Signed up almost 3 yrs ago with Legal Helpers Debt Resolution. Almost at the end of 3 yr contract. Started with 5 CC accounts. Now only 2 left. LHDR negotiated 3 (2 to go).
I still have 2 CC debts to settle. One is for 13K (they have not been agressive and have not taken any legal steps to sue. But Am Ex is 26K after aggressively getting a judgement against me.
Just wondering if you think AmEx will settle for a percentage of my debt? 20, 30, 50 percent or ? Will they negotiate, or are they very hard nosed about it?
Wish I had known I could have settled these debts without LHDR, but they have settled 3 of 5 so far. So I guess my question is..Will Am Ex negotiate? and for approx what percentage will they settle for?
No income other than a pension and no substantial assets. My house is under water on the mortgage. I will provide any other info if you want.
Sadly LHDR or anybody else should never have signed you up for a debt settlement program based on the facts you gave me.
With a pension only income and an underwater house you should have filed bankruptcy three years ago. If you had you would have been out of debt for less and already rebuilt your credit.
I just hope you have not been paying these settlements by using retirement money. If you have you need to read The Saddest Avoidable Mistake People Make When Getting Out of Debt.
American Express is and always has been very difficult to deal with. But what will happen next is really based on what state you live in and if it is American Express that is trying to collect or a third party collection company. Do you even have 50% of the current balance on hand to settle with them?
If American Express does not want to settle and they are running up against the clock on the statute of limitations, they may just sue you and get the judgment. It would be preferable for them.
What does LHDR say when you asked them about this?
Please post your responses and follow-up messages to me on this in the comments section below.