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unable to payback amex charge card all at once

xman34331 5 10 July 11, 2012 at 01:29 PM
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Last Edited by xman34331 July 11, 2012 at 03:10 PM
i have about 10K of charges due to unsold inventory from business I am going to be late in paying amex. This is for amex charge gold card (not credit card).

I'm already two months late. Any idea on how to proceed with this??? already actively looking into additional income streams.

edit..

i ran the numbers again, and i'll have about 5K of charges that i'll need to pay back. Does amex offer a repayment plan?

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#16
Quote from nizzy1115 View Post :
What inventory do you need sold? Perhaps a fire sale to slick deals?Wink
Take this guy up on his offer! He makes $200k a year. He can pay off your debt by just sitting on the toilet for 10 minutes. Big Grin

FYI: He uses a Kia as a toilet. That's how rich he is. Big Grin
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#17
I'm a little lost here. Your topic states that you are unable to pay back AMEX all at once, but you have not paid them anything in nearly 2 months. Why?
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As the username says ...
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#18
thanks, i got in touch with amex. they enrolled me in a hardship program. thanks eveyrone for your advice.
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#19
Quote from 1stbuy View Post :
Bankruptcy will crush their credit even worse than the delayed credit card payments.

all of his cards are maxed & he's struggling to pay them. he's headed for multiple defaults, the equiv. of a BK.

Maybe after 10 years when the bankruptcy claim falls off the credit score Amex and Chase will look his way again...

as long as they were paid, amex/chase/etc. will extend credit much sooner than that to somebody who filed BK.

but bankruptcy claim doesnt seem like the right decision here, unless all other options are exhausted.

nah, he needs to jump on this before his FICO takes a huge dump, leaving him with no way to extricate himself from this mess.

Assuming OP does have a credit score of at least 640 to get even get a Prosper loan, you are suggesting for OP to screw over individual lenders by taking money with no intention of paying them back.

AMEX & Chase are highly profitable companies who can take the occasional hit.
that's true, but irrelevant. in the future, he's more likely to need amex/chase/etc. than a bunch of P2P strangers.
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#20
Quote from financechick View Post :
that's true, but irrelevant. in the future, he's more likely to need amex/chase/etc. than a bunch of P2P strangers.
How did file sharing make its way into this discussion? Confused
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#21
Quote from 420 View Post :
How did file sharing make its way into this discussion? Confused
It's financechick...she functions on a different wavelength. Just nod and move along. laugh out loud
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#22
Quote from financechick View Post :
that's true, but irrelevant. in the future, he's more likely to need amex/chase/etc. than a bunch of P2P strangers.
nod

Whistling

I think she meant "Person 2 Person" as in personal loans...that's what I got from it anyway..
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#23
Quote from 1stbuy View Post :
It's financechick...she functions on a different wavelength. Just nod and move along. laugh out loud
laugh out loud
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#24
Quote from dzap View Post :
nod

Whistling

I think she meant "Person 2 Person" as in personal loans...that's what I got from it anyway..
yea, i thought this was obvious. but some people are a little different.
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Last edited by financechick July 12, 2012 at 10:46 PM
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