by Ottawa_Chap » Sun Jun 07, 2009 08:48:50 PM
Here’s what I can tell you about my experience with defaulting on Amex, post-surgery, approximately 2+ years ago…
The balance at the time was ~$12.5k; Amex knew (knows) where to send me mail (i.e. P.O. Box) but not where I live. That said, they don’t know where to serve me so I’m judgment proof from that angle. Add in the Statute of Limitations is up on my account, and well, it should almost be time to negotiate – waiting to stockpile a few more funds before I engage in any in-depth conversations with the creditors.
Like you, I intend to deal with the creditors directly. For the last year I’ve been avoiding the C/A’s, as time and time again they’ve proven that they’re a bunch of trash-bag’s waiting to hit the curb. From my personal experience, one simply can’t talk to them – you talk at them.
With respect to the settlement itself, although I’ve yet to settle any accounts, whatever settlement agreement I eventually sign, it better clearly state something to the effect of: “This payment of x.yy represents a full and final settlement of account xxxxxx with [creditor A]”. On the off chance any of my debts has been sold to a debt buyer, I guess my strategy for that account may change somewhat.
Brian has also sent me a few of his form letters, however, nothing as developed from them – and quite frankly I don’t expect anything to. In your case, it’s been 1.5yrs since you’ve defaulted, and from what I’ve been reading, one can typically expect a creditor to sue early in the game (if they were ever inclined to do so) as preparation time, a mandatory pre-settlement conference, etc., all consume time – and the last thing they want is for the S.O.L to pass.
Anyway, good luck in your negotiations. Hopefully we’ll both end up with a positive outcome.
Infuriating one C/A at a time..