[MUSIC] Hi there, Michael Bovee with
Consumer Recovery Network and welcome to our YouTube channel, where we talk about all
things debt and credit. It’s brought to my attention
that I need to do more creditor specific or entity
specific topics in our videos. I do a lot of generalities how
to negotiate, consolidate, deal with your credit reports. Today, I want to focus on
when you’re dealing with American Express, specifically. So, on my website,
I have a couple of pages up that are dedicated on how to resolve
issues with American Express. And because they work with
certain debt collectors so specifically and continuously,
there are some pages up dedicated to dealing with say,
Zwicker and associates. Let’s get started. You can’t afford your American
Express credit card payment, and you’re looking for options. Sometimes dealing with
American Express directly is a little bit difficult,
in face, a lot of it difficult. They’re unique in, of all
credit card issuing banks, that they really don’t
have a robust recovery or customer service department that
is really specific about their goal orientation is to try and
help you get back on track or resolve a debt
through settlement. They tend to send out accounts
real early, sometimes after even a month or two of non
payment to debt collectors. And where most of the other
national credit card issuers and national banks have this
internal department that you’ll deal with specifically for
at least the first three, four, five, sometimes six or
more months. So, you’re limited in the scope
that you’ll be dealing directly with American Express. If you’re late only by a couple
of weeks or sometimes a month or two, you’ll be dealing
directly with them. Here are some of the options
that you have available. Getting AmEx to agree, through
the customer service line, to some type of reduced
monthly payment plan for you, usually these are gonna
be limited in time length. Sometimes, the hardship plans,
we call them, are going to be limited to just a couple of
months maybe as much as a year. Sometimes you can find life of
the balance hardship plans with American Express, but I see
those so much less now, that if you need something like that,
ideally you’ll wanna work with one of the credit counseling
agencies in the nation. Non-profit agencies that
do debt consolidation, take all of your bills combine
then into one lower monthly payment, AmEx being one of them. In fact, while some banks
you might be able to just if you only have
that one account and you need that kind of
long term repayment plan, lower monthly payment, you don’t
really need a credit counselor. Like I just did the video on
Discover, call Discover and get it, it’s just one account. More than one account, you’ll probably want to work
with a non-profit agency. But with AmEx, you may not
even be able to get there, but they’ll give the deal
to the non-profit agency. So if you’re an AmEx account
holder and you want monthly reduced payments to get your
interest rates lower, you might even want to start with
the credit counseling agency. It’s a free call, just call
the hotline on the screen, press option one, they’ll connect
you to the largest non-profit agency in the nation,
they work in every state. It’s a free call also, through
the consult you get an exact to the penny quote of what your monthly payment can be reduced
to, so take advantage of that. Now, what if, you can’t
afford your payment period, doesnt matter how low they go or
as low as AmEx may take them. Typically, the lowest they’re
gonna ever go is what you owe and then divide that by 60,
so almost 0 interest rates, then can you afford sixty months
of that balance, split up. If you can’t afford
that first payment, don’t commit to any payment. Now, think about what
you can do to resolve the debt with American Express, if they were willing to accept
less than what you owe. American Express is unique,
in that it does matter a great deal, who they place the account
with, like I said earlier, they don’t do a lot of their
own internal collections, so when they send them out If
it’s with an agency that has a history of going as low 40%,
then that’s what we target. If it’s an agency that you
typically can’t get under 50%, a lot of the times that’s
going to be the debt collection attorneys that
they place accounts with, then that’s your target. You wanna get involved in
the negotiations with these different agencies, only when you’re very confident
that you have the funds to work with to fund any offer
that you get them to agree to. They wanna collect as much as
they can for their client, and for themselves basically because
contingency debt collectors, they get paid based on
what they get you to pay. But you need to try and save
as much as you can in order to reach a deal that you can
actually follow through on. So that is all negotiation is,
picking up the phone, a waste of time, I get it but
you do need to get empowered. This video may empower you to
know that these guys do these kinds of deals every day. You can read through the pages
on our website about that particular debt collector or
American Express specifically. And get empowered through
getting information that way and seeing how other people
interact on the site or even in the comments below
as this video takes hold. And their successes knowing
that people are doing it. If you need help, we do that. But we want people to try and do
as much of this if not all of it on their own so
you don’t have pay somebody, like a professional,
to do that for you. But we will consult with you for
free, so we can give you some tips and
advice through the hotline. You can reach me,
Michael Bovee, at option two. But when it comes to AmEx, one
thing I want to encourage you to do is come up with a strategy
as quickly as possible. The reason for that is that American Express is
one of the most litigious banks in their collection processes,
out there as far as going and trying to get payment
on their credit cards. So be aware that if you’re
already dealing with an attorney and haven’t been sued yet, that
could be right around the corner or that getting AmEx
out of the way, maybe even before other
creditors, is gonna prevent you having to deal with
collections in the court. Michael Bovee from
Consumer Recovery Network, see you on the next video. [MUSIC]