Posted on February 16, 2010 at 2:46 am What should one expect from an AmEx debt settlement?

Posted on February 16, 2010 at 5:49 am I'm not sure about this but debt settlement with AmEx maybe classified into 2 (?)First is a direct settlement with them. If you already have 75% of your debt amount ready to negotiate to them with - then go ahead make the offer. Second is if your account is 5-6 months past due-and they've written it off to a third party collection agency - thentechnically you are settling with the agency and not the creditor ...which would saveyou some money.

Posted on February 16, 2010 at 5:54 am Do you think they sue or will sue clients that are not yet 6 months past due? Whatwould I do if that happens?

Posted on February 16, 2010 at 6:22 am I'm not sure, it really is a case to case basis...why not cross the bridge when you get there?If you're really having a hard time with your monthly payments you can approach themand ask for their hardship program. Instead of doing debt settlement, you'd do more likelike a Debt Management Plan (only it's d.i.y.) minus the help of a credit counseling agency.I think if the creditor knows of your situation and your intention to pay ..they're not going tosue you (?) I don't know..

Posted on February 16, 2010 at 7:05 am Why not just wait for ur account to charge off and then enroll in a debt settlement program?A settlement program would ensure that you're debt free in 12-36 months. It would alsolower your monthly payment - 15% of ur total debt amount (spread out over 18 months)

Posted on February 16, 2010 at 7:08 am If you've read bad press about the debt settlement industry - know that all businesses havetheir villains. So to keep from being scammed here's a guideline of what to look for ina settlement company: -The settlement company's program must have a fast completion time. 12-36 months.-The program must be able to protect and improve the consumer's credit standing.-Must be a member of the Better Business Bureau, BBB, for at least 5 years.-Must also have a good standing with the Chamber of Commerce-A Member of TASC - The Association Of Settlement Companies and the IAPDA or theInternational Association of Professional Debt Arbitrators

Posted on February 16, 2010 at 7:10 am I agree with that, but having those credentials doesn't mean settlement success- you and the company must be a match. Destroydebt.com can match you up to a legitimate company -just fill out a form - it's free of charge.