I’ve Self Negotiated $60K of Credit Card Debt. i’ve Settled 8 Cards@45cents on the Dollar.Y Won’t AMEX Settle?
Question by gotmini02: I’ve self negotiated K of credit card debt. I’ve settled 8 cards@45cents on the dollar.Y won’t AMEX settle?
AMEX will not agree to any settlement below 85-90%. Unlike Chase, Barclays Bank, Discover, HSBC and B of A who all agreed to settlements under 50 cents on the dollar.
ANY INSIDE NEGOTIATION TIPS WITH REGARDS TO DEALING WITH AMEX WOULD BE APPRECIATED!
A little background info specific to my situation: I owe about $ 4,500. My account was about 100 days past due. But I was told by their collections dept. that in order to make a settlement offer, I needed to make a minimum payment of $ 409. I did this on Oct3rd. They rejected my settlement offer of $ 1,900. I told them I was going to wait for the account to charge off since my offers keep getting rejected. They said it won’t charge off for another 85 days. They have offered me a hardship program. I have declined it. Like the other 8 credit cards i’ve settled, I want to make a 1 time lump sum settlement.
AGAIN, I AM LOOKING FOR N E G O T I A T I O N ADVICE.
I’m NOT looking for you to tell me how awful/cheap/irresponsible/or evil I am for not paying back all the money I owe. Thanks
Best answer:
Answer by dusty_titus
You could make a whole lot of money for yourself if you could duplicate your results with “deadbeat clients”, your expertise in this field will give you an edge not often found in the annuals of fiduciary history.
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Tagged with: $60K • AMEX • card • cards@45cents • credit • Debt • debt management software • dollar.Y • I've • Negotiated • SELF • Settle • settled • won't
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How about making a compromise? “I know you only want to accept 85% settlement agreement. I’m offering to settle for 65% of the balance, $ 2925 in three monthly payments.” It seems like you’re offering too low of an offer. They want a higher offer so hopefully my suggestion will work for you.
You could try to work out a payment plan on the full amount but it seems like you don’t want to do that.
First of all, I’m not going to tell you not to pay your bills. However, from a credit standpoint, the cycle of paying your bills, not paying your bills, repeat, does not help your credit or your negotiation position. Typically, accounts go from one department to another as they go unpaid. The problem with speaking with a credit collector is you think they are speaking english when they are actually speaking legal. When a collector tells you they will consider a settlement after you pay them, they are doing their job which means they are buying time by keeping you in their department.
Typically, if you want to settle, it has to go to a different department and that only happens when it gets late-and then more late-and then more late.
They are not doing it because they are under ZERO obligation to do so.
Unlike the other banks, they are not going to let you get away with stiffing them. There is NOTHING wrong with them doing that. You can save yourself 100% by not paying them at all. Your credit is going to get killed either way, so why pay them anything?
you should pay back your debt. the credit card companies did not tell you to charge what you charged. be a adult and repay your debts. how would you like it if I owed you some money and told you to settle for pennies on the dollar?
You’re playing a dangerous game with an aggressive creditor (AMEX). You can wait out the extra 85 days till charge-off and hope that they settle at 50%….This obviously gives them more incentive to settle for 50%….yet they might decide to serve you a summons and take you to court. Honestly, you’ve been very lucky with your other creditors…they settled and didn’t sue. I would try to settle for 75%…If they reject that then take the 85%.
I hope you realize that the IRS considers forgiven/settled debt to be the same as earned income. All these creditors will issue 1099C forms for the nearly $ 30,000 and you’ll have add this to your earned income and pay whatever higher taxes on this.
they refused! ignore them then!they are trying to bully you! you offered, they refused. pay the others and move on! chances are they will do something soon, chances are offer you 50% if payed in one payment. if not they will write the loan off, and some debt collector will buy it
They don’t have to settle if they don’t want to. You owe them money i wouldn’t settle under 90%.
YOU ARE A DEAD BEAT
YOU ARE THE REASON WHY HARD WORKING PEOPLE IS HAVING THERE INTEREST RATE DOUBLE.