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Amex is Refusing My Settlement Offer. What Now? – Jenie

“Dear Steve,

Amex balance of $15,000. Originally, my monthly payments were $400 and then out of nowhere, they closed my account, but funny how my statements always reflected “open spending account”. A few months later, they raised my interest rate. I stopped paying because the payment was too high.

I have been summoned, and called their attorney last week, and they will not give me more than 30 months, making my payment even more than what is was ($500). Is this legal? and should I be consulting an attorney to handle this for me?

I am trying to settle my $15,000 debt, but my creditor (AMEX) will not give me more than 30 months to pay. This is a problem. Is this fair and do I have a choice? Thank you for taking your time to help me :)

Jenie”

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The Answer

Amex is Refusing My Settlement Offer. What Now?   Jenie

Dear Jenie,

There is no reason why Amex should give you even 30 months to repay the debt. The American Express cardholder agreements I’ve seen often say the account balance needs to paid in full by the due date. Some accounts made allowances for payments.

In fact the cardholder agreement is specifically what you need to look at to determine if Amex is doing anything you did not agree to.

If you defaulted on your cardholder agreement, American Express is certainly entitled to use the law to sue you to collect. You are free to use the law to protect you from suit and deal with the debt. In your case you would need to seek the protection offered by bankruptcy to stop the suit. You can click here to find a local bankruptcy attorney and talk to them for free.

No creditor is required to accept any settlement. Any settlement must be negotiated with the creditor and both you and American Express need to come to a mutual agreement for a settlement to be reached.

You might want to read How to Settle American Express Credit Card Debt for some additional tips.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Amex is Refusing My Settlement Offer. What Now?   Jenie
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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