[music] hi there, michael bovee withconsumer recovery network and welcome to our youtube channel, where we talk about allthings debt and credit. it's brought to my attentionthat i need to do more
American Express Credit Card Login, creditor specific or entityspecific topics in our videos. i do a lot of generalities howto negotiate, consolidate, deal with your credit reports. today, i want to focus onwhen you're dealing with
american express, specifically. so, on my website,i have a couple of pages up that are dedicated on how to resolveissues with american express. and because they work withcertain 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 americanexpress credit card payment, and you're looking for options.
sometimes dealing withamerican express directly is a little bit difficult,in face, a lot of it difficult. they're unique in, of allcredit card issuing banks, that they really don'thave a robust recovery or customer service department thatis really specific about their goal orientation is to try andhelp you get back on track or resolve a debtthrough settlement. they tend to send out accountsreal early, sometimes after even a month or two of nonpayment to debt collectors.
and where most of the othernational credit card issuers and national banks have thisinternal department that you'll deal with specifically forat least the first three, four, five, sometimes six ormore months. so, you're limited in the scopethat you'll be dealing directly with american express. if you're late only by a coupleof weeks or sometimes a month or two, you'll be dealingdirectly with them. here are some of the optionsthat you have available.
getting amex to agree, throughthe customer service line, to some type of reducedmonthly payment plan for you, usually these are gonnabe limited in time length. sometimes, the hardship plans,we call them, are going to be limited to just a couple ofmonths maybe as much as a year. sometimes you can find life ofthe balance hardship plans with american express, but i seethose so much less now, that if you need something like that,ideally you'll wanna work with one of the credit counselingagencies in the nation.
non-profit agencies thatdo debt consolidation, take all of your bills combinethen into one lower monthly payment, amex being one of them. in fact, while some banksyou might be able to just if you only havethat one account and you need that kind oflong term repayment plan, lower monthly payment, you don'treally need a credit counselor. like i just did the video ondiscover, call discover and get it, it's just one account.
more than one account, you'll probably want to workwith a non-profit agency. but with amex, you may noteven be able to get there, but they'll give the dealto the non-profit agency. so if you're an amex accountholder and you want monthly reduced payments to get yourinterest rates lower, you might even want to start withthe credit counseling agency. it's a free call, just callthe hotline on the screen, press option one, they'll connectyou to the largest non-profit
agency in the nation,they work in every state. it's a free call also, throughthe consult you get an exact to the penny quote of what your monthly payment can be reducedto, so take advantage of that. now, what if, you can'tafford your payment period, doesnt matter how low they go oras low as amex may take them. typically, the lowest they'regonna ever go is what you owe and then divide that by 60,so almost 0 interest rates, then can you afford sixty monthsof that balance, split up.
if you can't affordthat first payment, don't commit to any payment. now, think about whatyou can do to resolve the debt with american express, if they were willing to acceptless than what you owe. american express is unique,in that it does matter a great deal, who they place the accountwith, like i said earlier, they don't do a lot of theirown internal collections, so when they send them out ifit'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 youtypically can't get under 50%, a lot of the times that'sgoing to be the debt collection attorneys thatthey place accounts with, then that's your target. you wanna get involved inthe negotiations with these different agencies, only when you're very confidentthat you have the funds to work with to fund any offerthat you get them to agree to.
they wanna collect as much asthey can for their client, and for themselves basically becausecontingency debt collectors, they get paid based onwhat they get you to pay. but you need to try and saveas much as you can in order to reach a deal that you canactually follow through on. so that is all negotiation is,picking up the phone, a waste of time, i get it butyou do need to get empowered. this video may empower you toknow that these guys do these kinds of deals every day.
you can read through the pageson our website about that particular debt collector oramerican express specifically. and get empowered throughgetting information that way and seeing how other peopleinteract on the site or even in the comments belowas this video takes hold. and their successes knowingthat people are doing it. if you need help, we do that. but we want people to try and doas much of this if not all of it on their own soyou don't have pay somebody,
like a professional,to do that for you. but we will consult with you forfree, so we can give you some tips andadvice through the hotline. you can reach me,michael bovee, at option two. but when it comes to amex, onething i want to encourage you to do is come up with a strategyas quickly as possible. the reason for that is that american express isone of the most litigious banks in their collection processes,out there as far as going and
trying to get paymenton their credit cards. so be aware that if you'realready dealing with an attorney and haven't been sued yet, thatcould be right around the corner or that getting amexout of the way, maybe even before othercreditors, is gonna prevent you having to deal withcollections in the court. michael bovee fromconsumer recovery network, see you on the next video.
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