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unable to payback amex charge card all at once
July 11, 2012 at
01:29 PM
Thread Details
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?
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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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?
Dont know if you can do this with a charge card, but try getting yourself a Chase Slate 15% No APR for 15 months and do a free balance transfer. Maybe buy yourself some time rather than paying it all at once? (Not completely sure if you can, so proceed with caution.)
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?
https://creditcards.cha
You should have at least balance transferred it to a 0% CC or something before your credit took a hit. Good luck doing that now.
Always, always call and tell them. They want you to pay your bills, so they WILL help you out. Do not let it just sit and let your late fees stack up and your credit take a hit.
In the future, use a credit card.
OR at the very least a Plum Card..
http://www262.american
..if you needed the higher credit limit for some reason or needed an Amex.
haven't called yet. i wanted to make a hefty payment first and then call. anyways i appreciate the suggestions. looking for a 2nd job so i can pay this off faster. btw, i'm actually just one month behind. the cut off date for the 2nd month is August 2 I believe.
haven't called yet. i wanted to make a hefty payment first and then call. anyways i appreciate the suggestions. looking for a 2nd job so i can pay this off faster. btw, i'm actually just one month behind. the cut off date for the 2nd month is August 2 I believe.
At this point all I can offer you is my
Good luck is all I can say now. It seems you're in a rut.
$5k isn't that bad of a debt, but your credit is now going to tank, and you might get Chase and Amex closing your accounts (and even any other cards), because they will report to the credit bureaus which will inform your other card companies.
God Speed, my friend and good luck. If your credit isn't completely destroyed yet, I suggest getting a loan from some bank and paying the cards off fast, and then work on paying the loan back slowly over time.
EDIT: I suggest you try signing up for Pay Over Time now. JUST in case you need it. (I have it on my Amex Charge in case I ever need to use it, god forbid).
https://www.americanexp
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Good luck is all I can say now. It seems you're in a rut.
$5k isn't that bad of a debt, but your credit is now going to tank, and you might get Chase and Amex closing your accounts (and even any other cards), because they will report to the credit bureaus which will inform your other card companies.
God Speed, my friend and good luck. If your credit isn't completely destroyed yet, I suggest getting a loan from some bank and paying the cards off fast, and then work on paying the loan back slowly over time.
EDIT: I suggest you try signing up for Pay Over Time now. JUST in case you need it. (I have it on my Amex Charge in case I ever need to use it, god forbid).
https://www.americanexp
i don't mind my credit tanking. already own the house and have insurance paid up to 6 months. i'll do what i can to get out of this mess.
i don't mind my credit tanking. already own the house and have insurance paid up to 6 months. i'll do what i can to get out of this mess.
i don't mind my credit tanking. already own the house and have insurance paid up to 6 months. i'll do what i can to get out of this mess.
Whatever you end up doing, do NOT take out a home equity loan to pay the cards down. (Not sure if the bank will even allow you to, but just in case.)
I know that may sound like obvious advice, but so is taking out a business loan prior to maxing out 3-4 cards, without having a legitimate payment plan in place.
Anyways, good luck! I'm sure you'll find a way to turn things around for the better.
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?
go to www.prosper.com & apply for a loan
pay off amex/chase/etc.
wait a few months.
then file bankruptcy.
this way, amex/chase/etc. will give you credit in the future (since you're not screwing them over).
pay off amex/chase/etc.
wait a few months.
then file bankruptcy.
this way, amex/chase/etc. will give you credit in the future (since you're not screwing them over).
Maybe after 10 years when the bankruptcy claim falls off the credit score Amex and Chase will look his way again...but bankruptcy claim doesnt seem like the right decision here, unless all other options are exhausted.
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.
You stated you don't care about your credit score tanking. And you've maxed out other cards. So, whats the urgency in paying AMEX back? Just worried about burning the bridge with AMEX?