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Debt to American Express, collection agency and debt negotiation

Fri Dec 7, 2007 11:12PM | By Joe

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Q: I have $3,200 in debt on an old American Express, it went to a debt collection agency that I just about to start paying. My credit report shows the $3,300 debt to the AE and then another $3,300 debt to the collection agency. When I finish paying it off, will the $3,300 debt from AE be removed or stay there forever?

A: Not forever but likely for the reminder of 7 years minus whatever time this debt has been there. Not much can be done about American Express. Do start debt negotiation with the collection agency before you start paying. Try to settle debt for as little as possible, I would offer them $800 for starters and written promise to remove their - collection agency record from your credit report. Start with this or similar debt collection settlement letter.

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