Amex Suing me

[Anonymous]

Hi, guess you found out the hardway of debt settlement company being waste of time and money.  

Settling yourself with Amex lawyers goes like this: 

You: " Let's settle for less"

Amex lawyer:  " We'll knock off $50 for inconvenience and no interest if pay in full now"

The end.  

Your other option is to hire a lawyer to negotiate for you.  Will cost you $1k -$$1500 upfront.  Lawyer will advise you they won't guarantee anything, but usually will settle for 50-60% paid at once.  If you do payments, expect it to be 80%.    

[Red1Blue]

With Amex you can setup installment plan. They will give you upto 24  to 36 months to pay it off. If you settle for less than full amount they might not give Optima card. If you get Optima Card after 12 months and you'll be able to get back in with Amex. It is some thing to think about it to make it easier for your self. From my experience Amex is very easy to work with in the settlement and repaymets.

[Anonymous]

Hey @maliblue34
Read my post on my profile. I basically went through the same thing you did but slightly different. In my experience and the extensive reading I’ve done try to work with Amex as much as you can. If you can afford the 1100 and 300 monthly then do it. Do more if you can. If you can’t be upfront about it. The more respect you show Amex the more respect they show you. And always PIF. but yes ask them about reinstatement. Dm me or write back with any questions. Platinum member since 2015 up until 03-04/21. Currently going through reinstatement process.

[Anonymous]

And on wether you should accept or not. I think you should. Especially if they offer some type of reinstatement. They don’t just say that stuff to get ya to pay up. I’ve heard the craziest stories of accounts/cards being reinstated.

[Anonymous]

Also, if you file bankruptcy on Amex. They’ll blacklist you. Most other creditors don’t have a blacklist or a memory like Amex.