In an AMEX late PIF problem...

[Anonymous]

Hello:

First information on my Amex:   

  Pay over time balance:  17,000

  PIF Balance:  9000

I'm having I guess what people call here a short term hardship issue with my finances, that has forced me to pay a PIF amount of 9000 with Amex in several installments.

I inquired about their hardship 1 year program, but since they keep reporting PIF lates, it was in my best interest to create my own installment plan that might take me about 3-4 months to complete payment of the 9000 PIF amount, due to the fact that I can't exit out of the hardship program once I'm in it.

Since my account is currently suspended and can't make any purchases against the card (I'm already past due by 40 days) I should only be seeing finance charges and minimum amounts for the extended pay over time amount as the only new transactions on my account, along with the "installment" payments I'm making for the 9000 PIF I'm paying down.

My questions are:

1) Can anyone recommend a better way to pay down the 9000 to lessen the impact of lates on my CR?  Are there any other Amex programs available here in my situation aside from the 1 year hardshop one that the frontline CSR stated that will impact my CR less?

2) I'm assuming that as I make installment payments part of that will be for the pay over time amount, is this correct?

3) This is my first time ever paying late to Amex since I've had the card in 96.   As the lates start rolling in and showing up on my CR, is their a good chance I can possibly write/call Amex with a GW letter to have them taken off?  At what point after I pay down the 9000 PIF should I start attempting this removal request?

Thanks,

Amado

[PrimeRate]

Do you have any backup cards that may have balance transfer offers? That would've been my first thought before allowing the account to go late. Tell us a little more about your profile so we can better assist. Thanks.

[ojefferyo]

---

@Anonymous wrote:

Hello:

First information on my Amex:   

  Pay over time balance:  17,000

  PIF Balance:  9000

I'm having I guess what people call here a short term hardship issue with my finances, that has forced me to pay a PIF amount of 9000 with Amex in several installments.

I inquired about their hardship 1 year program, but since they keep reporting PIF lates, it was in my best interest to create my own installment plan that might take me about 3-4 months to complete payment of the 9000 PIF amount, due to the fact that I can't exit out of the hardship program once I'm in it.

Since my account is currently suspended and can't make any purchases against the card (I'm already past due by 40 days) I should only be seeing finance charges and minimum amounts for the extended pay over time amount as the only new transactions on my account, along with the "installment" payments I'm making for the 9000 PIF I'm paying down.

My questions are:

1) Can anyone recommend a better way to pay down the 9000 to lessen the impact of lates on my CR?  Are there any other Amex programs available here in my situation aside from the 1 year hardshop one that the frontline CSR stated that will impact my CR less?

2) I'm assuming that as I make installment payments part of that will be for the pay over time amount, is this correct?

3) This is my first time ever paying late to Amex since I've had the card in 96.   As the lates start rolling in and showing up on my CR, is their a good chance I can possibly write/call Amex with a GW letter to have them taken off?  At what point after I pay down the 9000 PIF should I start attempting this removal request?

Thanks,

Amado

---

Unfortunately they will not remove the lates as it is being reported correctly. You can try to call/write and see if they are willing to do a one time thing but chances are pretty slim.

[myjourney]

Ask them if you can join the oasis program 

YMMV but in most cases it will open 2 doors for you 

1) being able to get another card once debt is paid off usually as soon as a month or two

2) they've been known to erase any bad marks given during this time ....as always this is the big YMMV 

Edit to add 

AmEx Oasis Program: 888-232-3261

[ddemari]

---

@myjourney wrote:

Ask them if you can join the oasis program 

YMMV but in most cases it will open 2 doors for you 

1) being able to get another card once debt is paid off usually as soon as a month or two

2) they've been known to erase any bad marks given during this time ....as always this is the big YMMV 

Edit to add 

AmEx Oasis Program: 888-232-3261

---

Op- I am sorry for your situation. i would definitely do what myjourney is suggesting. 

[ojefferyo]

I though the oasis program you had to be "invited"

[myjourney]

---

@ojefferyo wrote:

I though the oasis program you had to be "invited"

---

Some have been lucky to call and their request be honored because they have the power of the knowledge of knowing of the program 

But yes in most cases its by invite 

[Anonymous]

I'm sorry you are having a difficult time. Is doing a BT an option for you if you can't get into the Oasis program? Best of luck!!!

[UncleB]

To the OP... years ago I got experience with being late with a PIF balance on Amex, so I have some real-world experience.

First of all, do not mention 'Oasis' yet... that's for folks that are much, much worse off than you are.  You're currently only 40 days past due, and that can be rehabilitated.  Oasis is for folks that have closed accounts/charge offs, and want to 'do the right thing' and pay their old account.  You're account isn't closed, so it's too early.

Second, you will be charged finance charges - even on the 'PIF' portion - that you owe, and it won't be cheap.  If you want the exact rate, it is in the fine print of the paperwork that came with your card, or possibly in the fine print on a bill.

Third, if you can get the PIF portion paid back within 90 days most likely they'll reinstate your account (they did mine, but it was years ago).  I don't know if 90 days is a 'cutoff' or not; you might want to ask them when you call (you're in communication with them, right?)  It would be a shame to miss this by a few days because you were unaware.

Finally, stay in contact with them!  In my experience, they never even reported me as late to the credit bureaus as long as I was paying down what I owed, but this might have changed - it's been 'a few' years.  Even if you have been reported as late, having a 30-day late is the least of your worries right now... just be concerned with keeping the account alive and it not being closed and sent to collections.  It's easy to bounce-back from a 30-day late; it's much harder once the account is closed-by-issuer and you're in collections.

My recommendations assume you'll be able to pay the PIF amount in 3-4 months like your OP stated.  If this isn't right (or doesn't work out) don't panic, just keep in touch with them.  I found them to be exceptionally easy to work with, and I was quite pleased when I finally got my bill paid in full when the CSR told me I could begin using my card again... I was truly not expecting that.

Good luck, and keep us posted!

[Anonymous]

Hello thanks for replying, I'm definitely in communication with them, and have a payment plan agreed with them on a monthly basis, with them calling me back once a month so I can then tell them what I can pay in the coming month and then scheduling those payments.   I figure if I keep paying down on a constant basis, this is positive.  I'm thinking the 3-4 month time period would be my target to rid myself of the PIF balance.

Thanks,

Amado