Posted on
July 5, 2009
at
9:13 pm
What's the deal with that? Can anyone fill me in on that?
Posted on
July 6, 2009
at
2:18 am
I may be wrong but they are more impartial to DMP's than debt settlement.
Posted on
July 6, 2009
at
3:49 am
You may be able to reduce your interest rate if your account is current; at the same time, AmEx typically will not agree to settle unless the loan is delinquent.
Posted on
July 6, 2009
at
4:36 am
There certainly is a lot of speculation regarding American Express and debt settlement. They've been said to be quite unrelenting with regard to debt settlement companies. Depending on the bank's policy, they have also been said to bounce the payments out to the collections agency--after all, the account was no longer in their hands.
Posted on
July 6, 2009
at
6:02 am
Yeah, I've been doing research on this, too. Don't quote me on this, but a lot of consumers say that AmEx is pretty tough to work with. Apparently the company doesn't readily work with debt settlement companies, and will only do so once the company in question sends a "cease and desist letter" disallowing AmEx to contact the consumer. Odd if you ask me.
Posted on
July 6, 2009
at
6:05 am
It appears that they don't just accept any kind third-party help, either, whether it's a credit counselor or a debt settlement company--they also refuse to negotiate with consumers who prefer to go the DIY route.
Posted on
July 6, 2009
at
4:37 pm
Actually- while American Express may have tightened up their policies towards debt settlement, my experience in the industry would suggest that they will in fact settle past due credit card accounts. A lot of creditors want to give the impression that they "refuse to work with third parties" so they don't eventually have to resolve the account through a settlement. After all, it means that they are losing money in the end if they do not collect the full balance. I have on the other hand heard that American Express refuses to work with credit counseling agencies. That may be where some of the confusion lies.
Posted on
July 7, 2009
at
1:00 am
oh, thanks for that information Steven. So are you then suggesting that the best way to deal with my debt with them is thru a settlement?
Posted on
July 9, 2009
at
1:31 pm
Well that would depend on what your situation is specifically. How much do you owe? Are you already behind on your payments? Keep in mind that debt settlement and American Express, or debt settlement and any creditor, is contingent upon the account being past due. If you are current then negotiation on the principle debt will not be an option.
Posted on
July 13, 2009
at
2:40 pm
Thanks for the advice on debt settlement and American Express. Who are some of the other creditors out there that tend to settle for low percentages, any idea?
