American Express Credit Card Debt

Have you been informed that you have a credit card debt with American Express that needs paying back?

Are you unsure about your next steps in the repayment process or how to deal with the debt?

Are you worried that you are going to slip into persistent debt?

You are in the right place!

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This guide will cover all the information you need to know to get you out of your outstanding credit card debt confidently.

Why is American Express contacting me?

If American Express has contacted you, you likely have a credit card debt that needs to be repaid immediately.

As soon as you receive any contact from American Express, we would advise you to reach out to them to query about what they want.

If they want you to make a credit card repayment, you should keep this contact and attempt to repay as quickly as possible.

Keep reading to find American Express’ contact details.

What is credit card repayment?

A credit card repayment typically pays back the money you have spent on your American Express credit card.

When you receive your statement for your credit card, you decide how you will make your repayments- this way. You control how much of your balance you will be paying and how much interest you pay.

There are four options for a credit card repayment, these consist:

  • Paying the minimum repayment.
  • Paying the whole balance that is shown on your statement.
  • Paying the total balance on your card for manual payments.
  • Paying a fixed amount that you set (by direct debit).

Does American Express offer debt settlements?

American Express offers a debt settlements scheme that will help you to pay off your debt for less than you originally planned.

Although this is not a simple and quick way to write off your debt, the debt management plan will eventually clear it for less money.

The majority of people in a debt settlement offer with American Express will have spoken to the company about their financial and personal situation.

If American Express believes you can pay off the full amount, you will not be accepted for a debt management plan like this. They will only accept a debt settlement if they do not trust that you will pay back the money at all.

It is key to mention that you will usually have to reach out to American Express to negotiate a debt management plan like a debt settlement rather than the company asking you to start one.

If you struggle to manage your debts, you should seek a plausible debt solution. 

What happens if I don’t pay off American Express?

If you do not pay off your American Express credit card bill, you will be charged a late fee and interest on your payments over time balance.

The payments can get more expensive the later it gets, and when it reaches up to 30 days late AmEx is incredibly likely to reach out to a reporting agency that will begin to damage your credit score.

If the delay of your payments gets extensive, the company could involve court action.

You should pay AT LEAST the minimum monthly payment to avoid any raised fees, interest, credit damage, or court action.

What is a minimum repayment on a Credit card?

A minimum repayment is the smallest amount you can pay through your statement for your credit card.

You would not find this as a long-term solution for credit card repayments as the interest you will end up paying will take longer to pay off than the actual balance.

What credit agency does American Express use?

American Express uses mainly Experian as a credit reporting agency.

There are reports to show that AmEx also uses TransUnion as a bureau.

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How do I deal with American Express collections?

Dealing with American Express can make anybody feel stressed and under pressure, even more so when you have never experienced debt before.

Before starting your credit card repayment, you should understand your rights and American Express’ rights.

There are rules and regulations that take place within the company. Therefore, it is crucial to understand what these are so that you are in the correct place.

What rights do I have?

There are certain actions that bailiffs are not permitted to take:

  • You can request proof of debt; this is essential.
  • They are not allowed to threaten you or harass you at all.
  • They cannot lie about your debt.
  • They must not discuss your debt with anybody other than you.
  • They cannot use technical jargon in order to confuse you or take power.

You should request debt validation as this will show whether the debt is even yours. The company must send a letter of proof when it is requested.

What rights does American Express have?

There are certain actions that bailiffs are allowed to take:

  • They can call you.
  • They can visit your address.
  • They can send letters to your address.
  • They can try to sue you.
  • They can order court action.

It is essential that you understand what AmEx can legally do as you can make complaints if they go against their rules.

Keep reading to find out how to file a formal complaint against AmEx. 

How can I remove Amex Collections from my credit report?

To remove AmEx collections from your credit report you should be paying monthly until the debt has been paid.

If there is any unpaid collection, this will stay on your credit report for up to 7 years, making your account look incredibly negative and affecting the credit rating you have.

Send a goodwill letter

If you want your collection removed from your credit report, you should send a goodwill letter requesting for the creditor to take this information off. To have the information removed, you must have paid the collection and given proof of this.

It is not 100% confirmed that a creditor will remove this information, as they actually have no obligation to do so, however, some creditors will out of pure generosity.

Pay-for-deletion

Although it is rare that a creditor will accept this, you can negotiate with them for a pay-for-deletion agreement.

In this circumstance, you would be paying a portion of your debt in order for the collection agency to remove the account completely from your report.

If the company does accept this form of agreement, you should capture this in writing so that it is certain the company will definitely remove any late payment information as well as the collection account as a whole.

Wait for the collection to drop your report

After seven years, your collection information will be removed from your credit report.

As soon as your delinquency accounts are reported, this is the date the 7-year countdown starts.

After your 7-year countdown has passed, although the amount might be removed, it still does not mean that you are free from the debt.

Chances are, you will still have to pay, if the debt has not passed the limitation period for being statute-barred, you can be sued, meaning the collectors can still force you to pay.

How long does it take for my debt to disappear from my credit report?

A debt can stay on your account for up to 10 years!

The length of the stay will depend on your debt. The majority of times, it will be seven years; however, it can change from 2 to 10 years.

Will I still have to pay if my debt has fallen off my credit report?

When your debt falls off your credit report, this does not mean it has disappeared forever.

Both your rights, along with American Express’ rights are still in place, meaning the company can still take action, therefore, you still might have to pay.

How do I make a payment to American Express?

You can make a payment to American Express with:

  • Direct debit
  • Bank transfer
  • Debit card
  • International payments

Follow these instructions:

  1. You must have your log-in details to get onto your AmEx account
  2. You should navigate the ‘Make a Payment’ page and click on this
  3. Choose your desired method of payment and enter your details
  4. Review and confirm for a security check

AmEx contact details

Knowing the contact details for American Express is important so that you can keep in touch with the company when dealing with your debt.

It is also essential in case AmEx goes against its code of conduct so that you can make complaints.

Here are the contact details you should be aware of:

FAQ's

Can I go to jail for not paying debts?

You cannot go to jail for not paying your debts.

You can get sent to court and potentially get sued, but being imprisoned is not something that will occur.

What are some consequences of having credit card debt?

  • Stress build-up and mental health issues.
  • Lack of sleep.
  • No motivation.
  • Lose your job.
  • No savings.
  • You cannot afford necessities.
  • No creditors are willing to give you a loan.

What is the average UK debt?

The UK average debt personally is £1,765.6. The UK average household debt is £63,528.

These are both staggering numbers and a stop to debt needs to happen quickly.

Having debts between 43% and 50% of your annual income will show you that you have too much debt- you should reach out to a debt support charity if you are in this situation.

Final thoughts

Without paying off your credit card, you should expect to face debt consequences with American Express.

Being in debt is not an experience anybody wants to be involved in. Therefore, keeping on top of your minimum payments can help you to stay out of stress.

With this article, hopefully, we should have given you some useful tips that will benefit you in the long run.

Contact a professional debt help charity for the best advice on managing your money and staying away from persistent debt.

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