American Express Account Cancelled
Date: Fri, 03/05/2010 - 13:53
I owed about 7K and 90 days behind. Does it mean it will go to collection agency or the Zwicker? Is it same as write off?
You will have to ask Amex, as they handle these in several diffe
You will have to ask Amex, as they handle these in several different manners. Good Luck
Since the account has been cancelled they also stoped calling, I
Since the account has been cancelled they also stoped calling, I guess it is going to collection agency or the Zwicker.
Has any one delt with Amex?
Amex sent my account to NCO, after 90 days. I then settled my am
Amex sent my account to NCO, after 90 days. I then settled my amex account with NCO for 40% after 120 days late. Hope this helps.
I called Amex and they said my account has been assigned to Zwic
I called Amex and they said my account has been assigned to Zwicker. I am scared that they will sue me. Do they settle? What should I do? Do I have to pay attorney fees?
Zwicker is alreday calling me, I am scared, how should I approch
Zwicker is alreday calling me, I am scared, how should I approch them?
Please help.
Here's the thing, if you owe 7K with a lawsuit Zwicker would lik
Here's the thing, if you owe 7K with a lawsuit Zwicker would likely get 1/3rd or 33% (2,310) + with a lawsuit and under the terms of the Amex agreement they'd add in their atty fee of lets say $1500. Now, your cardholder agreement also allows you to elect to have their claim resolved or handled by arbitration. The agreement goes on to say that each side pays their own fees and costs with arbitration, win or lose. So now by electing arbitration you've denied zwickers claim for the $1500 atty fee. In addition under the terms of the cardholder agreement Amex fronts the costs for the arbitration proceeding. Well how much is that? Best approx guess is they'd shell out over 4K+ in arbitration fees/costs. So lets say I want you to pay me 7Kbut I know It's gonna cost me 4k+ in arb costs, leaves them 3K-whatever the lawyers are gonna charge to represent them in arb, if it ever gets that far. Thus the question becomes, would you spend 4K+atty fee= to collect 7K, or would you rather work a deal with NCO, Aegis rec, or any other CA and cut your losses?
Maggie, Thank you for the detailed reponse, I just spoke to the
Maggie,
Thank you for the detailed reponse, I just spoke to the Zwicker and they are willing to settle he offered 5994 first now he agreed at under 4500 my target is under 3k see wnat happens. He did say he does not want to sue. Should I still send him the debt validation?
I would send debt validation letter. If anything else it will b
I would send debt validation letter. If anything else it will buy you some time.