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Amex no longer accepting settlements


BillyBoy
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but the point you are not getting is:

IF ZWICKER IS ASSIGNED TO COLLECT THE ACCOUNT BY AMEX AND ZWICKER IS NOT CONSULTING WITH AMEX ABOUT THEIR ACTIVITIES WITH THE ACCOUNT....YOU CANNOT MAKE AMEX SETTLE THE ACCOUNT IF ZWICKER IS CALLING THE SHOTS!

Lawyers should not be acting this way, but unless you are willing to get a good consumer lawyer to sue over the unethical, and possibly illegal, Zwicker activity, you are just beating a dead horse.

Welcome to the world of debt collection. This is really nothing next to what many of us have experienced.

You can talk to the cockroach and pay 100%, but, invariable you will regret talking to them. They want you to admit the debt in conversations so they can sue you and get attorney's fees.

The only upside in talking to them is: maybe you will get them to say something stupid like "you can't have a jury", "they will garnish your wages", or "you can't appeal a judgment."

I'm NOT easily intimidated and even knowing my Federal and State rights inside out, some of these debt collection guys are really good! I only talk to debt collectors when I need to "tee up" a shakey lawsuit I want to file agaisnt them. Ususally the phone call gives my lawsuit some more bite if the written violation are "grey area". THAT IS ABOUT THE ONLY GOOD THAT CAN COME FROM TALKING TO THESE SHARKS, AND EVEN THEN, ONE OF THEM FROM AZ ALMOST GOT THES BEST OF ME!

Stop thinking about talking to them verbally. And if you have this tortuous urge to do it verbally...hire a lawyer. Most of us are not equipped to retain our rights talkiing to a debt collector verballly!

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ok, so the concensus is to to just simply cease talking with the Zwicker and make it clear to Amex that if they want to get anything out of me then deal with me directly.

So, I get the point.

BUT, has ANYONE heard about "Amex no longer doins settlements" ..... do you guys think this is pulled from air and what would be the benefit for Zwicker to even claim this ? I would think they want to settle with me and make their $'s quickly and be done with me ..... what the hell is the point for them to drag me along and all the way to court (if they can go that far with me, or not ....) I don't understand what the basis of this claim is, doesn't make sense to me. I told them during the first conversation about my interest to reach a settlement and the guy started buking on it and told me to never bring it up again, to not even bother. So, I will mail then cease letter and stop communicating with them, I will let the Amex know the same, I am not sure who will come back to me responding with interest to settle with me. I have no interes to carry Amex card ever again (nor any other cc) nor do I even have interst to be part of their 0% 6month customercare program. I just want to settle an dbe done with them. Why do I read so much about all sort of settlemetns and 35% and 55% that.

HAS ANYONE REACHED SETTLEMENT WITH AMEX LATELY ?

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BUT, has ANYONE heard about "Amex no longer doins settlements" ..... do you guys think this is pulled from air and what would be the benefit for Zwicker to even claim this ? I would think they want to settle with me and make their $'s quickly and be done with me ..... what the hell is the point for them to drag me along and all the way to court (if they can go that far with me, or not ....) I don't understand what the basis of this claim is, doesn't make sense to me.

Actually, I have heard (and read in posts on the board here) exactly the opposite. AMEX is doing settlements (whereas they used to NOT settle). As I said, the rules have changed now that they are a bank...and they continue to change as they figure out what that really means to them.

Zwicker makes that statment because unless they are retained as a lawyer instead of a CA, they cannot legally speak for AMEX. Any settlement they would make with you would be bogus until it was approved by AMEX. And, they'll take your money as a settlement and THEN go talk to AMEX. If AMEX says no, Zwicker still has your money and you still owe AMEX.

Why do I read so much about all sort of settlemetns and 35% and 55% that.
Some people in some circumstances are able to negotiate "paid for less than the full amount" settlements with CC companies. In general, it depends on what the cC company sees on the person's credit reports...but, usually, it has more to do with how the CC company wants their balance sheet to looik that month. It ain't personal...its business.

