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Missed 75% AMEX debt forgiveness
Kaybenson
Posts: 927 Forumite
in Credit cards
Hi Folks,
A pal defaulted american express few years ago. Few months ago, Amex offered a 70% discount but the Pal was not around to activate it. Now, can this be re-activated?
Cheers
A pal defaulted american express few years ago. Few months ago, Amex offered a 70% discount but the Pal was not around to activate it. Now, can this be re-activated?
Cheers
0
Comments
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No one here can tell you. Phone and ask them.0
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Do you mean they were offered a 70% discount to settle the outstanding defaulted debt in a lump sum?
Once such an offer has been made then they are usually open to similar offers. The debtor could offer the card company / debt collector a reduced figure in full & final settlement of the debt at any time. Best to do it in writing. Quite a useful factsheet here http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=24_full_and_final_settlement_offersA smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Be very careful though -
If your 'pal' calls them and they say they'll accept 30% in full and final settlement again, DO NOT PAY THEM THERE AND THEN but instead ask that they confirm this in writing and advise them that it will be settled upon receipt of the letter.
Many debt collection agencies go back on what they say on the phone and may pursue your 'pal' for the remaining debt. Of course, they can't if he has it in writing
Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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