Debt Management Advices

Anyone heard of the American Express Consumer Debt Management Plan?

I received check in the mail today for over $800 from American Express saying that I successfully completed the Consumer Debt Management Plan. I don't ever recall enrolling in this program. Is this too good to be true? Anyone with a similar experience?

Public Comments

1. Scam!
2. I also rec'd a ck and have no idea what this is about. I had an Amx card years ago, but paid it off & closed the account. I cannot find any info re this plan or information for the phone # in the letter. Sounds too good to be true........................... PS: what really concerns me is not being able to speak to a live person at the phn # in the letter. Also, the statement " issued witout recourse to the drawer" on the back of the ck above the endorsement line.
3. I got the same thing. I called the number, and it sounds legit. I am in currently in credit counseling and I just paid off my AmEx card. Apparently they refund fees and interest if you successfully complete the program (pay off your card). Here is the number in my letter 1-866-621-4159. Check it out.
4. I went to americanexpress.com. Found out just the regular 800 number, finally got to speak to someone (after going thru all those damn prompts) At first she had no idea of what I was talking about. She put me on hold and said that she will talk to her supervisor. She came back and told me to call 1-866-621-4159 which is the exact same number on the letter that came with my check. So I'm thinking this is a legitimate department within AMEX. Seems like everyone has just received these checks this week dated apr 30, 2007. Its the weekend now so I will call on Monday morning. I did do a debt management program about 3 years ago but it wasnt' thru AMEX. I went thru someother 3rd party company. But this 3rd party did tell me that AMEX had their own debt management program. I called AMEX then and AMEX told me that if i pay off my debt in a timely fashion without missing any payment dates, then they will refund me my interest. So i applied for the program, but then later they told me I didn't qualify because i already missed too many payments. It's been about 2 years since I paid off the card, having no more business with AMEX, and then this week I get a check in the mail which the amount is about the amount I was going to get refunded if i qualified for the program 3 years ago. So I don't know if there was some lawsuit or something so now AMEX is refunding the interest.... or if this is a very well planned scam... or if this is a computer glich..... USbank seems legit.... the phone number seems like its an actual department with AMEX... and the refunded check that i just got seems to be the same amount of what I would have gotten few years back..... keyword is "seems" DID anyone deposit their checks yet? I didn't... not yet... I will call them on Mon. May 7... I'll keep you guys posted. ADD: May 6, 2007 Three years ago when i was in the debt management program and called the 1-800 amex number i would punch in my account number. Then the computer would recognize my account as an account in the debt management program and transfer me to a third company called "RMA"... hmmmm... I called USbank and gave them the account number on the check... i don't know if i was against policy to tell me so, but the USbank customer service lady said the account is a legitimate American Express account.... ADD: May 7, 2007 9:50am est Finally talked to them at the 866 number. She said that american express recently did a review of past accounts and is now refunding interest paid, there is no catch, this is not a promotion or anything. She just says that they are getting overwhelmed with phone calls because all these checks went out at once and everybody is calling for the same reason... then basically they should have approached this in a better way. Anyways, i'm going to deposit the check today....
5. That's really odd. I too recieved a check for over a thousand dollars today. I called that # everyone is talking about and it does seem legitimate but then again, I am confused about where the money came from. I too WAS in a debt management program about 2 or 3 years ago!! I DID have a Amex account. AND I did eventually pay off the card without the help of the Debt Management program that was being offered by 1800debtcounseler or something of that sort. I decided I didnt like their debt management and cancelled it, and made my card payments on my own. So now it's been a few years and I get this wierd check from American Express CDMP. WIERD... I am so wierded out by the fact that I want to throw the check away ahah. One thing I do not recommend is to deposit this check into your account. I believe that the best way to handle a check like this is to take it to the issuing bank (US BANK) and ask them to CASH the check for you. You don't need an account and it's a quick and easy way to get your funds. I'm lucky the check's bank is a large chain. If it was a small bank, I would not be able to use their services and I would be forced to deposit the check at my own bank and risk the check bouncing incase it does end up being fishy. So we'll see. Good luck to everyone who got these wierd checks. It does seem that we all DID have AMEX and a "Debt management" service of some sort... hmmm...
