AMEX, Zwicker is callig

I would start with sending Zwicker debt validation letter. That will put them off for 30 days.

they offered 82% on the loan amount

Been there doing that, in addition to sending them the debt validation letter, also if you know they got you and have no real defense other than the economy which although it may make you feel good knowing there is a reason, it won't help in court and I'd also include in the debt validation letter a Notice of election of arbitration and a demand for a copy of the cardholder agreement, send it CMRRR. That'll stop them from filing a lawsuit and likely have the account pulled from Zwicker and passed to somebody, anybody else. They sue quick and are only interested in the part of the cardholder agreement which says they get to add attorney fees to the suit...

Almost forgot, google their firm, zwicker and associates and see if they have lawyers in your state, if so they're gonna sue you and try and bleed you dry. They are rude and will not present any counteroffer to Amex, they'd rather sue and get a bigger slice of the pie + attorneys fees...

How do I write a letter a Notice of election of arbitration? can I find a sample letter anywhere on this site.

Maggie22 will correct me if I am wrong. I believe you simply put 1 sentence in your debt validation letter that says, "I would like to elect arbitration as stated in my carholder agreement".

Thank you guys for your help, should I send them the letter of arbitration wright away or wait till I get some in writing from Zwicker?

I would wait till you get something in writing. It will than state you have 30 days to dispute/send validation. If they call again tell them you do not want to talk to them until you have something in writing.

I would wait till you have something in writing. The letter will state you have 30 days to dispute/send validation. If they call again you could tell them you need something in writing before you will speak with them.

I'm in the same boat. Has the OP or anyone else had success with this method and getting Zwicker pulled from the account?

My only asset is my house, but I don't have any equity in it (-$90K). I have had a decline in income and an increase in living expenses.

OP & 110k,

Do you have funds to settle with?

Zwicker does settle and with terms.

If you send validation & arbitration request it will buy time to come up with funds to settle at a later time, but if you do not need that time - you can settle.

Mileage may vary