Debt settlement isnât an option if youâre paying your bills and just want a discount. Secured loans are already backed by property, such as your car or house. American Express subsequently sued our client for the full balance. I am looking for some advice on the following - I am a Sole Trader and have debts with Amex of £36,000+. Second: Make sure that the debt is not past the Statute of Limitations and now considered Zombie Debt. Some people work with debt settlement companies to help them negotiate a settlement with credit card companies, but itâs also something you can do on your own. Boo hoo, too bad! But if youâve stopped making payments and your credit report is already littered with missed payments, creditors know theyâre in danger of not receiving any repayment without a costly lawsuit. In this instance, you negotiate with the credit card company to pay a lump sum of money that is less than what you owe. After looking through some of the settlement options for Amex, I'm a bit concerned about getting sued. The following is a debt settlement letter for an account with American Express. American Express is one of the absolute worst creditors to work with. Develop a game plan specific for your situation. I have several other cards that I owe less and plan on paying off. From past year out of no where "American express global collection" has been contacting me to collect this debt. It may be that you have a pending debt to this organization. On a whim I recently put in a settlement offer of £15000 with Amex, which they have now accepted. Unsecured debt is the type of consumer debt that is eligible for debt settlement. That means the lender can repossess and sell that property to recoup its cost, so thereâs no incentive for these lenders to negotiate a settlement with you. AMEX obtained judgment in 2011 for the amount of $15,000 and they tried income and bank account garnishing but couldnât get anything. Prior to the Final Approval hearing, Class Counsel ⦠We negotiated an American Express debt settlement for $16,000, payable over a 15-month term. According to Forbes, Zombie Debt is debt that is years old -- often past the statute of limitations for you to be held legally responsible-- and it is entirely owned by a debt collection agency.The statute of limitations begins calculating the last time the debt was active. 4:05 pm Big creditors like AMEX CapitalOne and Discover must repay consumers. If I discover that I am able to salvage the rest of my credit and debt, I will not declare bankruptcy and will settle this debt. Therefore, no settlement is possible. A seen in the sample settlement letter below, Amex was willing to settle with this customer for about 24% of what the customer actually owed. Consider debt settlement or credit counseling -- both can work with American Express. Settlement with Amex requires steel nerves and precision timing, and is best handled via a customized full service approach. You have likely learned about debt settlement as an alternative to bankruptcy or as a way to resolve a growing debt. Posts: 3 Credits: 0. How much is the average debt settlement (in percentage) with AmEx? Its not for much $291. Debt settlement with Zwicker & Associates - American Express. Hello, I just received a letter/ settlement offer from Zwicker & associates on my American Express judgement from 2011. Reply. If the credit card company is willing to entertain the idea of a debt settlement, then the odds are high that they will want to make one of the following arrangements. Debt settlement For-profit companies offer to negotiate with your credit card company and try to get them to agree to a âsettlementâ to resolve your debt (typically, the âsettlementâ is a lump sum payment that is less than the full amount you owe). However, I called AmEx's legal department in New York and recorded a representative telling me that AmEx would not prevent Allied from agreeing to a settlement offer. im in Sacramento county and Iâve seen delays posted on website from covid and Iâm sure backed up claims from that. If you've fallen behind on your American Express bill or are simply tired of throwing away money each month on interest and fees, debt settlement may be one option for eliminating your debt quickly. Keeping a credit card active through the credit card debt settlement process is certainly possible and will make life easier once you've completed your debt settlement efforts. American Express Co. Telemarketing Settlement P.O. First, they used to call , now sending me settement offers in mail. So i have charged off account of $900 with AMEX from 2013. American Express Debt Settlement Letter. Negotiating settlements with American Express is more difficult and tricky compared with most other major creditors. Also, my credit score is currently approximately 720. The Debt Collection Settlement Agreement provides that Plaintiff may petition the Court for a service award, and AmEx has agreed not to object so long as the award sought does not exceed $5,000 each. Debt collectors are at an advantage because of their experience, while debtors are often novices. They are also known to routinely not work with debt settlement companies nor accept debt settlement offers. This usually happens when you apply for Macyâs or Bloomingdaleâs credit card. Debt Consolidation Forums Debt Consolidation and Debt Settlement forums Has anyone been