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Amex optima after settlement and forgiven debt?

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Hello,  I had 7 Amex cards which all charged off.  Total owed Amex was about 60k over the 7 cards.  I ended up settling most of them for like 18 cents on the dollar after they went to Zwicker for lawsuit and I elected arb.

 

Anyway, on one of the business cards I just never did anything with, I got the email below.  It says I can PIF and get the Optima card to rebuild with them and I will be approved unless I am in BK or have an active card or already received and accepted this offer from a CA.  I am thinking about doing it b/c I can afford the 4k they are asking for, but know that I settled other accounts at a very low percentage.

 

I thought you couldn't get into Amex unless you PIF all balances.  The offer says nothing about it.  I have no interest in Amex if I need to pay back the other 50k that was forgiven.  I also have 2 small accounts that charged off (around 2k each) that never collected or settled.

 

Thoughts?  Below is the email I got.

 

 
American Express understands that good people can fall on hard times and reestablishing credit is one of the challenges once things start to look better. We have your back!

You have an opportunity to regain Card Membership

American Express would like to offer you an opportunity to regain Card Membership. All you have to do is pay your balance in full on the account referenced above and you will receive an Optima® Card application.

You can choose any of the flexible payment options below, call 866-205-4559 for details.

  Option #1 Option #2 Option #3
Number of Payment(s) 1 6 12
Monthly Payment Amount* $4,195.23 $699.21 $349.61

Your application will be approved unless you have an active bankruptcy at the time of your application, you have accepted another offer for an Optima Card account from us or a collection agency, you have an active American Express account and/or we determine that you do not have the financial capacity to make the minimum payment on this new Optima Card account.

If regaining Card Membership doesn’t interest you, how about settling your account for less than the balance owed?

Here are some offers available to settle your account and reduce the amount you repay.

  Option #4 Option #5 Option #6
Total Settlement Offer $2,307.38 $2,517.24 $2,727.12
Number of Payment(s) 1 12 24
Monthly Payment Amount* N/A $209.77 $113.63

You should understand and consider the terms of any settlement before agreeing to it.

To accept one of these offers, or if you have any questions, call 866-205-4559 by 12/8/2019. We must speak with you to complete the acceptance process. Please be advised that American Express is not obligated to renew these offers.

We hope to hear from you soon.

American Express Global Collections

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Call them to discuss the issue. 

 

As I read the language there, it is an offer associated with the ONE account referenced.  Only you can make the decision as to whether it is worth getting back in their good graces. 

 

If you are content to forever kick them to the curb, then pay their reduced amount and close the chapter. 

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no, I had a platinum card that had 30k I settled with Zwicker for $5 and a Blue Cash Everyday that I settled for 4800 that had a balance of about 32k.  I have a Bonvoy and Amex Every day charged off never sent to collections that owe about 3k.  This is a business card that is the Gold card they offered the Optima on.  Still under my SSN. I called them today and they said the offer was legit and they claim they will approve if I PIF This card, they said they don't care about the others settled for less than legally owed.  Odd, b/c it appears to go against everything people say about the OASIS program.

 

Although, when I called, everybody spoke with a thick accent from an overseas call center so who knows.

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15 hours ago, mysticspirit25 said:

no, I had a platinum card that had 30k I settled with Zwicker for $5 and a Blue Cash Everyday that I settled for 4800 that had a balance of about 32k.  I have a Bonvoy and Amex Every day charged off never sent to collections that owe about 3k.  This is a business card that is the Gold card they offered the Optima on.  Still under my SSN. I called them today and they said the offer was legit and they claim they will approve if I PIF This card, they said they don't care about the others settled for less than legally owed.  Odd, b/c it appears to go against everything people say about the OASIS program.

 

Although, when I called, everybody spoke with a thick accent from an overseas call center so who knows.

If this was the ONLY one of the accounts that was a business card, then they may be treating personal separate and distinct as a product class with respect to OASIS. 

 

What time of day are you calling?  There MAY be a better chance of getting a US-based rep at certain times of the day...I've never had to deal with the offshorians on any of the accounts, although most calls when I have needed something have been associated with the Platinum card which all but guarantees a US-based representative. 

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5 hours ago, centex said:

What time of day are you calling?  There MAY be a better chance of getting a US-based rep at certain times of the day...I've never had to deal with the offshorians on any of the accounts, although most calls when I have needed something have been associated with the Platinum card which all but guarantees a US-based representative. 

