Hello, I have a balance of about $4,800 with Gatestone from an Amex Everyday card. It is about 4 months delinquent. I haven't been in this situation before and am looking for guidance on my best choices. I've read here in other threads that sometimes a debt under $5k won't be pursued into arbitration due to costs. Is it a smart option to attempt arbitration, or should I try to negotiate a settlement offer with Gatestone? I have not spoken with Gatestone yet, but when I called Amex they confirmed that the debt was sold to them. The relevant info from my card agreement is as follows:
"You will be responsible for paying your share of any arbitration fees (including filing, administrative, hearing or other fees), but only up to the amount of the filing fees you would have incurred if you had brought a claim in court. We will be responsible for any additional arbitration fees. At your written request, we will consider in good faith making a temporary advance of your share of any arbitration fees, or paying for the reasonable fees of an expert appointed by the arbitrator for good cause."
Thank you for any advice.