My account was charged off in 05. I was harrassed for the past three years, I could not pay because I could not work due to a car accident which left me unable to walk for about 6 months. I have finally got back on my feet and I want to settle with AMEX. I owed 12K. I have recieved a letter for the law office of whomever to settle for 6k. My question is, should I deal with the collection adgency or directly with Amex? I would like to offer 25 cents on the dollar, totalling 3K and have them completely remove the amex from my credit report. Does anyone have any advice? Any input is appreciated. Thanks.
1.Chances are your not going to get this removed for 3k. 2.In this day and age of the crisis their looking for every dollar they can squeeze out of you. 3.If you can work out a pfd i would try to get anything in writing before i send any money. 4.I believe that amex will still report it.Being the pricks they our.
JJ is right - Amex are real pricks. Another thing to remember - if you settle - the difference (over $600) will trigger a 1099 - income that you will have to include on your tax return, dramatically increasing your taxable income which will naturally mean that you will owe more to Uncle Sam.
So what do you think I should do? I mean I am trying to buy a house and before I can get an approval letter, I need to have this paid off. Or at least removed from my credit report. Should I just pay the CA the 6K they offered to settle for?
I just called the CA and they said that AMEX has taken the account back? What does this mean? I called amex and they said I had to called the CA!?!?! Why are they giving me the runaround when I am trying to pay?
Simple - call Amex back up. Tell them what the CA said, and warn them not to BS with you anymore since you are recording the phone conversation, even if you don't. Ask them right up front WTF they're talking about. Give em hell.
