AMEX wants me to settle!

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AMEXAT19
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Postby AMEXAT19 » Wed Mar 18, 2015 10:41 pm

I never talked to the BK judge, dealt with the lawyer who advised I pay late and see what he creditors do, but I didn't feel like that was ethical since I'd always paid on time. As far as counseling I answered 3 three from the paralegal in the office. All of my debt was unsecured AMEX $2,583.62, BOA $16,738 between 2 cards, NFCU (Navy Federal) $16,768 personal loan, Discover $4,716, and one store card $528.16, almost $42,000 of unsecured debt and $9,000 in student loans I still pay. As you can see the balance on my other accounts were much higher I literally treated AMEX as "gold" as they had been good to me! (I actually purchased my car on my AMEX, no call to them and they didn't call me) so I always made AMEX a priority even asking my lawyer could I pay them before filing and she advised you can't favor creditors.

I know you guys seem to keep talking about derogatory information is what I should be concerned about. Now, am I looking at this wrong, I feel I have filed for Bk that's on my report to in 7-10 years when that falls off the derogatory info will too, so why should that be my concern now?


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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Mar 18, 2015 11:46 pm

AMEXAT19 wrote:I know you guys seem to keep talking about derogatory information is what I should be concerned about. Now, am I looking at this wrong, I feel I have filed for Bk that's on my report to in 7-10 years when that falls off the derogatory info will too, so why should that be my concern now?


Paid derogs don't look as bad as unpaid derogs.

I might drop out of this thread because it just seems like you haven't become financially responsible since your bankruptcy. You don't want to pay what you still legally owe, and are expecting credit doors to open again despite that.
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popamode72
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Postby popamode72 » Thu Mar 19, 2015 9:21 am

I think you have your priorities upside down and you're way over your head about these MR points. Just look at how much debt you've gotten yourself into and what a screwed up situation this is. You gotta accept that you've made these mistakes and burned these lenders for a large sum of money and deal with it. No one's going to hold your hand and coddle you over these poor decisions that you've made with your finances.

And why would you buy a car on an Amex card unless you were sure you had the money pay it all back. I'm shaking my head here.
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whit
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Postby whit » Thu Mar 19, 2015 10:35 am

AMEXAT19 wrote:Luvbullmarkets, I could simply pay the full balance of roughly $2500 but I feel like I should get something for my money such as regaining membership and plus I lost a lot of MR point (23,000) so lots of sky miles...

CarefulBuilder14, AMEX sold my debt to FSA, originally I settled with FSA for less than half and then decided not to proceed,


I only erased words but I'm curious why you feel entitled especially since you not only backed out of your word not once (credit card agreement being one) and than again when you spoke with FSA to settle

Do you own your own business? As a business owner it would suck to have to deliver goods without getting payment first but than later to find out you won't be getting it at all because the customer took on more than they could handle

You basically borrowed from Amex and didn't bother to pay back per agreement and like most credit cards you have about a month of enjoying the goods at no extra charge to you; and in turn Amex gets the payment processing fee and passes some of that off back to you in the form of rewards

So if you were late for so long; unless you want to pay back the principal AND the interest collected on it till the day it's completely paid off (not just the interest collected up until the point of when you decided to let it go derog) and any late fees

Than I guess they can give you back those MR points as a goodwill gesture.

Before you go and say they're big enough to suck it; which is probably true at this point..if they let everyone get away with this they're probably going to run themselves into the ground real soon. They're still going to pay themselves (the execs) as much as they currently get and get the pay raises but if they take enough hit, they'll probably plug the holes people think they don't know of or further reduce rewards/raise annual fees

popamode72
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Postby popamode72 » Thu Mar 19, 2015 12:00 pm

I find it baffling how you've had an account on this website for over two years and haven't learned that much from it from what you told us.
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lobbythis
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Postby lobbythis » Thu Mar 19, 2015 3:29 pm

Another whiny little prick who has no clue what to do with money and expects the world to owe him countless favors for being a sack of sh*t in life.

You learned a lesson kid. Get your sh*t together and learn how to be an adult. Here's a tip: stop crying.

AMEXAT19
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Postby AMEXAT19 » Fri Mar 20, 2015 9:01 pm

Hey guys thanks for the comments didn't mean to ruffle any feathers my question was only concerning a settlement with AMEX and possibly regaining membership one day.

CarefulBuilder14, thanks for your comments but I do feel that I am financially responsible since my BK, as I've learned to not live so lavishly but I'm accustomed to a particular life style.

Papamode72, thanks for you comments as well and I'm quite aware of the decisions I've made, also I bought my car in 2013 and PIF over $8,000 the following month.

Lobbythis, I clearly understood money or wouldn't have been able to manage this at suh a young age, as we all know one slip up can change all of our lives.

Again thanks for all the comments

SteveT
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Postby SteveT » Mon Apr 20, 2015 8:32 pm

AMEXAT19 wrote:Luvbullmarkets, I could simply pay the full balance of roughly $2500 but I feel like I should get something for my money such as regaining membership and plus I lost a lot of MR point (23,000) so lots of sky miles. I could careless if they charge it off in my opinion if they aren't will to work with me in my terms because it's going to take 7-10 years for the BKbto fall off and the charge off can just take that time to.

CarefulBuilder14, AMEX sold my debt to FSA, originally I settled with FSA for less than half and then decided not to proceed, months later AMEX started sending me letters to settle through FSA exactly half of the amount in 12 installments


I want to point out that Amex does not sell their debts. They only assigned them for collection through various collection agencies.

If you can pay the debt in full I would do it, but there is no guarantee that they will reinstate your card membership or your points. You wont be on the blacklist though.

MemberSince99
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Re: AMEX wants me to settle!

Postby MemberSince99 » Sun May 03, 2015 9:26 am

I got the same notice from them after burning them. I ignored it since I figured it wasn't going to boost my standing in any way with them after I burned them. I thought ok I go from a deadbeat cretin to a deadbeat loser here, right? I just didn't accept that it was going to matter.

Quite a few years later I'm back in with them. It doesn't happen for everyone. But it is possible. As far as getting those points back, I think I'd accept they are gone whether you pay them anything or not. I HIGHLY doubt you are ever going to see them. But you might after years down the road get back in and resolve to do better the next time.

Vermonster
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Re: AMEX wants me to settle!

Postby Vermonster » Sun May 03, 2015 9:55 am

Perhaps I am missing something, but I really don't see why you are asking a forum for help on your BK. If you worked with a lawyer and a judge then your path should be pretty clear, and they should be answering these questions for you, not some strangers on the internet.

AMEXAT19 wrote:I do feel that I am financially responsible since my BK, as I've learned to not live so lavishly but I'm accustomed to a particular life style ........... I clearly understood money or wouldn't have been able to manage this at such a young age, as we all know one slip up can change all of our lives.


And I'm sorry but I really can't see how filing for BK13 at 22 makes you financially responsible. "One slip up" is something like not paying your bill on time. You might be accustom to a certain lifestyle, but BK is the definition of a slap in the face telling you to drastically change your life. I'm not trying to pass judgement on your actions in the past, to each their own. I just fail to see how you have learned anything, and are making the personal changes to make yourself attractive to lenders again.
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