multiple times; ignore them all. Ultimately, you will get settlement offers directly from AMEX. If you want to settle with them earlier, you might try contacting AMEX directly with a settlement offer. I have the numbers if anyone needs. Initially, I tried to negotiate with AMEX for a lower settlement but 30 percent of the balance was the best I could do, this was after talking with in-house collections department managers. I got one lady in collections for my personal card and she was very helpful, told me how they report to the credit agencies, the specifics about settlements and payments. Personally, I am okay with 70 percent forgiveness. They will 1099 everyone over the 600 dollar limit, which is required by law. They report to the credit agencies as a satisfied account and the credit agencies report the account as "satisfied/settled-in-full" depending which one it is. I sent my own custom settlement letter with a certified bank check overnight via FedEx. I also wrote some verbiage on the check which basically states that, "by accepting this check, you hereby agree that this account is paid in full without protest and that no future collection activity may be attempted on this account". It depends on which state you live in and pay in, weather this will work; it’s not as much of a concern with a corporate entity but I would never pay a collection agency without some protection. I haven't confirmed that they cashed the check but I will update this thread with some final details once the checks have cashed and the credit agencies have been updated. Now on to the next challenge BOA 30,000... Let me know if you have any other questions.

[gmazz]

Sorry, JackAugust! . . .what would be the appropriate forum for my question?. . .

Thanks again Tom, you really are the best. . . Best Regards. . .In Christ, gmazz+

[Cat Damiano]

gmazz,


Tom posted the link to the appropriate thread in his post above.

Here it is again;

Strategy for Settling Your 2nd