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offer from AMEX


hard_times
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3 years ago I was laid off and was unable to find work. I went through my savings to survive and it was tough. I was finding some freelance work from time to time but eventually I had to default my credit cards last year.

I received an offer from AMEX recently but I am laid off at the moment and barely keeping afloat with the rent and basic living expenses. There's no way I can accept any offer but I do hope to make a settlement offer in the future when I have the funds.

How does Amex usually work? We are talking over $20,000 defaulted on this card. Do they usually make a few offers over the years and then sell of the debt? Do they usually sue? Should I contact them and make them aware of my situation and ask them to be patient? If I do ask for more time does that reset the SOL?

Thanks for any advice.

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3 years ago I was laid off and was unable to find work. I went through my savings to survive and it was tough. I was finding some freelance work from time to time but eventually I had to default my credit cards last year.

I received an offer from AMEX recently but I am laid off at the moment and barely keeping afloat with the rent and basic living expenses. There's no way I can accept any offer but I do hope to make a settlement offer in the future when I have the funds.

How does Amex usually work? We are talking over $20,000 defaulted on this card. Do they usually make a few offers over the years and then sell of the debt? Do they usually sue? Should I contact them and make them aware of my situation and ask them to be patient? If I do ask for more time does that reset the SOL?

Thanks for any advice.

If you owe them 20 grand or more I would be willing to bet that they will sue. I would contact them if it was me, and see what they are willing to work out with you. I can tell you from experience with other bills/CC's I have had that if you do nothing it can make things a lot worst. I have never had an Amex card so I do not know exactly what they will do. It can't hurt to call Amex and tell them your sit and ask, It is not like you will be put to death or anything, although I am sure they can make you wish you were dead..LOL.. They are the OC so it is not like you are calling one of those a-hole collection agencys.

See if they can make payment arrangements till you get on your feet again and if they do get a signed agreement.

Hope this advise helps ya out...GL :)

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Word of warning, if it is an "OASIS" offer, then they are going to put that balance on the new card. People with much smaller balances often view this as a good thing for a second chance, but in your case I don't think it would be so great, but you'll have to decide for yourself.

You can search amex oasis here for a lot more info.

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Word of warning, if it is an "OASIS" offer, then they are going to put that balance on the new card. People with much smaller balances often view this as a good thing for a second chance, but in your case I don't think it would be so great, but you'll have to decide for yourself.

You can search amex oasis here for a lot more info.

Just to clarify, with oasis there is no new card until you pay off the old balance. Until you have a $0 balance, they don't even send you the "application" for the new card.

Also, if can accept the oasis offer, but miss a payment or stop communication, they will send the account back out for collection again at which point the oasis offer becomes invalid.

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