The majority of the balance is on two credit cards with Amex and Citi Bank. 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. They are also known to routinely not work with debt settlement companies nor accept debt settlement offers. Their attorney never responded to any of my settlement communications. You have likely learned about debt settlement as an alternative to bankruptcy or as a way to resolve a growing debt. 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. How much is the average debt settlement (in percentage) with AmEx? 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. 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. About the Author: Chris Rocks is the Founder and Executive Director of the Credit Advisory Alliance (CAA). Aside from the ones mentioned above, debt settlement percentages differ per negotiator and per period, as well. But AmEx, comparatively, has been one of the more favorable creditors to negotiate with. But if you’ve stopped making payments and your credit report is already littered with missed payments, creditors know they’re in danger of not receiving any repayment without a costly lawsuit. The Consumer Financial Protection Bureau (CFPB) of the United States has had some recent big victories against three major creditors – American Express… Unsecured debt is the type of consumer debt that is eligible for debt settlement. Debt Settlement: Good afternoon. hi guys. Hello, I've recently racked up about 20K in credit card 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. Debt settlement with Zwicker & Associates - American Express. Your credit could take a further hit and it could take years for it to recover, but it’s a definite option for debt relief. The rule of thumb for American Express is 50 cents on the dollar. 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. I have several other cards that I owe less and plan on paying off. Develop a game plan specific for your situation. Especially near holidays. Debt settlement is for consumers experiencing a legitimate financial hardship. I have 8K with amex and 8k with citi bank. American Express Debt Settlement Letter. "A debt settlement is basically an agreement that you would make with your creditor," says Katie Bossler, a financial counselor at GreenPath Financial Wellness. Find out the facts before you sign up for any so-called “debt relief programs.” CAUTION! Settlement with Amex requires steel nerves and precision timing, and is best handled via a customized full service approach. We negotiated an American Express debt settlement for $16,000, payable over a 15-month term. 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. Before a lawsuit was filed, AMEX demanded a full balance payoff, payable in monthly installments. I currently have a repayment plan set up with them for £530p/m 0% interest. Review American Express policies and procedures for credit card debt settlement. In this instance, you negotiate with the credit card company to pay a lump sum of money that is less than what you owe. Lump-Sum Payment Agreement . AMEX obtained judgment in 2011 for the amount of $15,000 and they tried income and bank account garnishing but couldn’t get anything. Therefore, no settlement is possible. Debt settlement For-profit companies offer to negotiate with your credit card company and try to get them to agree to a “settlement” to resolve your debt (typically, the “settlement” is a lump sum payment that is less than the full amount you owe). Debt collectors are at an advantage because of their experience, while debtors are often novices. This usually happens when you apply for Macy’s or Bloomingdale’s credit card. Beware of possible debt forgiveness income ans noted by other attorneys. You don’t need to hire someone to help settle your debts, but it may help — just watch out for scams. 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. It may be that you have a pending debt to this organization. Deborah Saland says: April 26, 2017 at 4:27 pm Negotiation is where debt settlement comes in. I have a number of debt settlement cases and it is well known that AMEX will never settle directly. I have no other savings, assets or property and proceeding with the settlement would effectively take my personal finances to £0. American Express is one of the absolute worst creditors to work with. Again, that would depend on several factors. Debt settlement can hurt your credit score almost as much as bankruptcy. First, they used to call , now sending me settement offers in mail. Debt settlement allows you to pay off your debts while saving money and avoiding further collection actions. On a whim I recently put in a settlement offer of £15000 with Amex, which they have now accepted. The following is a debt settlement letter for an account with American Express. AMEX/DSNB may be on your credit report as a hard inquiry. Negotiating settlements with American Express is more difficult and tricky compared with most other major creditors. Hello, I just received a letter/ settlement offer from Zwicker & associates on my American Express judgement from 2011. Keep in mind that any forgiven debt may be taxed as income when tax season rolls around. Anyone have any experience w/AmEx? Reply. Definitely would help to have more time to figure … Box 30235 College Station, TX 77842-3235. im in Sacramento county and I’ve seen delays posted on website from covid and I’m sure backed up claims from that. In the letter, you can see the final negotiated resolution where the client saved 75%.They paid back only $4,200.00 on the balance owed of $17,019.67. That means the lender can repossess and sell that property to recoup its cost, so there’s no incentive for these lenders to negotiate a settlement with you. Date: Sat, 12/27/2008 12:30. nchisik. 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. After looking through some of the settlement options for Amex, I'm a bit concerned about getting sued. 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. Amex debt settlement. Consider debt settlement or credit counseling -- both can work with American Express. Can anyone out there tell me if they have been successful settling with American Express? Secured loans are already backed by property, such as your car or house. 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. 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. View the outcome, letters, cost, time to complete. So i have charged off account of $900 with AMEX from 2013. First time poster here. "The creditor would agree to accept less than the amount owed to satisfy the debt." 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. Its not for much $291. Debt Consolidation Forums Debt Consolidation and Debt Settlement forums Has anyone been successful settling with American Express? Our client owed American Express $33,036. Prior to the Final Approval hearing, Class Counsel … 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. Also, my credit score is currently approximately 720. 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. Boo hoo, too bad! Client had 4 accounts totaling $30,819.53. First, the firm is a debt relief agency according to the U.S. Bankruptcy Code. Later on, a third party debt collector contacted my client directly and they settled the claim for $6,000. Date: Wed, 11/24/2010 19:42. Debt settlement is an accepted strategy for resolving delinquent debt, but it often requires strong negotiating skills on the part of the debtor. 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. Posts: 3 Credits: 0. See “ AMEX Won’t Accept My Settlement Offer. From past year out of no where "American express global collection" has been contacting me to collect this debt. If you have the funds to make a lump-sum settlement, offer the collection agent $2,080, which is … If the assign the debt to a collector, I can usually make a deal. @Clydesmomonce again your help is so greatly appreciated. American Express subsequently sued our client for the full balance. 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