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AMEX Business Card Settlement?


Flippy
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Need a little advice on this. We have a American Express Blue for Business card that my wife opened back in 2000 to be used for a small online business she was doing. Within 2 years, she stopped the business and we have been paying on this card ever since.

I called AMEX today and asked to talk about a settlement. The rep on the phone made it sound like we can't settle this card because it's a business account. I guess I am not sure how this card is much different than any other credit card. It was opened with my wife's SS# and not some sort of a business ID. The card hasn't been used in years. The only thing we have done is continued to make monthly payments on it.

So, is a settlement on a business cc and different than on a personal cc?

Is AMEX any harder to deal with in regards to settlement than the majority of the other credit card companies?

Thanks for any info.

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I am not sure if business vs. personal is different but I think Am Ex is sure different than any other cc company we have dealt with on personal accts. All the others have at least been more patient and offered payment plans etc.- Am Ex told us that there was no way they would give us a settlement or a repayment plan - pay in full was the only option - they closed our acct. and charged us off to a CA imemedialty when we came 90 days past due. From what I have been told they are the hardest to deal with. Good luck

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In our situation we had 25k with am ex - we had the acct for several years -were good customers- paid the balance off every month for most of that time. Then my hubbie had a company that went down the tubes - we fell behind on this acct. and others - long story short we are about to file for BK7 - we just got to a point that nothing else could save us with a total of 140K in unsecured debt. We were told that a BK would actually HELP our credit score!

But as far as Am Ex goes - they were the worst to deal with. After years of paying in full and on time like I said as soon as we were 90days late they charged us off. We have heard from the CA only a couple of times so I don't know much to say about that. We'll be filing within a week or so. But back to Am Ex - after we were 30-60 days late we tried to work out a repayment plan with a lower interest rate (they jacked that way up as soon as we missed one payment) - we offered to pay something - less than the minumum but just to show we were trying - they told us not to bother that if we could not pay all of the current due as well as the past due with all the late fees etc. I know after a BK they will never touch us again but that is OK with me!

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But aren't you still making payments? And are you current on the account?

You need to become delinquent before talking settlement with a cc company. Why would they make a deal with you on something your current on?

The account is not current, we are 99 days past due on it.

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