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AMEX Settlement letter / What do you think so far?


INTHERED
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I'm almost done I just want some suggestions on what else to include or leave out. Just basically want to run it by you folks before I go all in.

Dear American Express

It has been a pleasure working with you & I thank you for working with me on this. As you are aware, over a year ago I suffered a few setbacks that severely impacted me financially. To the effect that it has led this account to being in state that is in. Unfortunately it has left me with little resources to satisfy this account.

Going forward, I feel obligated to your company and want to make an effort to pay off this balance, with the following terms:

All collection activity is ceased. It is my personal policy to never conduct business with any collection agencies, or law firms representing American Express. I will only make payment to the original creditor American Express.

Upon receipt of entire balance paid in full

All negative trade line information regarding said account is removed with all three major credit bureaus; Experian, Equifax, and Transunion. specifically charge off listing, late payment history. and account is updated to paid as agreed

Upon receipt of this acknowledged agreement, I will begin to make regular monthly payments no less than 10% of the total balance. As my financial situation permits, I will occasionally make larger payments with the ultimate goal of paying off the entire balance as soon as possible and regaining American Express card membership.

If these terms are acceptable to your company, please sign below and return a copy to me.

Read, Approved and Accepted by:________________ Date:_____

Sincerely

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They may or may not except a financial settlement but, they won't agree to remove derogatory info from your credit reports.

How much do you owe them?

One other thing to consider. If you don't each an agreement, and they sue, this letter will likely seal the deal as you admit the account is yours.

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Good point. I was under the impression that if you pay in full they will give you another card and remove all negative info from the paid account and close it as paid as agreed.

You need to be offered that. It's not automatic.

What communication have you received from them?

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  • 4 weeks later...
  • 4 weeks later...

Offer them $1000, payable in 8 installments of 125. Ask them to mark your credit report as "paying as agreed" and "current" for those 8.

Address the letter to AMex's CEO. Send it Priority Mail with delivery confirmation.

If there have noticed charges on your statement in the last 60 days that seem suspicious, think about disputing them under the FCBA. Send the dispute letter to Amex at the correspondence addy listed on your monthly sttaement. They cannot charge you for the suspicious charges while they investigate and they can't sue you then, either.

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