successful settling with American Express? Their attorney never responded to any of my settlement communications. Debt settlement can hurt your credit score almost as much as bankruptcy. If the assign the debt to a collector, I can usually make a deal. Debt settlement is for consumers experiencing a legitimate financial hardship. Lump-Sum Payment Agreement . AMEX/DSNB may be on your credit report as a hard inquiry. Can anyone out there tell me if they have been successful settling with American Express? The rule of thumb for American Express is 50 cents on the dollar. Debt settlement companies promise to reduce debt by negotiating with creditors, but the potentially negative effects this will have on your credit score aren't clearly explained. First, the firm is a debt relief agency according to the U.S. Bankruptcy Code. You donât need to hire someone to help settle your debts, but it may help â just watch out for scams. Hello, I've recently racked up about 20K in credit card debt. Aside from the ones mentioned above, debt settlement percentages differ per negotiator and per period, as well. But i feel like they are not real AMEX. Client had 4 accounts totaling $30,819.53. This is a debt of mine that was charged off in 12/07 and I just received a letter directly from American Express today saying they would like to settle with me. Date: Wed, 11/24/2010 19:42. Negotiation is where debt settlement comes in. Keep in mind that any forgiven debt may be taxed as income when tax season rolls around. Later on, a third party debt collector contacted my client directly and they settled the claim for $6,000. Review American Express policies and procedures for credit card debt settlement. But AmEx, comparatively, has been one of the more favorable creditors to negotiate with. American Express will generally be willing to negotiate a settlement on your credit card account if 1) you are past due on you credit card bill, and 2) you can demonstrate a legitimate financial hardship. See â AMEX Wonât Accept My Settlement Offer. It is unusual for a person to begin receiving collection calls from a third party collection agency, such as Nationwide Credit, without first receiving written notification from the collection agency. Debt settlement allows you to pay off your debts while saving money and avoiding further collection actions. Date: Sat, 12/27/2008 12:30. nchisik. Before a lawsuit was filed, AMEX demanded a full balance payoff, payable in monthly installments. Definitely would help to have more time to figure ⦠View the outcome, letters, cost, time to complete. "The creditor would agree to accept less than the amount owed to satisfy the debt." No law requires any creditor to settle & the ads you have seen saying there is a federal law that requires them to do this is a total hoax. The Consumer Financial Protection Bureau (CFPB) of the United States has had some recent big victories against three major creditors â American Express⦠Best Debt Settlement Companies How to Get Out of Debt Faster How to Settle Credit Card Debt How to Handle Medical Debt ... AMEX/DSNB is an American Express credit card issued by Department Stores National Bank. Therefore, the offer of $3,100 for a $5,200 debt is approximately 60 cents on the dollar, which is higher than average but not unreasonable. "A debt settlement is basically an agreement that you would make with your creditor," says Katie Bossler, a financial counselor at GreenPath Financial Wellness. The majority of the balance is on two credit cards with Amex and Citi Bank. If you have the funds to make a lump-sum settlement, offer the collection agent $2,080, which is ⦠Debt settlement is not without its risks, however. i have 6k debt on my amex credit card and i know it is not moral to even try to settle the debt right now but i am having a situation and i am out of country now and it is really hard to keep up with monthly payments and the total amount of debt.. i am not planning to go back to the US so i dont care about credit getting worse at all. Anyone have any experience w/AmEx? Beware of possible debt forgiveness income ans noted by other attorneys. First time poster here. I currently have a repayment plan set up with them for £530p/m 0% interest. Deborah Saland says: April 26, 2017 at 4:27 pm Debt Settlement: Good afternoon. About the Author: Chris Rocks is the Founder and Executive Director of the Credit Advisory Alliance (CAA). If you are facing a default situation with American Express and would like to have some professional assistance in resolving the matter, please read my 5-part series on Tailored Debt Settlement. hi guys. Your credit could take a further hit and it could take years for it to recover, but itâs a definite option for debt relief. I owe them 13K and at going deliquent and trying to get a settlement. I have a number of debt settlement cases and it is well known that AMEX will never settle directly. Our client owed American Express $33,036. I have no other savings, assets or property and proceeding with the settlement would effectively take my personal finances to £0. @Clydesmomonce again your help is so greatly appreciated. Again, that would depend on several factors. I have 8K with amex and 8k with citi bank. Find out the facts before you sign up for any so-called âdebt relief programs.â CAUTION! Especially near holidays. 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