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I have couple of AMEX cards total debt less then $12,000 which I believe they have charged-off.
I was unable to pay since 2014, I had no money and Amex has "cease and desist" on my account.
I tried to settle the debt recently and they are offering 65% settlement terms but will show it on my report as "Settled"
Id rather have PAID IN FULL or PAY FOR DELETE
Has anyone had any success with AMEX regarding this? AMEX are the only negative entries on my report and really affecting my score.
Any advice/feedback will be greatly appreciated.
Any advice/feedback will be greatly appreciated.
ANYONE?
No one has replied. So apparently its not just people at work
am i posting this in the right category?
I don't have any experience with AMEX but I've read here on the Rebuilding forum that PFDs generally aren't successful with OCs. (PFDs are most successful with CAs.) I guess it's worth a shot though - write one hell of a letter proposing a PFD.
Also, if you settle I don't think they are permitted to report as "Paid in full" as it isn't accurate - instead they can report as just "Paid."
To my knowledge AMEX does not PFD. If they settle or you pay in full they are good at re-establishing you again.
The only thing you can do is ask them. But the sooner you get it over with, the better. Pay it and start the clock. I mean, worse case scenario is it's off in 7 years. So if they don't do PFD, or PIF, settle for 65% seems like a decent deal. And in 7 years it's off. Each year the impact will be less and less. One thing I've been learning is sometimes credit building is very slow. For me at least. Just do the best things you can do to build points over time.