momof8 Posted April 18, 2007 Report Share Posted April 18, 2007 Hi,If I'm totally off-base please slap me upside the head. I have an Amex CO from 2005. I owe them 1000 bucks and they have offered to settle for less, supposedly. However, they won't send anything in writing that corresponds with that. I am talking to Amex directly.I paid $375 in January as a partial settlement with nothing agreed to in writing and they voided my first settlement because I hadn't paid the settlement in 90 days. Creeps.The January payments reduced my balance to the current $1000, still listed as CO on CR.If I just start sending them $100 every month do they have to accept it?Can I challenge the charge-off with the CRA since Amex has accepted payments towards the charge-off?Has anyone done this before?Thnaks guys, you all have helped immensely since I've joined, and that's just from reading stickies and posts!!Jen Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted April 18, 2007 Report Share Posted April 18, 2007 Until you get everything in writing first, they can continue to take your money, and continue to report it open. Link to comment Share on other sites More sharing options...
answer2prayer Posted April 19, 2007 Report Share Posted April 19, 2007 Until you get everything in writing first, they can continue to take your money, and continue to report it open.SAW...you say they can continue to report it open? I know they can continue to report for the 7 yrs. but as open?...once it is a CO?.....I don't understand that, can you explain. If they took tax credits for that CO how can they legally now accept payments? Never understood all this!!mamof8...You state that they charged off in 2005. On your CR does it show CO with a 0 balance? What was your DOLA? Where are you at? What was your SOL? You might have been able to wait it out till you were pass SOL. Now, you may have started your SOL over Seems strange that they didn't sell this to a CA before now?!? Hope someone can explain this a little further please. Link to comment Share on other sites More sharing options...
SecretAgentWoman Posted April 19, 2007 Report Share Posted April 19, 2007 I meant "open" as apposed to "paid" sorry. Link to comment Share on other sites More sharing options...
answer2prayer Posted April 19, 2007 Report Share Posted April 19, 2007 I meant "open" as apposed to "paid" sorry.WHEW...great thank you....now ? still remains can they legally take your $ if they COd? Is there any type of violation in that? Wouldn't they legally have to change the status then with the CRA? (of course they don't do a lot of things they are supposed to, I realize that)...but it they are supposed to legally then that will help to know in trying to dispute or take legal action some how....Again thanks! Link to comment Share on other sites More sharing options...
OnTheMoveAgain Posted April 19, 2007 Report Share Posted April 19, 2007 ....you always want to pay off AMEX....they will never forget that they settled with you....if you EVER want an AMEX again even 15 years from now...this will come up....THEY NEVER FORGET! Link to comment Share on other sites More sharing options...
thomassl Posted April 19, 2007 Report Share Posted April 19, 2007 WHEW...great thank you....now ? still remains can they legally take your $ if they COd? Is there any type of violation in that? Wouldn't they legally have to change the status then with the CRA? Again thanks!If you notice, most CO's are purchased by CA's and JDB's. They will come after you for that amount. Even if you set up payments, the account still appeared as CO. Momof8 is also in one of the states in which any payment resets the SOL. Did they keep the first payment of $375? Does AMEX still own the account and are using their own collection agency? Challenging the CO with the CRA is useless as they can only verify what the OC has. If the OC still owns the account, you need to talk to them. You need to definitely get something in writing if you have to devise a letter yourself. There's no point in going through all of this only to end up with a paid CO on your report for the next 7 yrs. Link to comment Share on other sites More sharing options...
OnTheMoveAgain Posted April 19, 2007 Report Share Posted April 19, 2007 I had a AMEX card with the company...mind you this was in 1995 when I defaulted on the card...I just got another settlement letter. It was only $655...If I pay them all what I owe them, they will give me a Optima card with a 1,000 line of credit...but with a high rate. After a year of good payments, I can get a lower rate or another card of my chosing.good luck! Link to comment Share on other sites More sharing options...
momof8 Posted April 19, 2007 Author Report Share Posted April 19, 2007 To clarify:Listed as charge off with $1078 balance.They applied $375 to the previous $1453 charge off balance. Sent to CA. I DV'd CA and account went right back to AMEX.The $375 was sent towards a settlement I agreed to , not in writing in December of 2006. I hadn't looked into any other options and was CIC-ignorant at the time.Looks like I'm stuck, but I will still try to negotiate the settlement offered for $567 UNLESS you all think I should just try to pay off the entire balance. I won't do that though unless I get an agreement to delete the CO.Do you think I have an ice cube's chance in He**?Jen Link to comment Share on other sites More sharing options...
Recommended Posts