Last year my American Express cards were cancelled due to an overdue payment. The balance was moved to an installment payment plan with a three-year term on one card and a five-year term on the other. I cannot make the $409 monthly payment on the three-year plan and asked if they could reduce the monthly payment until my financial situation improves. They are saying it's all or nothing and will send it to collections. I can afford to pay about $200 monthly with the help of a relative. Otherwise I have basically no money or assets. Do you think there is any possibility that they would change the terms of the payment plan?
It is possible but you can not force them to. All you can do is ask. You need to convince them that extending the term is their best chance of recovering the money.
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Can you convince them? Maybe. But it is up to them. Figure out the maximum you can pay and tell them, not "about".
This response is only general information and is not legal advice. It does not form an attorney-client relationship and should not be relied upon to take or refrain from taking any action. You should seek a qualified attorney before taking any action related to your inquiry.
I agree with the previous answers. In my experience AMEX is very difficult to work with and
has no problem suing and receiving a judgment if you dont agree to their terms.
Speak to them and tell them what you can afford. If they say no you are no worse off.
You may want to retain counsel to negotiate fopr you.
Even if you can convince them, it might not be in your best interest to do so. I recommend you consult with a bankruptcy attorney. It sounds like you are experiencing financial distress. Discharging these debts can help you get a fresh start.
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