Arbitration
Date: Mon, 08/20/2012 - 21:11
Hello all,
I have about 8 credit cards with $40,000 debt. Last payment was about May or June of 2011. Got a settlement offer from American Express for $3,000+ on a $6,000 balance in June of 2012. Still couldn't afford to pay it off, and now I'm being sued by Zwicker for the full amount plus attorney fees. Was planning on saving up enough to pay off the $3,000 in a couple of months, does anyone know how to start settlement talks with AMEX while the lawsuit is still in the court? I want to be able to reach a payment plan with AMEX so Zwicker can drop the lawsuit. I haven't talked to anyone from AMEX since July of 2011 when they wouldn't even offer a hardship plan, just more pressure to pay it all off. I read the previous posts and saw something about arbitration? What is that and how does it work? Thanks to everyone for helping to make this tough time a little easier~
I have about 8 credit cards with $40,000 debt. Last payment was about May or June of 2011. Got a settlement offer from American Express for $3,000+ on a $6,000 balance in June of 2012. Still couldn't afford to pay it off, and now I'm being sued by Zwicker for the full amount plus attorney fees. Was planning on saving up enough to pay off the $3,000 in a couple of months, does anyone know how to start settlement talks with AMEX while the lawsuit is still in the court? I want to be able to reach a payment plan with AMEX so Zwicker can drop the lawsuit. I haven't talked to anyone from AMEX since July of 2011 when they wouldn't even offer a hardship plan, just more pressure to pay it all off. I read the previous posts and saw something about arbitration? What is that and how does it work? Thanks to everyone for helping to make this tough time a little easier~
Amex will not talk to you now that the account is assigned to Zw
Amex will not talk to you now that the account is assigned to Zwicker. Also, they will not drop the lawsuit to give you payments...you might be able to get a conditional judgment...this allows you to make payments without them pursing wage garnishment or bank levy. However you miss a payment, the agreement is voided.
Seems like AMEX handed over the account to collections. Your onl
Seems like AMEX handed over the account to collections. Your only option is talking to the collectors about a settlement but that is highly unlikely given that the suit has been filed already. Have you received summons as of now?
