I currently have a $2800 charge off balance with AMEX. Would it be best to settle (70%)with them or pay them the full amount. I have done the validation route already. The original amount was $4800 and I have been paying on this for 8 months now. I am now in a situation where I can pay off the remaining balance but I am not sure how to proceed. AMEX will not delete for payment. I already tried that route. Do I have a better chance of getting another AMEX card if pay the balance in full as oppose to settling?
AMEX are hard nosed bastards! I cut up my cards because they know no negotiations. Are they willing to settle for a lesser amount? (surprised if true) I would then see if they will change to positive TL, no derogs. If not, you may just want to pay it. They will have to change it to a paid CO. If that is your best offer from them and for you, you'd better do it. AMEX will seek a judgment eventually and that can get very ugly. They play no games. I'd rather have a paid CO than a judgment (paid or unpaid) on my CR. Try messing with that! Anyway, you can always challenge the paid CO TL later.
Re: Re: Settlement or full payment You are correct. Anyone with an AMEX TL in default wishes many times over they had left home without it! I'd probably attempt a phone call to them and say hey guys i can either file BK7 (only you know you're bluffing) and see if they'll settle for 50-75% of the balance.......who knows it can't hurt to try! Anyone have knowledge of or personal experience with Providian, Chase and Wells Fargo, Bank One re: whether they are quick to sue or not?
Re: Re: Settlement or full payment Providian with offer to settle at 40% before they even get close to filing suit.
Re: Re: Re: Settlement or full payment Providian sold DH's balance the moment it went into charge off status. I think the balance was about $2,250. Never threatened suit.
Re: Re: Re: Settlement or full payment funny you say that.....got a letter today from a CA for this account with Prov.....addressed to the wrong person. guess i may try to settle it eventually if there's anything in it for me, now that they've contacted my work and my neighbor.
Re: Re: Re: Settlement or full payment bank one didn't sue me. charge off 1280.00, as a matter of fact didn't even threated, but this was about 5 years ago.
