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American Express won't take a settlement for my debt, yet the statute of limitations and credit reporting time already expired.

Brooklyn, NY |

I want to settle my American Express debt and in the past, they were willing to do 40%-60% in the past. I want to settle it now and they can't give no more than 25% off. I told them that the statute of limitations is up and the credit reporting time is going to expire and they don't care, even though they know because they told me themselves already. Why would American Express do such a thing? I told them they will never see a dollar from me and they told me I can never open an American Express account, personal and business(even if I settled in full, only paid in full counts to them). Why would they do this to people? I understand they want their money but seriously, they said they will continue collecting on it, even expired SOL and credit reporting time. What advice can you give me?

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Attorney answers 3


You are lacking a lot of information needed to answer your question. The best advice would be to consult with a local attorney. Bring all documentation and information with you for them to review. Let them negotiate any type of settlement on your behalf. Most attorneys offer a free consultation prior to accepting your case.

If you found this "helpful" or "best answer," please click it with my appreciation. This response does not constitute legal advice and does not create an attorney client relationship. Thank you and good luck.


Debts do not disappear after the SOL and reporting limits elapse. Amex can continue collections and can resell the debt. They can also deny extending credit to you in the future. If they cannot give you the deal that you want right now, why not try again sometime in the future. Is there any real impetus to settle right now?

This is not legal advice. Seek a consultation with an attorney in your jurisdiction. An attorney/client relationship is not sought or formed by the participation in this website. I am licensed to practice law in New York and New Jersey.


Just remember that they can always hound you, but nobody asking for Amex can threaten to sue you for it. That is, collection agencies or lawyers. Just monitor your credit reports. Even wonderful people like Amex have been known to futzing with the last activity date just to keep it in your report. If you see such actions, see a good consumer attorney

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