NCO is Offering Me a Settlement On My Amex Card. Is It a Good Deal? – Wayne

“I am a self employed contractor in 2008 things went south . I owed amex approximately $32,000 have payed it down to $1608.94 with some interruptions . I was turned over to NCO Financial and have been making aggred upon payment for about 10 months.

NCO called and offered a settlement for $5,000 out of the blue it sounds like a good deal but since i’ve been making the payment I don’t understand why and will they come after me for the bal later


Hi Wayne,

I am assuming the 1608.94 is a typo and the actual amount still owed on the American Express credit card debt is around 16000.00.

A 5k settlement offer is very fair assuming the 16k balance. If you were to accept the offer you would first need to see it clearly spelled out in writing on NCO letter head with the reference to AMEX and the original account number and with terms clearly spelled out.

I have a few questions before I can fully respond.

When did you first fall behind with your regular payments to AMEX?

When was the account placed with NCO?

When to you begin payments to NCO and in what amount?

Have your payments to NCO been consistent each month?

Please respond to these questions in the comment section below and I may be able to better assist you.


Michael Bovee is an experienced debt expert who helps answer questions on the GetOutOfDebt.org site. He specializes in helping people with debt settlement through education and assistance. He can be reached at the Consumer Recovery Network.

Michael is an experienced debt expert and can be found online at Consumer Recovery Network.
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