topic Re: PFD on Amex account currently with Law firm in Rebuilding Your Credit

PFD on Amex account currently with Law firm

trboda92 — Mon, 02 Jun 2014 17:37:52 GMT

I have a question about how to position a PFD or even how to proceed.

I had two accounts with Amex one I owed 13k and settled for 4k last year. Unfortunatly I wasnt part of this great community yet to know what a PFD was. They updated the account to settled for lower then amount or somthing like that and it now shows 0 bal. I have a second Amex that I owe $1400 and I have been in talks with them to settle it. This account has been tossed from one lawfirm to another.. The current law firm I spoke to in december and told them I could possibly borrow $500 and we can settle it. They cambe back with a $750 settlement roughly 50%. I told them I couldnt do $750 and offered another $50 tottaling my offer to $550 and they still wouldnt budge.. I kinda sorta told them that I had a previous account that was at 13k and I settled with Amex for 4K so I dont see why they arent willing to take $550. The lady just told me that Amex didnt approve $550. I just left it alone...

I now am a member of this great community and its been 6 months and Im wondering how to get a PFD out of them. I called Amex directly and they wond talk to me and reffered me to the Lawfirm. On my credit report only Amex shows and a Bal of 1400 it doesnt show an outside agency at all. Being that I have sorta kinda admitted the debt and they have recordings etc going thru negotiations what would be the best course of action to get a PFD with them. I have the $ to PIF but I do not want to mention this and then they hold me to it since all iv'e ever offered is $550. FYI also I am still within the SOL untill Jan 2015. And amex did sue me in the past I avoided the jedment by telling the judge I would pay $50 amonth which I did for like 4 months untill Amex removed the account from the lawfirl I was paying and transfered the file to another one and I didnt know where to make payments.. this was almost like 1.5 years ago. This account is just in limbo at this point. The current lawfirm sucks they havent sent me a letter to collect and they havent called me and it been 6 months since I spoke to them and offered them $550. This account is due to fall off my credit in Mach 2016 or so.

Please help on what I should do.. I appreciate all your input and help. I dont want to make another mistake to just pay them like i did with the other card. That 4k hurts me till this day knowing I basically paid it for NOTHING since it didnt get deleted.

Re: PFD on Amex account currently with Law firm

Shogun — Mon, 02 Jun 2014 18:01:23 GMT

You did pretty good on the first one in my opinion. Getting AMEX to do a PFD would be the equivilant of hitting the lottery. They just don't do them. I'd be saving the money to deal with the law firm. You are still within SOL and could get taken to court at any time.

Re: PFD on Amex account currently with Law firm

wa3more — Mon, 02 Jun 2014 21:40:01 GMT

Read your Amex card account agreement. It states you have the right to arbitration with JAMS probably.

If so, send them a certified letter saying you elect JAMS arbitration. That will prevent the filing of a suit and leverage a better settlement.

Amex hates arbitration. This is how i handled an Amex account.

Re: PFD on Amex account currently with Law firm

trboda92 — Mon, 02 Jun 2014 22:06:52 GMT

@Shogun wrote:
You did pretty good on the first one in my opinion. Getting AMEX to do a PFD would be the equivilant of hitting the lottery. They just don't do them. I'd be saving the money to deal with the law firm. You are still within SOL and could get taken to court at any time.

I was hoping not to get this kind of response since I have been playing the lottery with no luck LOL.. jk thanks for your input

Re: PFD on Amex account currently with Law firm

trboda92 — Mon, 02 Jun 2014 22:10:25 GMT

@wa3more wrote:
Read your Amex card account agreement. It states you have the right to arbitration with JAMS probably.

If so, send them a certified letter saying you elect JAMS arbitration. That will prevent the filing of a suit and leverage a better settlement.

Amex hates arbitration. This is how i handled an Amex account.

This is why I love this place, just when you think you have no way out someone gives you some great info. Thanks wa3more.

Do I send the certified letter to the Lawfirm? I also have to do some reaserch on Jams as I havent heard of it. Were you able to get them to delete something by this method.. Curious at what you were successful on going this route if you dont mind sharing.

Re: PFD on Amex account currently with Law firm

wa3more — Tue, 03 Jun 2014 00:32:33 GMT

Send the letter to the law firm. Just keep it short and say you elect private contractual arbitration with JAMS to settle your dispute.

I can't talk about my case due to an NDA I signed but it turn out well for me.

Amex just hates JAMS. JAMS is very expensive for creditors.Research and google JAMS.