Jump to content

AMEX DEBT PROBLEM


Recommended Posts

Hello everyone,

I have approx $11,000.00 in collections from 3 cards from AMEX. I was told arbitration is the best way to resolve this issue. But I'd rather settle on payment plan or 50% or less. Is this possible? How can I go about settlement with AMEX?

facts:

- i have not been able to make any payments in the last 12 months.

- i tried to settle the debt with them approx 10 months ago but the rep informed me that the debt has been sold to collection agency

- the debt is still showing up from AMEX not any CA on my CR

- i am a california resident.

Any guidance will be greatly appreciated to resolve this.

Thank you

Link to comment
Share on other sites

1 hour ago, motapa99 said:

Is this possible?

With the facts you posted, NO.

1 hour ago, motapa99 said:

How can I go about settlement with AMEX?

If they have sold the debt you can't AMEX is out of the picture.

1 hour ago, motapa99 said:

- the debt is still showing up from AMEX not any CA on my CR

That doesn't mean anything.  Many times a junk debt buyer won't report the debt if they are planning to sue the consumer.  That way they avoid potential counter claims.

1 hour ago, motapa99 said:

- i am a california resident.

Then there is probably 3 years left on the SOL for who ever does have the debt to sue you.

Start by calling AMEX and find out who they sold the debt to.  It is possible it wasn't sold and was in collections and they were telling you that any settlement talks had to go through the CA.  If AMEX does still have the debt you can send them a settlement offer then start negotiating.  They either will or they won't accept.

Link to comment
Share on other sites

  • 1 month later...

Amex normally does not sell any accounts. They will use an outside collection agency to attempt collection and they do tend to be quick to file suits against people. You say you have 3 accounts totaling around $11K. I'd think doing a preemptive arbitration via JAMS might be a good option especially if you can find any violations by the collection agency or reporting issues. Once arb is elected they can't litigate so can avoid lawsuits and it can give you leverage in settlement talks. Who is the collection agency? Did they ever send you any letters of phone calls?

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • 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.