On the other hand, we do have a few "debt fixers" who post on the board here. They're really collection agencies who use the "more flies with honey" approach to taking your money. They have shills who drive business to them. If a given debt fixer happens to have AMEX as a client, they may indeed be able to "negotiate" a 50% settlement for you...but...you'll pay them 15-20% for their "assistance"...and the IRS will want taxes on your 50% found income.

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Excellent points ! I am getting smarter and smarter with these intelligent replies. Love it !

I would also like to post this link to others who might be reading this thread, seems to be a fresh blog about Debt Collection, I don'thave any idea who this is or how good this lawyer is but this '30 days of debt collection thing" is good and easy reading

http://www.familyandconsumerlaw.com/2009/02/debt-collection-issues.html

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I had a similar situation. if you did have an amex account (or they provided you a copy of the agreement) - check the agreement and see what it says regarding the "fees" to collect.

I went through this with a credit union loan, and the contract specifically stated the collection process (attorney who sued me) was to collect a specific percentage of the defaulted balance as fees.

Why would the attorney want to settle for 1/2 if this takes a big chunk out of their cut? That's why they don't want to deal.

I got lucky and the lawyer couldn't actually show up for my case but the credit union sent someone internal. SHE was was willing to deal and we came up with a fair number in about 10 minutes and we were out of there with no judgements.

If the lawyer is working on a % basis - making a deal takes money out of his pocket, so he's really not motivated to settle and will probably tell you anything to get you to agree to 100% payment.

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BILLYBOY -

You keep asking WHY this, WHY that......we DO NOT KNOW WHY someone will or will not settle !!!!!!! You've gotta do some research on your own and find out yourself. What worked for someone else last week may or MAY NOT work for you!

Besides - you STILL do not KNOW if these zwicker characters are even collecting this debt on behalf of AMEX or not!

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"Why would the attorney want to settle for 1/2"

because simply that is all I got and that is all they can get, other alternative is I file for bankruptcy and they collect nothing.

The threat of bankrupcy is much less of a threat than it used to be.

These guys think they have you dead to rights (and if this is your account, within SOL, and they have the paperwork - then they probably do) to $40k.

If you're truly in position to settle for $20k immediately - then you're probably NOT any threat for bankrupcy.

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What do you mean exactly with this one

"These guys think they have you dead to rights (and if this is your account, within SOL, and they have the paperwork - then they probably do) to $40k."

Also to be noted, I still have not receivet the "debt verification" letter from Zwicker, only a letter that informs that "this law firm is outside councel to American Express, our client (Amex) has requested that we contact you regarding the unpaid balance ....) also on the bottom it says that 'Pleae note that unles you dispute said debt within 30 days after your receipt of this ltter, this office shall assume the validity of this debt ... upon written notification ... this office shall obtain verification of the debt or a copy of a judgment, if any, and mail you a copy of such verification or judgment"

NOWHERE in this letter it states it is "Debt verification" letter, I jhave requested it verbally and was promised that they mail it, also I will be tomorrow sending them the 'stop communications" letter and will inform Amex that I will only communicate and deal with them directly.

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'Pleae note that unles you dispute said debt within 30 days after your receipt of this ltter, this office shall assume the validity of this debt ... upon written notification ... this office shall obtain verification of the debt or a copy of a judgment, if any, and mail you a copy of such verification or judgment"
That's what we normally call the "mini-miranda" which basically translates to "you have 30 days to send US a DV letter or we can assume the debt is valid and continue collection activity".
NOWHERE in this letter it states it is "Debt verification" letter, I jhave requested it verbally and was promised that they mail it...
Its not a "debt verification" letter. Its a "dunning letter". You respond to a dunning letter with a request for verification...the DV letter. Note that is says "upon written notification". You need to send them a DV letter, CMRRR requesting validation. By telling you on the phone they'll send it...they're lying to you again. Your request must be in writing
, also I will be tomorrow sending them the 'stop communications" letter and will inform Amex that I will only communicate and deal with them directly.
Wrong. If you're going to call AMEX, send the CA a DV letter and then ignore them until you get a response. If in the meantime, you get an agreement with AMEX, they'll call off the CA.
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Again thank you for this intelligent response, prettymuch what I expected. Process makes more and more sense to me thanks to you people. Absolutely love this forum, once I will get out of this situation, I will be able to hopfully help others in my crappy position (crappy as of today I mean ;)

