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itzTHATguy

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  1. And done... Since the settlement letter wasn't explicit about AMEX abiding by the terms, I went ahead and recorded my last phone call with Gatestone. I had the Gatestone guy acknowledge stuff like 'AMEX will not sell the remaining balance to a JDB' and all that jazz. I let them know I was recording at the beginning of the call and they said they had no problem with it (not that it was up to them). Thanks for all the help, guys. This site really helped.
  2. I finally have a debt settlement in hand. Not setting any records, but I'll be glad to get this behind me. Tell me what you guys think: [Gatestone Letterhead] Re: Account Ending [last digits of my card account] Dear [itzTHATguy], Per our telephone conversation, you've agreed to pay the Full Settlement Amount as a settlement of the Balance Owed. Payment(s) will be reflected in the Balance Owed and Full Settlement Amount that are listed below. This settlement offer is contingent upon timely payment. We will honor this offer if: We receive the Full Settlement Amount by: [A date in the future] Settlement payments(s) are made as follows: a. [One lump-sum payment of XXX.XX] due on [A date in the future] Balance Owed Full Settlement Amount $YYY.YY $XXX.XX Failure to remit timely payment for the Full Settlement Amount may result in further collection efforts to recover the Balance Owed. American Express may file a form 1099C with the Internal Revenue Service for any cancelled debt $ZZZ.ZZ or more. Other than communication regarding your payment plan, no further attempts will be made to collect the remaining balance while you are making payments in accordance with the terms listed above. Upon timely payment of the Full Settlement Amount, no further attempts will be made to collect the remaining balance. If you have any questjions, please contact us at [their phone number] Monday through Friday between the hours of [bla bla bla]. Sincerely, [some guy I've never heard of.] [Grand Mufti of Collection]
  3. I finally have a debt settlement in hand. Not setting any records, but I'll be glad to get this behind me. Tell me what you guys think: Dear [itzTHATguy], Per our telephone converstation, you've agreed to pay the Full Settlement Amount as a settlement of the Balance Owed. Payment(s) will be reflected in the Balance Owed and Full Settlement Amount that are listed below. This settlement offer is contingent upon timely payment. We will honor this offer if: We receive the Full Settlement Amount by: [A date in the future] Settlement payments(s) are made as follows: a. [One lump-sum payment of XXX.XX] due on [A date in the future] Balance Owed Full Settlement Amount $YYY.YY $XXX.XX Failure to remit timely payment for the Full Settlement Amount may result in further collection efforts to recover the Balance Owed. American Express may file a form 1099C with the Internal Revenue Service for any cancelled debt $ZZZ.ZZ or more. Other than communication regarding your payment plan, no further attempts will be made to collect the remaining balance while you are making payments in accordance with the terms listed above. Upon timely payment of the Full Settlement Amount, no further attempts will be made to collect the remaining balance. If you have any questjions, please contact us at [their phone number] Monday through Friday between the hours of [bla bla bla]. Sincerely, [some guy I've never heard of.] [Grand Mufti of Collection]
  4. Ugh. Sorry I haven't updated this in a while. I think Gatestone actually offered me a settlement on the phone, yesterday. As before, they said they are only allowed to reduce the total amount owed by $4900 (this time they didn't try to coax a random initial payment out of me). So, I would be settling around $15K in debt for around $10K. The guy on the phone said this would settle the account in full, but, of course, I will wait to get all the terms in writing before I make any payment. I call him back on Monday. $10K is still higher than what I'm capable of paying. What are my chances of getting Gatestone/AMEX to settle for less with a counter offer? Any thoughts on this would be greatly appreciated.
  5. Thanks. I'm gonna send the CMRRR's just in case. But I'm going to try to call the OC and then *shudders* the DC, too. Ugh... I hate this.
  6. Gatestone & Co. International Inc. 1-800-678-3052
  7. Yes. The DC has mentioned that I still could 'cure' or 'save' the account (not his words) by paying the past due amount. Yeah, I'm starting to think this is just a stipulation by AMEX for 'borderline' accounts or some kind of DC incentive, like you mentioned. Yeah, I don't think it's in my best interest to reduce the cash I have available for a settlement, simply for the opportunity to offer a settlement. Letters via CMRRR sounds like the way to go. I'm also wondering if it's worth it to try and offer a settlement to AMEX directly. I am worried about spending hours with customer service, only for them to refer me back to Gatestone. : : Maybe a CMRRR, but where to? Thanks for all the replies, guys. This really helped.
  8. UPDATED: 2/11/15 in Post #14 I am 5 months delinquent on an AMEX card with a balance of $15K. The account has been cancelled. While I still owe AMEX the balance, they have Gatestone (the DC) contacting me for the money. Today, I let the DC know I have a settlement offer ready ($7K, one lump sum) with a 'hardship letter' (as requested) as to why I can't pay the full amount. But when I mentioned it, the DC told me she couldn't submit the offer without me first making a payment of $260. She said this was because "my account is still accruing interest." (Duh...) And that this was an AMEX stipulation, not Gatestone. Of course, when I told her that didn't sound right to me, she got angry and accused me of wasting her time. -Is it common to require a payment before I submit a settlement offer? Does that sound right to you guys? -Should I try to send my settlement offer directly to AMEX? I'm concerned about AMEX not even receiving my offer or having a chance to counter offer.
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