Jump to content

Negotiating settlement with Amex for a family member; PLEASE help!


Recommended Posts

I have a close relative with about $25k in debt to Amex that she can't pay. She has additional smaller debts with other cards and a large amount of student loan debt because she is now finishing grad school.

The Amex debt is just over 90 days in default. The collectors state that they are working for Amex, but that they are a subcontractor of some kind. So it is Amex's debt but the collectors are a private company designed to help defaulted card members pay/settle.

I have told them that I will pay (myself, not the family member) in return for a release. But I won't pay everything. I have them down to $18k (72% reduction) right now.

(1) How far can go with these people? 40% reduction? 50% reduction? More?

(2) They keep asking for a "hardship letter"? Does anyone with experience on this have advice?

(3) Is there anything that I can do to protect my family member's credit score? What should I ask for?

Link to comment
Share on other sites

  • 2 weeks later...
This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.