@JJ64 wrote:Thanks - I understand that - however every resource I have read indicated that Amex uses outside collection agencies but never sells the debt...
They may or may not have sold the debt (probably not; they're just using incorrect wording), but regardless, you're going to have to negotiate with the CA it looks like. I have no idea if sending checks to the normal payment address would work. I wouldn't risk it personally.
@JJ64 wrote:Hi - I have two Amex charge-offs I am going to pay in full. I would like to maximize my chance of getting an AMEX card again at some point. My understanding was that AMEX doesn't sell their debt to an outside agency, but both have been placed for collection. I have heard of Amex pulling debt back for others who want to pay their charge offs. When I phone AMEX they just point me to the outside agency as the owner of the debt. Should I pay through the outside agency holding the debt or should I write and mail checks to the address on the statement AMEX gave me when the accounts were originally charged off? Will both work?
No, you won't work with AX, you'll have to go through their Collector like they told you. That was correct information. You are also correct in that AX never "sells" their debt but they do in fact use outside Debt Collection Agencies to collect it for them. That's because AX does not have an internal Collections Dept. Also a word of advice as you say one day you want back in with AX. If that is the case Do NOT settle for any less than is owed. Completely PIF otherwise AX will never let you back in. PIF and years down the road they will let you back. Maybe even sooner with one of their programs. But without that it takes years for them to forgive.
Hello. I just finished a debt settlement program, and Amex was my biggest creditor. We settled my accounts with them last. My lawyers had to settle with the lawyers that Amex assigned. Since we settled for less than full, Amex would only accept a lump sum payment for each account. When I logged into my account, the payments had posted. Each card stated that " This account has been settled and no further payment is required." I also received settlement letters that stated as such.
I am currently working on my credit as I want to get an Amex again. I have applied twice and been declined, but each time they did hard inquiries which is good, because it means that I am not blacklisted. Also, the rejection letter does not mention my past accounts at all, unlike Discover. Discover had definitely blacklisted me, as they do not do a hard inquiry, and they do mention my account with them in their reasons for denial, even though the card was settled quite awhile ago.
Hope this helps. Good luck in paying off your debt.
