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amex cc debt forgiveness?


knowledgesercher
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Hi!!

 

I am trying to sort out my finances (many unsecured debts) and

 

had to call up some dcas to get current balances.

 

The one that looked after amex cc advised that it had been returned to amex and i should call them.

 

I called and they advised that if i was wanting to set up a payment plan they assign to another dca

and I would hear from them by end of week.

 

Today, I received a letter from Amex stating they were willing to accept 40%

and write off the 60% remaining as debt forgiveness?

 

There is a time line to call them back

 

I had not heard of this before and wondered if anyone on the forum could advise and if this is too good to be true?

 

Thanks!

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It is American term, KS... it simply means they will accept a full and final settlement and write off the rest.

 

If you have that in writing and they will confirm for sure they wont assign or attempt to collect on the balance.. and you are able to afford this.. then go for it :)

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you should never be ringing or talking to ANY DCA's on the Phone.

 

WRITING ONLY!

 

if amex are offering a discount

odds on

thereMORE to be had by reclaiming PENALTY fees and or PPI.

 

have you ALL the statements?

 

as for you other debts if your are going to settle those too.

 

I hope you've sent a CCA request FIRST before you cough up any money

and looked at reclaiming on those too?

 

settling a debt does not really do your credit rating any good either..

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Get the charges and insurances reclaimed FIRST. American CC's are well known for adding it all on.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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