Should I Pay Amex...

[Andy77]

Back in 2001 I had two Amex cards....one I paid in full (65k) and closed

One I did a 14k settlement on and I could only pay about 11k.

In Amex computer system they still show that I owe like 2999.00

I am coming into some money soon and I wanted to know if anyone else had a situation like mine, where you enrtered into a settelement agreement, but later could not pay the entire settlement, so you gave what you could, and then you found out you had a very old balance in their comptuer system, so you paid that ...BUT did you get another card with them?

Or did they blacklist you.

I have a BK that will not fall off for another 5 yrs, but my best friend got his green amex wihen his bk was 8 yrs old. (they were not included in MY bk at all)

So, I don't know if I should pay off the balance as a good faith or not

I know if I do nothing I won't ever get a card with them.

Advice please

[myjourney]

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@Andy77 wrote:

Back in 2001 I had two Amex cards....one I paid in full (65k) and closed

One I did a 14k settlement on and I could only pay about 11k.

In Amex computer system they still show that I owe like 2999.00

I am coming into some money soon and I wanted to know if anyone else had a situation like mine, where you enrtered into a settelement agreement, but later could not pay the entire settlement, so you gave what you could, and then you found out you had a very old balance in their comptuer system, so you paid that ...BUT did you get another card with them?

Or did they blacklist you.

I have a BK that will not fall off for another 5 yrs, but my best friend got his green amex wihen his bk was 8 yrs old. (they were not included in MY bk at all)

So, I don't know if I should pay off the balance as a good faith or not

I know if I do nothing I won't ever get a card with them.

Advice please

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Since you are able to pay I would contact the Oasis program of Amex you can find the number in the backdoor thread.

Once the program is completed you can become a member in good standing again

[Andy77]

Amex told me Oasis is by invitation only.

With that in mind, maybe I can write them a letter and tell them I will pay them in full within, lets say 10 business days, if they let me become a member of the Oasis program

I figure I have nothing to loose by doing that since they can't put anything back onto my credit report as all of this was way too long ago

[myjourney]

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@Andy77 wrote:

Amex told me Oasis is by invitation only.

With that in mind, maybe I can write them a letter and tell them I will pay them in full within, lets say 10 business days, if they let me become a member of the Oasis program

I figure I have nothing to loose by doing that since they can't put anything back onto my credit report as all of this was way too long ago

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Can't hurt to try a good GW 

Question how do you know your balcklisted have you applied?

Reason I ask is that if your blacklisted they won't HP.

Some have had old balances and applied ....approved 

YMMV

[Andy77]

I tried applying years ago and the denial letter stated something about bad history with them or balance owed or something to that effect.

I have a 4 yr old bk now so they probably won't touch me now, but part of me thinks just giving them 3k for nothing is a lot of money and its all for a CHANCE at getting a future card with them.

So, if I were to send a goodwill letter, I am thinking because of my 4 yr old bk, I don't stand a chance...or do I ?

What do you think?

[enharu]

This is entirely up to you.

First and most important you need to consider is whether Amex is worth that 3k to you. Many other banks now offer many products that are extremely competitive, sometimes even better, than Amex's offerings. If you are not going to be able to milk out >3k worth of rewards and/or benefits, then it's not so much worth it. The ethical decision would be of course repay whatever you owe, but that's really up to you. 

People who paid back their bad debt are generally taken off the blacklist, but there is NO guarantee. 

[myjourney]

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@Andy77 wrote:

I tried applying years ago and the denial letter stated something about bad history with them or balance owed or something to that effect.

I have a 4 yr old bk now so they probably won't touch me now, but part of me thinks just giving them 3k for nothing is a lot of money and its all for a CHANCE at getting a future card with them.

So, if I were to send a goodwill letter, I am thinking because of my 4 yr old bk, I don't stand a chance...or do I ?

What do you think?

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I think the GW to EO is a good route to go in this case asking as a former loyal client that fail on hard times but wants a 2nd chance with the greatest lender...Blah blah

Just wants to join Oasis program and settle a old debt for a new Amex start........

[Andy77]

Yes, you are correct, this is about ethics.  

I have decided I will write them a nice letter and just state why I could not pay them in 2001 and now I have the abilty to pay what is in their computer system and what is due and sorry for the delay.  I will include a certified check with the letter.

I figure it can't hurt at the end of the day

[myjourney]

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@Andy77 wrote:

Yes, you are correct, this is about ethics.  

I have decided I will write them a nice letter and just state why I could not pay them in 2001 and now I have the abilty to pay what is in their computer system and what is due and sorry for the delay.  I will include a certified check with the letter.

I figure it can't hurt at the end of the day

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No checks .......ask for the program before sending any money