Did you do a settlement with Amex on CC debt?

amother

OP ↓

Yesterday at 11:12 pm

I'm looking for info regarding potentially doing a settlement on credit card debt - AMEX. I am unable to afford the minimum payments and they dont want to give me a lower APR even though I skipped payments. Other credit card companies seem to be easier to work with in terms of renegotiating the payment plan.

Does anyone have experience dealing with American Express on either getting them to agree to a better payment plan or a settlement?

Also if someone knows exactly how a settlement works and doesnt mind explaining it would be highly appreciated. I know it will ruin my credit but for the forseeable future I am ok with it.

Thanks!!

amother

Burgundy ↓

Yesterday at 11:32 pm

amother OP wrote:

If youre OK ruining your credit. Close the card. And don't pay. After a few years they will give you a really low settlement.

While you're doing that... May as well rack up a few more cards.
Ask me how I know..

But don't ever expect to be able to carry an Amex card again.

Hashem should send you parnassah beshefa fast!

amother

↑ OP

Yesterday at 11:39 pm

amother Burgundy wrote:

Thanks. I think they closed the card already. I only skipped a few payments and they said they're opening a lawsuit. Does that make sense?

I dont need an Amex card again!

amother

↑ Burgundy

Yesterday at 11:54 pm

amother OP wrote:

Thanks. I think they closed the card already. I only skipped a few payments and they said they're opening a lawsuit. Does that make sense?

I dont need an Amex card again!

I can only tell you my experience.
Sadly my husband had a gambling addiction and maxed out a few credit cards. He closed them. He didn't pay a cent. He ignored every phone call and every piece if mail. And now I think it's 3 years later and they sent a settlement for dirt cheap.
Good luck!