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Old Bad Amex Debt


just_tired
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I have an old Amex Credit card debt, last paid 2007. Amount owed around 13,000. They are still sending me settlement letters for 50-70%.

The cutoff for bad debt recovery in Connecticut is 6 Years, which I am very close to. I know if I contact them the clock resets on this.

I would like to settle this once and for all, but should I call them and offer a settlement amount? Or just wait for the debt to expire?

If I call to settle the debt what amount would be workable? I have heard of them settling for 1,000-1,500 on similar debt amounts, is this still the case?

Thanks!

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Thank you for the input, what kind of lawyer would I look for, and any idea what they would charge to negotiate? I'm on a tight budget and need to plan ahead.

Is there any risk AMEX will try and sue just before the SOL runs up? I don't have much in the way of assets or income so I guess it would not be the end of the world..

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AMEX is [probably] sitting on the side line.

AMEX hardly sells debt/accounts to JDB , it may be waiting to see if your finances improve. If you've checked credit reports you'll see AMEX reviews almost on monthly basis.

The reason you've been getting statements is b/c law requires them to issue statements when creditor charges interest and fees on an account.

If I were you I wouldn't rock the boat until SOL is passed, but that's just me.

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IF ARBITRATION IS CHOSEN BY ANY PARTY

WITH RESPECT TO A CLAIM, NEITHER YOU

NOR WE WILL HAVE THE RIGHT TO LITIGATE

THAT CLAIM IN COURT OR HAVE A JURY

TRIAL ON THAT CLAIM. FURTHER, YOU AND

WE WILL NOT HAVE THE RIGHT TO

PARTICIPATE IN A REPRESENTATIVE

CAPACITY OR AS A MEMBER OF ANY CLASS

OF CLAIMANTS PERTAINING TO ANY CLAIM

SUBJECT TO ARBITRATION. EXCEPT AS SET

FORTH BELOW, THE ARBITRATOR’S

DECISION WILL BE FINAL AND BINDING.

NOTE THAT OTHER RIGHTS THAT YOU OR

WE WOULD HAVE IF YOU WENT TO COURT

ALSO MAY NOT BE AVAILABLE IN

ARBITRATION

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With that in mind, they HAVE to file in arbitration, so that will cost them a fortune, a lot more than they can get.

I just recieved my Fingerhut account, it got a similar provision, but with a 30 day notice to OPT OUT, I did send them a cmrr letter with a put me in your internal do not call list, and opted out of arbitration, so if they call me I can sue them in Federal.

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