mikep Posted March 9, 2011 Report Share Posted March 9, 2011 (edited) i have read many of the zwicker threads and i know their history. i have been talking to zwicker for 3 or 4 months or so over an alledged debt with amex. it is around 30K. i asked in writing for the debt to be validated and i disputed the debt. they sent me an amount owed...that was it...on their letterhead.the debt resulted from having a 45k bill at the end of the month on an amex gold card. my business folded and i could not make the 45K payment. i have been paying monthly ($800 or so a month) for 5 years. they have added interest and that is why the debt is still 30K.the account was opened in the 80's, so i don't know what the cardmember agreement says about interest. that is one reason i asked them to validate the debt.zwicker kept calling and trying to settle. i was close to an amount i could come up with (17k), but in an email i sent to zwicker i stated again that i would like to resolve the matter, but was still disputing the debt.at that point they told me that unless i sent them something in writing dropping the dispute, they couldn't work with me.a month later, i got a letter in the mail from an attorney called the dillon law firm demanding payment of the debt, listing amex as the creditor. i am guessing it's because zwicker does not have an attorney in my state, SC. dillon is based in GA, but the letter head says they are also licensed in SC.i want to settle this and my biggest concern is being sued and having to pay the full 30K. my first reaction when i got letter from dillon was to send them a DV....and maybe request arbitration in the DV (it is in my cardmember agreement).my goal ideally would be to settle for 50 to 60%. zwicker offered a 60% settlement, but i got nervous when they demanded me drop the dispute first.i would love to hear from some of you with experience in this...i am really confused on how i should proceed. mike Edited March 9, 2011 by mikep more info Link to comment Share on other sites More sharing options...
mikep Posted March 10, 2011 Author Report Share Posted March 10, 2011 anyone have any suggestions? i would be very grateful. part of what puzzles me is why zwicker never validated the debt. i know they can get statements, but would they have to produce the original card member agreement to validate the interest charged?i have a feeling this is the last step before filing suit, since this firm is licensed in my state. but wouldn't they still try to settle it if i send them a DV letter? Link to comment Share on other sites More sharing options...
BV80 Posted March 10, 2011 Report Share Posted March 10, 2011 Have you checked your credit report to see if AmEx still owns the account?When did you default? Link to comment Share on other sites More sharing options...
mikep Posted March 10, 2011 Author Report Share Posted March 10, 2011 yes, amex reported the account to all the cra's. just got an update last week. plus they are listed as the client on the letter from the attorney.defaulted on the original agreement about 6 years ago...bill was 45K. made payments monthly until about a year ago. Link to comment Share on other sites More sharing options...
BV80 Posted March 11, 2011 Report Share Posted March 11, 2011 As long as AmEx's TL doesn't say "sold/transferred", they still own it.the account was opened in the 80's, so i don't know what the cardmember agreement says about interest. that is one reason i asked them to validate the debt.The cardmember agreement from the 1980's would not apply today. Cardmember agreements are amended from time to time. Every time the cc company sent you a little fold out paper with tiny writing, more than likely that was amendments to the agreement. Cardmember agreements usually state that use of the card indicates your acceptance of the terms and conditions. Therefore, the agreement that applies to the account is the one that was in effect at the time you defaulted. Link to comment Share on other sites More sharing options...
mikep Posted March 11, 2011 Author Report Share Posted March 11, 2011 ok..that makes sense. i have copy of the cardmember agreement dated 10.2010. i defaulted around 3.2010. it has the arbitration clause in it.any opinion of if i should include an arbitration election in my DV? Link to comment Share on other sites More sharing options...
BV80 Posted March 11, 2011 Report Share Posted March 11, 2011 I'm not familiar with arbitration, but I know some people prefer to go that route. Hopefully other members will offer opinions. Link to comment Share on other sites More sharing options...
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