6. Hi I had received a check in the mail for the same thing by american expresss in the amount of 4,800. What I think happen is when you joined like I did a debt management program to pay my bills the agreement was with american express is that you will get no charge for fees and interests, therefore they are reimbursing you for all the time you did pay interest because american express can not cut your interest at the time of the program they cut it when you are done paying them. You must of joined some other program that linked you to paying american express. this program you joined payed your bills for you i am assuming, therefore that was the agreement that american express waive your fees and interest upon completion. I hope this answers your question, although i just got the check a few days ago, when did you receive yours and has it cleared? please email me please at alexad12345@yahoo.com I already deposited this check and I went to a site that stated that american express is one of two companies that waive fees and interests so I think we are all good!!! I spent some of it so oh well!! the bank gave me a few hundred dollars and then put the rest on a 6 day hold so I guess I will find out then if its real but I think it is! see attached information on american express Mr. Akaka is a representative well known Credit Counseling Amendment March 9, 2005 MR. AKAKA. Mr. President, I rise today to speak on my pending amendment, #105. Mr. President, Section 106 of the bill does not allow consumers to declare personal bankruptcy in either Chapter 7 or Chapter 13, unless they receive a briefing from an approved nonprofit credit counseling agency within six months of filing. The bill also requires each consumer who receives bankruptcy protection to take a credit counseling instructional course. The credit counseling instructional course requirement is intended to provide financial education to consumers who declare bankruptcy so they can attempt to avoid future financial problems. Approximately one-third of all credit counseling consumers enter a debt management plan. In exchange, creditors can agree to offer concessions to consumers to pay off as many of their debts as possible. These concessions can include a reduced interest rate on the amount they owe and the elimination of fees. However, most credit card companies have become increasingly unwilling to significantly reduce interest rates for consumers in credit counseling. A study by the National Consumer Law Center and the Consumer Federation of America revealed that five of 13 credit card issuers increased the interest rates they offered to consumers in credit counseling between 1999 and 2003. Only two issuers, American Express and Wells Fargo, completely waive all interest for consumers in credit counseling. The majority of credit card issuers charge interest rates in credit counseling above nine percent, with several charging more than 15 percent. The amendment would amend section 502(b) of the bankruptcy code to prevent unsecured creditors, primarily credit card issuers, from attempting to collect accruing interest and additional fees from consumers in credit counseling if the creditor does not have a policy of waiving interest and fees for debtors who enter a consolidated payment plan at a credit counseling agency. Since it appears that Congress will require that consumers enter credit counseling before filing for bankruptcy, we must ensure that credit counseling is truly effective and a viable alternative to bankruptcy. Credit card issuers, undermining the good intentions of consumers who enter intro credit counseling, have sharply curtailed the concessions they offer to consumers in credit counseling, contributing to increased bankruptcy filings. According to a survey by VISA USA, 33 percent of consumers who failed to complete a debt management plan in credit counseling said they would have stayed on the plan if creditors had lowered interest rates or waived fees. A large body of research, conducted by such entities as the Congressional Budget Office and the Federal Deposit Insurance Corporation, shows that aggressive lending practices by credit card issuers have contributed to the current high level of bankruptcies in this country. Credit card companies have an obligation to ensure that effective alternatives are readily available to the consumers they aggressively pursue. As a show of support for the effectiveness of consumer credit counseling, especially as an alternative to bankruptcy, credit card issuers should waive the amount owed in interest and fees for consumers who enter a consolidated payment plan. Successful completion of a debt management plan benefits both creditors and consumers. Mr. President, for many consumers paying off their debt is not easy. My amendment will help people who are struggling to repay their obligations. I encourage all of my colleagues to support this amendment to help consumers enrolled in debt management plans to successfully repay their creditors, free themselves from debt, and avoid bankruptcy. Mr. President, my amendment has been endorsed by the Consumer Federation of America, U.S. Public Interest Research Group, Consumer Action, and the National Consumer Law Center. I ask unanimous consent that a letter of support for my amendment be included in the Record. Thank you, Mr. President.
7. I also received a check this week and it was pretty substantial too. I haven't been able to get through on the number provided, I keep getting put on perma-hold. Has anyone actually spoken to a representative? I also used a debt management program a long time ago, but this seems to good to be true. If anyone has actually gotten through to a live person at the number on the letter, I'd love to hear what they had to say. Thanks!
8. I received a similar check this week (5/3) explaining in VERY VAGUE letter that I have successfully completed the Consumer Debt Management Plan... like the original question I don't remember enrolling in this program but I did placed my self years ago in payment plan for all my credit cards with DCA (now my vesta.org) I called the # 866-621-4159 until I got thru & waited on hold for about 45 minutes until someone in customer service named Pat explained or recited the same info as in the letter & gave me the # 800-237-8215 of RMA/NCO which apparently were administrators of these accounts. This is still kind of unreal to me. Should I actually cash or deposit this check?
9. I also received a letter yesterday dated for April 30th...has anyone cashed this yet? Seems like the general similarity is that being enrolled in a debt program and having an AMEX card.