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What do you mean exactly with this one

"These guys think they have you dead to rights (and if this is your account, within SOL, and they have the paperwork - then they probably do) to $40k."

Someone answered your lower questions - but I'll respond to this since it was directed at me.

This is your account as you've admitted to being an AMEX account holder and being in their hardship program and defaulted on it. It also means (likely) that you're WELL inside the SOL (Statute Of Limitations) to sue you.

So pretty much, if they have the contract and this isn't some bogus made up account from a scumbag agency - they have everything they need to proceed with suing you and winning all 40+K on the account. Thus far you haven't come up with any real reason why they wouldn't want to sue you. As this isn't chump change, they're not likely to just ignore this. If this was an $800 balance - they might not want to waste the attorney fees and filing fees to come after such a debt, but at 40k -- would YOU let someone who owes you 40k just sit there?

Sending a C&D without all the facts (and still being within SOL) is pretty much an invitation to get sued - since you've provided no other way for them to collect the money through other means. That also means that technically - they can't really even respond to a settlement offer once you send that notice off - so be careful.

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How do I know if I am inside or outside past "Statute Of Limitations" ?

Look through your state laws and find out what the SOL is for credit card agreements. Some states consider them written agreements and thus are subject to a longer SOL. Some states consider them "verbal" or unwritten, subjecting them to shorter SOL. Look in your state statues as well as case law.

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I guess I am well within statue of limitations, it's 5 and 10 years in my state. I am planning to continue communicating with Zwicker, but maybe I should do only do this in writing and require written communications only and already set down my settlement offer ? I could also communicate the same to Amex and see what they say ??? any idea ? and if they are willng to talk directly, perhaps more than last time.

Anyone negotiating with Amex these days ?

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I owe amex 5K and they already moved to CA - Nationwide, they are calling me non-stop these cockroaches...I tried calling AMEX and they don't wanna speak to me, they tell me to deal with Nationwide. I called Nationwide once and asked them who owned the debt and they said AMEX. They only representing them on their behalf. I told them to have AMEX call me..........

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This is also my question, if I send "cease communications" letter does that immediately then allow them to just sue me, or does it only force them to communicate with me in writing. I have not even recevied official "Verification of debt" letter. In my case i am dealing with Zwicker and got 46K Amex to deal with

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Cease communication means exactly that - they are to have NO CONTACT with you by any means outside of court proceedings. (well, technically I think they're allowed 1 final contact to tell you what they plan to do - ie: close the account and back off, or prepare to be sued, etc)

Once you send that letter, they can't communicate only in writing. Now, some people send what they call a "limited C&D" - which states no phone calls, but then it's not really a C&D - it just a request that they stop calling you, which they can ignore -- or they can take as a full C&D and proceed with legal options.

Oh - and you can be sued at ANY time - this letter only changes what tactics they use to collect. If you tell them they can't contact you - then they really only have one recourse left...

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And my natural question to you is: How do you find out who owns my debt ? What is your recommended path for this discovery ? Can't believe CA and Amex last time I discussed said that I should talk with the CA that it has been "assigned to", I only called Amex once and perhaps this is their scare tactic. My feel is that Amex still owns the debt and they are just pushing it further to see if this will scare the hell out of me .....

Once again I will ask if anyone has lately settled with Amex, directly or through their CA ?

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