New settlement offer, 20 cents on the dollar

[lookingforward]

Amex just called, offered me 3500.00 settlement on a 17500.00 balance.
I told "Dan" (yeah right, sure his name was Dan, I could barely understand his Indian accent was so strong) that I couldn't do it. We have no way to pay a settlement. I gave him our attorney information and he asked if we were filing BK, I said unfortunately yes.

He then said what if I were to lower the settlement amount considerably? Could you pay it then? I said I don't see how, we really have no way to pay any type of settlement.

How low do you think they'll go? I am in shock over how low this offer is, and they're willing to go lower. I really have no way to pay any offer, so it's purely curiousity, but has anyone else got an offer like this?

They must be getting desperate at the cc companies.

[BKINAZ]

And the problem with that would be??? lol Send him to me...although...he needs to really be working for chase for that to work for me.

How long ago was your last payment...haven't they tried to negotiate with you before...when in the process?

Thanks!

[lookingforward]

I haven't paid since August 2008, the last settlement offer was for 8500.00, about a month ago.

[BKINAZ]

Though some would disagree...too bad you can't come up with the money...I'd like .20 right now considering they were well over .50 a month ago.

Good luck!

[rockyroad]

Why hasn't American Express EVER called me??? I swear once I missed the payment due in full, they never called once. After a couple months or so, Nationwide credit did on their behalf, but NEVER Amex.
I did receive a letter from Amex stating they would like for me to work with Nationwide to pay the debt....yeah right!