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Am Ex Collector


Riu
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Hi, I'm new to this forum so bear with me if this situation has come up before. Making a very long story short...I owe AMEX $14,600.I went through a really bad divorce, my ex is in b/k and stuck me with alot of bills. A collector in Canada called me yesterday and told me that I had 2hours(it was 3pm and he was leaving at 5) to come up with the money or my account would be sent to the lawyer. Also, he said that AMEX would put a lien on my house. Also, if I came up with the money, AMEX would send me a new credit card. Just what I don't need! Of course, I couldn't come up with the money and called him at 5pm. He then gave me three more hours to call back with the money.He told me to have my parents put up the money. Even going so far as to have them transfer the amount to their credit card. I didn't call back because I am thinking of getting a home equity loan. It would be my second one. So needless to say, this guy is calling me incessantly today. I don't know what to do. Can anyone give me advice on this? BTW, I tried to negotiate but only got 90%.

Thanks,

Sharon

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Welcome on board. We'll all do what we can to help...

First, have you received anything in writing from these guys? DO NOT talk with them on the phone. Collection agencies (CAs) lie just for practice and will attempt to scare you into doing things you might not have to. You need to put them through the "debt validation" (DV) process. Just because you owe AMEX some money doesn't mean these people have the right person, the right account, the right amount, and the right to collect in your state.

There's a "sticky" up at the top While you're in debt validation forum that explains the process...

http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=18552

Use it on them...unless you've got the full amount, AMEX is tough to settle with...and there's no way you want to pay a collector...it might not even get applied to your account.

You also need to realize that its quite possible that AMEX will sue. But again, unless you've got money to buy them off, there isn't much you can do about that. The best you can hope for is that the CA will screw up enough that you can sue them...

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Do not listen to the collector. Amex will sue but it takes a while for them to do so. What collection agency is it? I can forward you there fax number and a cease and desist order to stop the calls immediately. If you do not have access to a fax I will do it for you.

The reality is that collectors are assigned the account for 90-180 days to collect. I'm thinking the account is with NCO and I know that they hold the accounts for 6 months. If this is the first you have heard from them their 3 hours is total BS. They say that stuff all the time to collect before you you find this site

8-)

Do not concern yourself right now. Amex settles for 30% with 3rd parties. They will play hardball at first but if you are forced to settle I can help you through it. Just know that settling will have a negative effect on your credit.

Post what you would like to do with this account and either myself or others will direct you.

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