Old AMEX account - how should I handle this?

[Anonymous]

I have an on AMEX chargeoff  ($3800) that's still being held by AMEX. It's past the SOL but still shows on my CR at this point.

They sent me an offer to settle for 60% of the balance. AMEX has also offered a payment plan for the settled amount.

I don't really see a huge advantage to paying the full amount at this point so I think I'm going for the settlement.

1) If I pay the settlement amount could they reset the SOL and sue me for the remainder?

2) If I go for the payment plan, could they also reset the SOL and try and sure me?

3) Any other suggestions/input on how to handle this?

They sold the account to a CA but the only helf it for a few months as AMEX has taken possesion of it again. Their letters seem pretty sincere that the want to handle this the right way but I'm just not sure.

[tray]

Have you heard about the Oasis Program that Amex offers, I would look up other people threads about this program on this forum, I do not know if you have the money to pay in full, or if it is only by invitation by AMEX, but this program helps people get back an AMEX account if you are interested in getting back into good spirits with AMEX, I would inquire about this since you say AMEX took back the account again.  Good Luck in whatever you decide to do.

[Anonymous]

---

@Anonymous wrote:

I have an on AMEX chargeoff  ($3800) that's still being held by AMEX. It's past the SOL but still shows on my CR at this point.

They sent me an offer to settle for 60% of the balance. AMEX has also offered a payment plan for the settled amount.

I don't really see a huge advantage to paying the full amount at this point so I think I'm going for the settlement.

1) If I pay the settlement amount could they reset the SOL and sue me for the remainder?

2) If I go for the payment plan, could they also reset the SOL and try and sure me?

3) Any other suggestions/input on how to handle this?

They sold the account to a CA but the only helf it for a few months as AMEX has taken possesion of it again. Their letters seem pretty sincere that the want to handle this the right way but I'm just not sure.

---

If you are willing to pay the full amount, AmEx will let you, at one point or another, obtain another AmEx card.

If you accept a settlement for less than the full amount, AmEx will not let you obtain another AmEx card in the future.

It all boils down to whether or not you can live without AmEx for the next several decades.  If you are willing to pay the entire amount, call the number on your collections notice and tell them you are interested in Oasis and would consider paying the full balance if allowed into this program.  Once you pay, they will issue you a new AmEx Optima card with a limit of approximately half what your old debt was.