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CareOne Said They Could Not Help Me With My Amex Debt. – Chris

“Dear Damon,

Credit Card debt accumulated, fast and i couldnt keep up. Felt helpless with the other bills so I put my resources to living expenses and car payments. Amex and BOA fell far behind and I just felt overwhelmed with the numbers.

Now Amex has filed suit against me in Michigan. I owe between all debts $10,046. Amex is $4800 BOA is $4200.

Amex doesnt work with Care One for a DMP. I make @ $45K a year, my monthly bills with food housing and car/ins is @ $1500 which leaves me around $800 a month to work with after taxes. I have $30K in student loans in deferment right now, when i start paying that it will be another chunk of my $800

I can afford a DMP, but would a DSP be easier to manage with all my creditors (mainly BOA and AMEX)?

My credit is already scarred deeply and will take perseverance to recover.

Will working with a DSP or DMP will I still have to file a settlement in court with Amex since they already filed suit?

Oh boy am I confused right now. Thank You,

Any other info you think i might need to read about please let me know!

Thanks again.

Chris”

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The Answer

Hello Chris,

How far behind were you on the Amex and B of A cards?

Do you currently have any money saved that you could use to negotiate with Amex? What is the status of the B of A account? Have they made any recent settlement offers? I wonder why Amex won’t work with CareOne? I just had a client send me a DMP contract with InCharge to review and it appears they can work with Amex. It may likely be because it has already progressed to a lawsuit and it is too far behind for them to pick it up. That may have been what they were alluding to.

The key to settling these two accounts is going to come down to your ability to raise the funds.

Please answer the above questions and we can see if we can put together a game plan for you real quick before you are in default on the lawsuit.

CareOne Said They Could Not Help Me With My Amex Debt.   ChrisCareOne Said They Could Not Help Me With My Amex Debt.   ChrisDamon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com

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Damon Day
Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at DamonDay.com
  • Damon Day

    No, the act of enrolling into a Debt Settlement Program (DSP)  Will not stop the court case from going forward.  However, you or a negotiator could potentially reach a term settlement that would likely include some sort of stipulated judgment on the Amex account.  Whether or not Care One can do that at this stage, I do not know, but I certainly wouldn’t enroll into their settlement plan, unless they were confident they could likely get some agreement in place with the amex attorney.

    Keep in mind, that I am not an attorney so I cannot give you legal advice. 

    If it was me, given your circumstances, I would call the amex attorney tomorrow and see if they are open to working something out.  You have nothing to lose at this point.  Let him know you are meeting with a BK attorney on Monday, but you would rather work something out if it is possible.

    Then of course, meet with the BK attorney on Monday to make sure you fully understand that option.

    Then the next move is going to depend on what the amex attorney and your Bankruptcy attorney say.

  • Duco84

    Im far behind, about a year and a half, on both.  No, unfortunately I have no money saved.  No settlement offers, just collection letters till the summons.  I just got off the phone with Care One, they said they can work with AMEX BoA and my other creditors, will committing to a DSP or DMP put wage garnishments and court proceedings at bay?  Credit One said they could do a DSP for a little over $225/mnth.  I have appts set up with a couple attorneys on monday to discuss if i qualify for Chapter 7 and as another option.

    Do you have any suggestions for DSP organizations (is InCharge more reputable?)…Ive heard to make sure the organization is on IRSs’ list and that they are a non-profit, is this true?

    I dont have any assets beside my Car (bank loan) with a Kbb value of $7500 owe $4K.

    Do you have any suggestions on the most painless route, or most responsible? Im sick of thinking this is my character when I know it was just part of my past.

    Im trying to organize a plan before my court day with amex (10days), if its possible…

    Thank you Damon.

  • Duco84

     Im far behind, about a year and a half, on both.  No, unfortunately I have no money saved.  No settlement offers, just collection letters till the summons.  I just got off the phone with Care One, they said they can work with AMEX BoA and my other creditors, will committing to a DSP or DMP put wage garnishments and court proceedings at bay?  Credit One said they could do a DSP for a little over $225/mnth.  I have appts set up with a couple attorneys on monday to discuss if i qualify for Chapter 7 and as another option.

    Do you have any suggestions for DSP organizations (is InCharge more reputable?)…Ive heard to make sure the organization is on IRSs’ list and that they are a non-profit, is this true?

    I dont have any assets beside my Car (bank loan) with a Kbb value of $7500 owe $4K.

    Do you have any suggestions on the most painless route, or most responsible? Im sick of thinking this is my character when I know it was just part of my past.

    Im trying to organize a plan before my court day with amex (10days), if its possible…

    Thank you Damon.

    • http://DamonDay.com Damon Day

       No, the act of enrolling into a Debt Settlement Program (DSP)  Will not stop the court case from going forward.  However, you or a negotiator could potentially reach a term settlement that would likely include some sort of stipulated judgment on the Amex account.  Whether or not Care One can do that at this stage, I do not know, but I certainly wouldn’t enroll into their settlement plan, unless they were confident they could likely get some agreement in place with the amex attorney.

      Keep in mind, that I am not an attorney so I cannot give you legal advice. 

      If it was me, given your circumstances, I would call the amex attorney tomorrow and see if they are open to working something out.  You have nothing to lose at this point.  Let him know you are meeting with a BK attorney on Monday, but you would rather work something out if it is possible.

      Then of course, meet with the BK attorney on Monday to make sure you fully understand that option.

      Then the next move is going to depend on what the amex attorney and your Bankruptcy attorney say.  

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