I wonder if the old "Para Espanol marque cinco" then when the rep comes on the line ask "Se habla Ingles?" still works to get a US based rep as the bilingual reps were all US based (at one time anyway)

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On 11/14/2019 at 9:17 AM, mysticspirit25 said:

Hello,  I had 7 Amex cards which all charged off.  Total owed Amex was about 60k over the 7 cards.  I ended up settling most of them for like 18 cents on the dollar after they went to Zwicker for lawsuit and I elected arb.

 

Anyway, on one of the business cards I just never did anything with, I got the email below.  It says I can PIF and get the Optima card to rebuild with them and I will be approved unless I am in BK or have an active card or already received and accepted this offer from a CA.  I am thinking about doing it b/c I can afford the 4k they are asking for, but know that I settled other accounts at a very low percentage.

 

I thought you couldn't get into Amex unless you PIF all balances.  The offer says nothing about it.  I have no interest in Amex if I need to pay back the other 50k that was forgiven.  I also have 2 small accounts that charged off (around 2k each) that never collected or settled.

 

Thoughts?  Below is the email I got.

 

 
American Express understands that good people can fall on hard times and reestablishing credit is one of the challenges once things start to look better. We have your back!

You have an opportunity to regain Card Membership

American Express would like to offer you an opportunity to regain Card Membership. All you have to do is pay your balance in full on the account referenced above and you will receive an Optima® Card application.

You can choose any of the flexible payment options below, call 866-205-4559 for details.

  Option #1 Option #2 Option #3
Number of Payment(s) 1 6 12
Monthly Payment Amount* $4,195.23 $699.21 $349.61

Your application will be approved unless you have an active bankruptcy at the time of your application, you have accepted another offer for an Optima Card account from us or a collection agency, you have an active American Express account and/or we determine that you do not have the financial capacity to make the minimum payment on this new Optima Card account.

If regaining Card Membership doesn’t interest you, how about settling your account for less than the balance owed?

Here are some offers available to settle your account and reduce the amount you repay.

  Option #4 Option #5 Option #6
Total Settlement Offer $2,307.38 $2,517.24 $2,727.12
Number of Payment(s) 1 12 24
Monthly Payment Amount* N/A $209.77 $113.63

You should understand and consider the terms of any settlement before agreeing to it.

To accept one of these offers, or if you have any questions, call 866-205-4559 by 12/8/2019. We must speak with you to complete the acceptance process. Please be advised that American Express is not obligated to renew these offers.

We hope to hear from you soon.

American Express Global Collections

Congrats thats a great settlement - What was your strategy with negotiating with Zwicker? 

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19 hours ago, JerHawk said:

 

Sorry, wrong turn.

Edited by MP80

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19 hours ago, JerHawk said:

Congrats thats a great settlement - What was your strategy with negotiating with Zwicker? 

I simply told them I was not going to put up with their shenanigans and they were free to sue me and I'd arbitrate and didn't GAF what it cost them in the end even if it were upwards of 100k and I would make their lives miserable.   I didn't care if they won in the end as I'd be able to BK by then. They still pushed back and I finally made it to the head director of legal operations (below Zwicker) and he agreed that it would be in their best interest in accepting the below blanket settlement.  I got the letter and paid the settlement and we parted ways.

 

I also pointed them to a threat on CIC about ones 2 year journey through arb and even though amex won on that one, it was not before they paid over 120k in fees they couldn't shift to the consumer.

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Did you settle this? I received an email for my old account recently and was wondering if this was legit. Any information would be great. Thanks.

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Posted (edited)

I know this is an older post, but I’m replying for those who will reference this in the future. I, too, defaulted on my first AMEX card and was offered the PIF Optima deal. I accepted it, paid off the balance in full over several months, and received an Optima card with a very low credit limit ($1500). I was very meticulous about using and paying the balance on my optima card as my credit was very poor then and AMEX was the ONLY creditor who gave me a second chance - even though the company is known for being very unforgiving. Two years later, I was approved for an Everyday AMEX, and 5 years after that, I was approved for a platinum card. My income isn’t extraordinary - I made about $80K when I first received the Optima card and 9 years later, make just under $200K per year, but I diligently and patiently earned creditworthiness with AMEX again. Keep the faith!

Edited by MJS66
Typos

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It isn't that AXP is unforgiving...they just don't tolerate people who refuse to step up to the plate and take care of their financial affairs.  Those that are willing to make AXP whole will find that they can be very forgiving...

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