10. IT IS REAL!!!!!! CASH YOUR CHECKS!!!!!! This came from Alexa who wrote: HI Polly, I called American Express and they referred me to their Debt Management Program 1 800- 237-8215 which Nclb takes care of. I asked if t hey know anything about this check, the woman said yes and she asked for me ss# and checked then came back said yes I had over paid when completing the plan and that I would of gotten a check and its REAL!!!!! She could not tell me the amount thought just checked if I completed and was going to get a check. Hope this helps. Hey can you let others know on Answers.com I dont know how to get back on there, I just happen to have gotten on that page through searching american express but I am sure others would love to know its REALLLLLLLLLL. Happy Spending ... I too needed the money and came just in time as well. God Bless!! Alexa
11. We too received a check yesterday and I thought it was a scam. Before throwing it away, I called the 866#, but found they had already left for the wk.end. I called my debt counseling service that we had a few years ago to find they knew nothing about it. I found that a little strange. You'd think they would know something about this. So, I called Amex directly. The lady I talked to said she could only say the check was legitimate and legal and that it was back pay for any overpayment or interest paid in while in debt mgmt. She told me I would need to call the 866# on Monday. I have a good feeling that this is a good check.
12. same here, what have you found out...?
13. I also received a check and can't remember being enrolled in any plan. I was in a debt management plan and do remember something about AMEX waiving fees for successful completion, but I can't find any documentation to support it. I have been on hold forever so I'm going to US bank to see if they will cash this. I'll let you know what happens later. I just got back from US bank and they said the check was good. They charged me a small fee because I didn't have an account with them, but they did cash it. Hope this helps.
14. I can't believe so many of us have had these checks sent and all the comments about the one thing in common - Debt Management plans either through Amex or not - ring true. I too tried calling the 1-800 number on amex.com and they gave me 1.877.388.6539 as their Authorizations department that could verify the check for me. When I called this morning I got a woman who didn't seem all that sharp and when she came back after searching info said she had to transfer me but I got disconnected. I'll try again later - there's no USBank near me at all so I may ask my bank to cash it without putting my bank account number on the back of the check. I'm not as worried about it bouncing as I am getting routed back to someone who may take my personal bank account info and do something with that if it is a scam. I'll keep checking the posts to see who has done what. Good luck all!
15. Same story (my check was only for $163 though, no thousands) - got a letter today dated 30 April 2007 (I am in the Air Force stationed in Europe) - called the number and they confirmed my former account information with AMEX. I did have a card, and was robbed in 2005, and the charges went on my AMEX (rented a paint sprayer from Home Depot, and it was stolen, cost $4K,) so I called and had set up payments over time. I called US Bank, and after spending a year on hold they verified the account with me, and that it does belong to AMEX - not an individual. Why AMEX uses US Bank instead of issuing a check drawn on their own bank is beyond me, but whatever. US Bank told me to call AMEX back and confirm the check amount, but did assure me that this was a legitmate account with them (I had a US Bank account so I was able to verify this) What the 866 number explained was that when I called and set up the delayed payments (obviously with AMEX the whole amount owed is due at the end of the month) that is when I enrolled in the Consumer Debt Management Plan. It provides, among other things, credit help in that if you pay off your debt without them having to go through legal proceedings you get a portion of the fees returned to you. They will also remove some of the negative information on your credit report.
16. Yes, same this here and thought right away that this was a scam. I called AMEX (not the number on the letter) but the AMEX customer service number. I called last week and my wife called on Monday 5/7. AMEX did confirm the program and what the check represents. We did confirm that it wasn't some kind of odd promotion or something else more sinister. Essentially, they stated that AMEX is going through and rectifying all their debt accounts. It odd, but it looks like the real thing.
17. I also received a check (less substantial) and share the two common "reasons" we all received checks. After a day of bullying my way around on the telephone, here is what I found out... The 866# is a valid number for a valid division of AMEX (this was confirmed by the AMEX Fraud Dept.). Although the 866# is the AMEX CDMP number, if you chose option 4- which is to speak to a rep., you will be directed to another location- Rust Consulting, Inc. I spoke with reps there twice yesterday. Each one advising AMEX had hired their firm (which is legitimate, just query Rust Consulting on the Net) to field all calls/dispersement issues concerning these checks. Keep in mind they have only a limited amount of info in reference to why we all received the checks. The second call was the most beneficial. I was told that the money for these checks is being held in an account which will be closed after 180 days (from 04/03). If you don't cash/deposit the check by then, you will never be able to. Any money that is not "claimed" will be disperse to the state of residence to the person it was supposed to go to as abandonned property. (That's beyond any fraud scheme I've ever heard of.) I also spoke with the US Bank Fraud Dept. Originally they thought this whole situation sounded like a scam. I faxed them a copy of my letter and check. (Then I had the aforementioned 2nd conversation with Rust.) After the 2nd conv., I called US Bank Fraud Dept. back and they agreed it was legit. The best we could determine was that AMEX was recently sued/or about to be sued. Rust is a firm that handles some Class Action Settlement Administration. I don't think for one second AMEX wants to give this money out and they would rather be vague about the whole issue (think of how it could hurt their business if they were taking even more from the American consumer).
18. Hi all, Same thing, one came to my current address for almost 9,000 and the other went to my former address for a bit over 1,800. I had 2 amex accounts and went through CCCS. It is a refund of the overpayment of interest and finance charges. Count your blessings, for once things are working out for the little guy. bijoux