AMEX offered me 10%!

[TeacherMomma]

I am a little shocked....but AMEX just offered me 10%, it is good for the next three months as long as I pay $150 for the three months to keep the offer on the table.

Is this normal? I thought AMEX was really hard to deal with?

27K for 2700K

[Violet]

I've read several anecdotes about AMEX offering sweeter deals lately. News like this (though it's from the UK) might be why:

http://www.telegraph.co.uk/finance/n...fs-double.html

I saw this on another fourm:

AMEX has offered a payment plan 6 months no interest no fees as long as you pay $100/month. They are really getting desperate to get whatever principal back they can.

[Cheeseater]

That amount is the lowest I've ever seen from Amex. Aside from the 0% plan available at your local lawyers office.

[Clouddancer]

I am a little shocked....but AMEX just offered me 10%, it is good for the next three months as long as I pay $150 for the three months to keep the offer on the table.

Is this normal? I thought AMEX was really hard to deal with?

27K for 2700K

How much did you owe AMEX?

[Flamingo]

You will get a 1099 for the other 90% (forgiven debt) so watch your step...

[MSbklawyer]

You will get a 1099 for the other 90% (forgiven debt) so watch your step...

True, but if she was insolvent (and no doubt she was) when the debt was forgiven, the IRS doesn't count the forgiven debt as taxable.

[Flamingo]

True, but if she was insolvent (and no doubt she was) when the debt was forgiven, the IRS doesn't count the forgiven debt as taxable.

Agree but she has to prove she was insolvent (not everyone files BK) and the chances for being audited for doing that are about 99% :-) If she accepts debt forgiveness, it's best if she (and others doing the same) get a tax professional to do their taxes for the year in which the debt is forgiven.

[MSbklawyer]

I am a little shocked....but AMEX just offered me 10%, it is good for the next three months as long as I pay $150 for the three months to keep the offer on the table.

Is this normal? I thought AMEX was really hard to deal with?

27K for 2700K

That's ONE percent, TeacherMomma. 27K / 2700K = .01 [God, I've always wanted to catch a teacher in a math mistake. It would have been even better if you'd been one of MY old math teachers. But this is good enough for now. Let me catch you in a grammatical error, and I can die a happy man. ]

But no, it's not normal.

[Flamingo]

That's ONE percent, TeacherMomma. 27K / 2700K = .01 [God, I've always wanted to catch a teacher in a math mistake. It would have been even better if you'd been one of MY old math teachers. But this is good enough for now. Let me catch you in a grammatical error, and I can die a happy man. ]

But no, it's not normal.

Get some good strong coffee this a.m. MSBK!!! 10% of $27,000 is $2,700. :-) :-)

[BobMango]

Well in MSBK's defense the original poster didn't make it real clear.

27K for 2700K

Is that 27 thousand to settle 2.7 million? or 27 thousand settled for 27 hundred?

[MSbklawyer]

Get some good strong coffee this a.m. MSBK!!! 10% of $27,000 is $2,700. :-) :-)

But that's not what she said.

27K for 2700K

K means 'thousand'. You add 3 zeros.

27K = 27,000

2700K = 2,700,000

27,000 / 2,700,000 = .01 Which is 1 percent.

But I'm just picking on Teachermomma because she's a teacher. I knew what she meant.

[bailoutUSA]

Her chances of getting audited are less than 1%, not 99% so long as she files form 982.

Agree but she has to prove she was insolvent (not everyone files BK) and the chances for being audited for doing that are about 99% :-) If she accepts debt forgiveness, it's best if she (and others doing the same) get a tax professional to do their taxes for the year in which the debt is forgiven.

[walkthaplank]

More importantly, Teachermomma, will this put you below the unsecured debt threshold in order to file a CH13?

[Flamingo]

Her chances of getting audited are less than 1%, not 99% so long as she files form 982.

Don't bet on it - expect an audit as any tax professional will advise.

[Flamingo]

But that's not what she said.



K means 'thousand'. You add 3 zeros.

27K = 27,000

2700K = 2,700,000

27,000 / 2,700,000 = .01 Which is 1 percent.

But I'm just picking on Teachermomma because she's a teacher. I knew what she meant.

LOL! Yeah, it's misleading but I don't think AMEX would have an over $2M limit for the average person. And I had to make sure you had some good coffee!!!