Amex Blacklist Data Points

[BlueMystic]

DATA POINTS

CHARGE OFF OR BK: charge off

LENGTH OF TIME SINCE DEFAULT: 28 years (~1990 or so)

AMOUNT OWED: $6,500

PAID OFF DEBT: YES (in 2013)

SETTLED DEBT AMOUNT: no (paid full defaulted amount)

AUTHORIZED USER: NO

APP APPROVED: YES (in 2018)

REASON FOR DENIAL: n/a

RECEIVED OPTIMA OASIS: no

TIME FROM OPTIMA CARD TO MAINSTREAM CARD: n/a

[Anonymous]

DATA POINTS (please answer these questions)

CHARGE OFF OR BK: CO

LENGTH OF TIME SINCE DEFAULT: 2 years

AMOUNT OWED: $1500

PAID OFF DEBT: yes

SETTLED DEBT AMOUNT: PIF, payment plan

AUTHORIZED USER: no

APP APPROVED: no

REASON FOR DENIAL: "currently or have been enrolled in the past 12 months in a payment plan on one or more of your American Express accounts" - I paid off my account in March 2018 after being in a payment plan. 

RECEIVED OPTIMA OASIS: No, never offered

TIME FROM OPTIMA CARD TO MAINSTREAM CARD: N/A

[Anonymous]

i am trying to negoiate 49K worth of amex biz card debt any pointers?  and also did they send you a 1099?

[Anonymous]

I settled 3 Amex accounts worth $56,000 for around $15,000. But that was about 9 years ago. And they let me back in years later. Currently have Amex Blue with $45,000 CL.

[Anonymous]

Did they send you a 1099 for all the debt the wrote off?

[Anonymous]

Of course they 1099 the difference. It's the law.

[Anonymous]

Mine are biz cards and the biz. Closed. So I am hoping they 1099 the biz not me personally

[CreditCuriosity]

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@Anonymous wrote:
Mine are biz cards and the biz. Closed. So I am hoping they 1099 the biz not me personally

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It still personal guranteed,  So if you negotiate the 49k down to say 25k you will see a 1099 I would think

[Anonymous]

One of the cards I settled was a business card and I got a 1099.

[sjt]

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@Anonymous wrote:

i am trying to negoiate 49K worth of amex biz card debt any pointers?  and also did they send you a 1099?

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You will receive a 1099 for the amount Amex "forgave" ie canceled debt. 

You should talk to a tax professional regarding the canceled debt. If you were insolvent (negative net worth) the canceled debt can be offset by the amount of insolvency.
https://www.irs.gov/newsroom/what-if-i-am-insolvent