Hi all...i'm new here and just stumbled across this forum when trying to look up the name of an attorney's office i supposedly got a message from today.
i had an amex platnium card with a flex pay plan and I used it for almost everything and paid as much as I could every month. my balance eventually got up to over $70k and altough i never had a single late payment and always paid over the minimum required, they sent me a letter that they were removing my flex pay. all of a sudden, my minimum payments went from $2k per month to over $10k. i make good money but have had a lot go wrong over the past year and so this became unmanageable. nonetheless, my account was cancelled and now has been turned over to a CA. i have never spoken to them but they were calling me multiple times daily at home, work, and even contacted my business partner at his home. he didn't know what was going on but gave them my cell number so they were calling that too. i never answered their calls or returned their messages (URS). now some attorney's office has started calling which i found out from this forum is connected to URS.
i've never had to go through something like this before and had perfect credit before this. in fact, i'm current on everything else even now other than this one amex account.
what i want to know is what options the CA will give me if i want to make payment arrangements. is it all up for negoitation or is there some kind of time limit in paying back? if i owe $70k, is it likely that they will let me pay back in $2k/month installments (that is probably all i can afford right now)? i read a lot of threads which state that they will want to settle for around 50% of the debt...does that apply to even large amounts like this? and can payment plans be made on settlement amounts or are those all offerred only if i pay in full? hopefully if things go my way for a change this year, i will be able to take care of the entire balance by the end of the year or early next year. i just need to make some arrangements until then.
any advice on how i should approach this would be appreciated...TIA.
i had an amex platnium card with a flex pay plan and I used it for almost everything and paid as much as I could every month. my balance eventually got up to over $70k and altough i never had a single late payment and always paid over the minimum required, they sent me a letter that they were removing my flex pay. all of a sudden, my minimum payments went from $2k per month to over $10k. i make good money but have had a lot go wrong over the past year and so this became unmanageable. nonetheless, my account was cancelled and now has been turned over to a CA. i have never spoken to them but they were calling me multiple times daily at home, work, and even contacted my business partner at his home. he didn't know what was going on but gave them my cell number so they were calling that too. i never answered their calls or returned their messages (URS). now some attorney's office has started calling which i found out from this forum is connected to URS.
i've never had to go through something like this before and had perfect credit before this. in fact, i'm current on everything else even now other than this one amex account.
what i want to know is what options the CA will give me if i want to make payment arrangements. is it all up for negoitation or is there some kind of time limit in paying back? if i owe $70k, is it likely that they will let me pay back in $2k/month installments (that is probably all i can afford right now)? i read a lot of threads which state that they will want to settle for around 50% of the debt...does that apply to even large amounts like this? and can payment plans be made on settlement amounts or are those all offerred only if i pay in full? hopefully if things go my way for a change this year, i will be able to take care of the entire balance by the end of the year or early next year. i just need to make some arrangements until then.
any advice on how i should approach this would be appreciated...TIA.
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