So, someone asked me:
A debt of approx 20k by amex.
The person used a debt consolidating company that slashed that in half, but is charging abnormal fees, which is counter productive.
Now there is an inbound summons to court, but it seems Amex is still interested potentially in a deal.
Anyone knows something or someone (honest) that could help?
Thanks a lot!
It depends on whether statute of limitations expired (likely not if they have a court summons), age of the debt, debtors financial situation (income, assets, other debt), etc.
I’ve seen reports of people settle stuff with Amex for less than 20% but that’s rare and requires the ducks to line up (SOL expired, older debt, low income, no assets, etc). It’s likely if debtor has the means to pay in full they can offer Amex 50% paid in full to settle the debt, worst case they get a higher counter-offer.
It might be worth speaking to (even paying?) someone competent or researching on credit boards/Reddit etc, as there might be legal reasons why Amex doesn’t have a case which could give the debtor leverage and potentially result in settlement amount that is more favorable to them.