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If the collection agent is "Nationwide Credit Corp." then according to its Web site, this collection agent operates on a contingency basis.Therefore, the offer of ,100 for a ,200 debt is approximately 60 cents on the dollar, which is higher than average but not unreasonable.If you have the funds to make a lump-sum settlement, offer the collection agent ,080, which is 40 cents on the dollar.I owe American Express ,200 and I am over 90 days. I spoke with a representative in India and was told that they must get payment by April 30th or my deal of a settlement of ,100 will be void. Secondly, they want me to give them my routing number and checking account so they can deduct the amount. Before I discuss these issues, I need to make it clear that much of my answer is speculation.I told them I would send a money order as soon as they put the deal in writing. It probably does not need to be said, but I do not represent American Express or the collection agent.
The customer service representative may balk at that amount, after which you can offer to meet in the middle at 50 cents on the dollar.It is unusual for a consumer to receive an offer of settlement at 90 days of delinquency.Therefore, the safest course of action is to send the collection agent a paper check.You mentioned the collection agent is "Nationwide." There are several collection agencies with that term in their names.
They then said before they put the deal in writing I had to send them a hardship letter and they had to get it approved by American Express... Each creditor has its own policies for settlement amounts.
The rule of thumb for American Express is 50 cents on the dollar.