logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Amex Intransigence ...

Date: Sat, 07/31/2010 - 08:33

Submitted by WeShallOvercome
on Sat, 07/31/2010 - 08:33

Posts: 13 Credits: [Donate]

Total Replies: 2


I am trying to settle with Amex before 90 days overdue (in six days), an unsecured debt that Amex are trying to stick to me personally since I was involved in a small business that was forced to close in Illinois during the banking collapse at the end of 2008. This is actually a liability assumed by another biz that purchased my biz's assets a year and a half ago, but that business went bust with upside down collateralized bank debts and stopped paying the Amex liability. So I have a $30K bad biz corporate debt to resolve ... I am unemployed over a year with NO assets (0 net worth), personal or business wise. I have told Amex all the above facts, and that I am going further into debt each month (by $1500) on my personal cards maintaining a family of five on UI benefits until they run out. None of this will sway them from asking for a minimum $20K (75%) settlement!

The account is 84 days past due ... and I have been told by Amex that they don't keep original credit applications past seven years (and the account was opened as an unsecured "line of credit" acount with them in 2002). So they apparently have no original app with my signature on it to present. If they offered closer to $15K settlement, I could probably swing a bail out with friends who'd like to see the end of months of persecution and indifference to me from Amex... and the possibility of the likes of Zwicker crawling all over me while I'm trying to re-invent myself and support my family properly again after 26 years of prior success.

Any advice or comments much appreciated ... :confused:


More facts re OP situation ...

1) no personal enrichment from any aspect of closing down my business and essentially "selling assets for cost of liabilities". The successor biz wangled a deal which paid out $125K of net worth from my 23 yr old biz to me, over five years, pending certain thresholds in sales that never materialized (because that biz shut down 11 months later ...having laid me off six months into a five year employment contract). In effect I was asset stripped and hung out to dry ...

2) No I'm not dumb ... Our single UK supplier threatened to pull the plug (forcing liquidation) if we didn't accept "the great deal" offered by the successor biz ... that they thought would be in a better position to survive (a total crock).

3) The successor biz (out of state) screwed up broken lease negotiations resulting in a $23K judgement against my Illinois C Corp (still a legit Corp) ...
(I am not a personal guarantor on that corporate lease though!)

4) In no way did I engineer the debt situation I am being pinned for by Amex, in fact I ensured it was contractually taken care of, and then maintained every effort to get the successor biz to follow through ... to the extent of $20K of the starting point $48K debt balance being paid down
prior to the collapse of that biz (ironically due to withdrawal of the UK biz that pushed me into their laps in the first place!)


Again, Amex is indifferent to all these facts and more ... with the irony being that the 50% drop in sales after 23 years in biz was precipitated by the Banking failures, credit squeeze, and thence consumer confidence drop in the last quarter 2008!

I fancy my chances in court all things considered, and god knows I have unwanted time on my hands because I'm over or under qualified for every job that comes my way in 10% unemployment IL ... and endure age discrimination and unemployed job seeker discrimination on a constant basis, by the few companies that don't ignore my professionally vetted resumes and cover letters.

Does anyone think I'd make a good poster boy for a "David vs Goliath" story ?

I have a bloggable record of every conversation I've had (twice a week for 3 months) with Amex reps and managers. Every name, every lie, every illegal tactic, and all erroneous and bone-headed comments!

I have enough sympathetic supporters to sign a petition that stretches all the way to our local court room. I have PR and news guy contacts chomping on the bit for a meaty story on topic ... and I truly believe that the pen is mighty than the sword when it comes to legal battles (and settlements). I am fine with the limelight if necessary ... because I'm sick of big biz stomping on the little guys who are the only chance of a true economic recovery in this floundering country.

I have eternal patience, persistance, and the stamina of a bulldog.

What say you? After all ... in Illinois it's a crap shoot whether you get a judge who's "connected" and prone to favor big guy vs little guy ... or vice versa.


lrhall41

Submitted by WeShallOvercome on Sat, 07/31/2010 - 09:27

( Posts: 13 | Credits: )