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Is It True American Express not offering settlements?

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Called AMEX today to attempt to negotiate a settlement. Account is 74 days past due so it hasn't go to the cancellation department. The Service Rep said Amex has not been offering settlements for 2-3 years. Said it will go to cancellation then to litigation. Is this a bunch of BS?

 

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if you're having financial difficulties, you can just let them know and they'll put you on a plan.

 

0% int for 2 months, 8% int for 10 months.

 

way better than the 24%+ you're probably paying now.

 

and it gives you a chance to catch up on payments and keep the account open.

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I would think the rep would be accurate since your account is freshly delinquent. I think settlement offers are more for majorly delinquent accounts that are past the litigation period. Amex might be a little more sue happy these days. So if you can't really catch up on payments even with a hardship plan in place, if offered of course, Chapter 7 bk may be the best course of action.

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easy, newb.

 

I have no idea about their policy on settlements these days. I settled with them many years ago.

 

I was just trying to offer you another option if you weren't aware.

 

because I wish I had known about their plan when I stopped making payments and let my account CO.

 

sure, it saved me about 25k, but it was a long, long 6.5 years before I was able to completely clean up my credit.

 

the easy way out doesn't always end up being the easy way down the road.

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