I have a collection account with AMEX for appr. $3,400. How much can I expect them to settle for? Thanks
Is it with AMEX collections or a CA? If it's still with AMEX, don't count on AMEX negotiating anything less than the balance due. They are the most hardcore SOB creditors I have ever encountered. Never again! Now, if it's with a CA, do the validation process and let them walk into a few violations and count 'em up. Then you can negotiate.
It's still with AMEX but I have been dealing with Allied Interstate. On my credit reports it list AMEX and then collection account under it.
How old is it?? and have you been making payments? Have you promised or signed anything? If not, start the validation game with them.
I've been paying 400/month for 12 months now. I already did the validation thing and it came back verified. Any suggestions?
Is $3400 your balance left??? If so, since you are paying on it, they will probably not negotiate with you. The reason is that their philosophy is that even though you may have had a shaky past, you are currently paying them timely, I am assuming. That said, they shouldn't have reason to beleive that you will not pay as you are currently. Especially with a high monthly payment like that. However, you never know so you might as well ask them. You've nothing to lose.
