Amex sent my accounts to collection agency, now I'm scared!

They did the same exact thing to me. I was in their hardship program, never missed a payment, but about 5 months later my account was with Nationwide Credit. I'm trying to settle but they aren't responding.

Scarecrow, I would go ahead and prepare myself, close that bank account and open a new one just in case your account is turned over to a lowlife CA.

I thought I read here that a collection agency can't get to your bank account unless you get to the point of going to court?

Very informative so paying a OC is really not going to stop them from turning it over to collections this thread should be flagged as a must read for everyone... The laws should be changed everyone on this site should be writing their senators and congressman for the collections laws to change ..

I do believe they cannot just take money out of your checking account without taking the case to court. As far as changing to a new bank account i would do that asap. Even if they consolidate the debt will you be able to afford it?

Interesting, I owe Wells Fargo on a couple of business line cards, about 100k or so. A few days ago when the lady called, I told her times were tough, business was WAY down and I just couldnt come up with payment, she then says, well I see 4k in your account, I did not flip out, I just simply told her I still have employees, mortgages, etc to pay, she said nothing and that was the end of conversation. Thank god I went and opened a new account about 3 weeks ago at another bank, I just had a feeling something like this would come up, also have seen things here about accounts being seized. What I did do was still leave the account open, and small amounts of cash in there so it does not throw up a red flag. Since nobody has ANY information on my new account, how would they find my new account? would the only way to be if they took me to court? and even then, can they find it that way?

Guest, if they take you to court and get a judgement against you, the attorneys will will send out notices to ALL banks in the area to see if you have other accounts, you might try opening several accounts and deposit a small amount in each of them rather than putting all your eggs in one basket, so to speak.



guest

Which collection agency? Have they contacted you? I have settled my Amex when they sent my acct to NCO.

I have always thought they just know everthing about you including your assets ... Well I have 15.00 in my account if they are willing to accept that as pmt in full they can have it !!!

I don't know yet which collection agency Amex will use. I asked what the next step would be and the rep said that they had sent it to a department that would determine which CA to assign it to.

Do the various collections agencies 'bid' on your account? Or I wonder if Amex just assigns them.

I wonder if they review the files and see what things you told them to determine which agency gets the account.

AmEx will almost for sure use Zwicker and Associates as their collection agency. They are a collection agency/law firm. I know because my account was sent there. The good news is that Zwicker is willing and wanting to settle the accounts. My account was set up to go to litigation if I was not willing to settle. I was able to talk my way down to about 55% of my debt, payable in 3 payments. My balance was over $10K.

My advice to anyone having to deal with Zwicker (btw, Discover uses them too) is to settle, and don't hold out for anything lower than 50%. They are not bluffing when they say they will take you to court, and they have attorneys in just about every state.

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