Posted on
June 24, 2009
at
1:57 pm
Does debt settlement work with American Express? I have two cards with them and am trying to save some cash!
Posted on
June 24, 2009
at
2:09 pm
American Express will settle credit card debts, but the accounts must be past due first before they would consider negotiating. If you are current on your payments, the only thing you could hope to do is get your interest rates reduced. So, are you behind right now? If so, is American Express still handling the account for collection or have they forwarded your account to a third party collector?
Posted on
June 24, 2009
at
3:29 pm
I have heard that American Express settles for really low percentages- can anyone confirm that?
Posted on
June 24, 2009
at
4:13 pm
You have to keep in mind that the percentages will vary depending on who you are negotiating with, and how far past due the account is. For example, AmEx, if you work with them directly, will settle for different percentages than a collection agency who has retained one of their accounts for collection. Historically, AmEx comparatively has been one of the more favorable creditors to negotiate with. However I am aware that recently they are tightening up their standards and informing some third party collectors to refrain from working with third party agencies who work on behalf of the debtor. That being said, this has not happened often enough to consider it a trend. As more time passes we will see how AmEx handles their past due accounts, but for now, it is safe to assume that if they (or any third party collector handling one of their accounts) are willing to negotiate you should be able to get a fairly good settlement. As always, every situation is unique so you should not apply my experiences with them to your own. If you are not comfortable working with them yourself feel free to fill out a form on DestroyDebt.Com for a free consultation.
Posted on
June 24, 2009
at
6:32 pm
If they vary, when do you get the percentages? With the original creditors or with collection agencies?
Posted on
June 30, 2009
at
3:40 pm
Did you mean when do you get the best percentages? Typically accounts in collections are settled for lower from what I have heard. I am not too sure why but I am pretty sure you would save more if you worked with a third party.
Posted on
August 6, 2009
at
3:37 pm
So is debt settlement and American Express a good idea if one of those junk debt buyer's bought my account and is now calling me? Will they settle? If so for how much?
Posted on
August 7, 2009
at
12:07 am
I have been able to get a 50% settlement with them. It was hard but the effort of working with them was worth it. YOu just have to be extremely persistent.
Posted on
October 21, 2009
at
3:25 am
Is it true that American Express can offer debt settlement of up to 85% if the account is still in their collections department (90-120 days)?
