Missed 75% AMEX debt forgiveness

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?



  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    No one here can tell you. Phone and ask them.
  • Tixy
    Tixy Posts: 31,455 Forumite
    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_offers
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
    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 :o
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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