topic AMEX sent my account to Zwicker & Associates in Business Credit

AMEX sent my account to Zwicker & Associates

Anonymous — Fri, 06 Dec 2019 04:30:25 GMT

I had an AMEX account for my business and paid down the balance from $50,000 to $15,000 under an agreement (Stipulation of Judgement) which oddly was never recorded. I was given 5 years to pay the balance down to zero but at the $15,000 mark I became disabled and unable to work. I kept sending $20/month instead of the $800/month I agreed to and they haven't said anything. They can't take my only source of income (social security) so that doesn't worry me but how do I get them to settle? I once offered $3,500 but they said no. I have no other sources of income or assets. Should I just stop paying the $20/month. When will this drop off my credit report? The late payments don't show up on my personal credit report which is good because all landlords in my area require good credit. I'm worried that if they take me to court, I'll be sued personally and it will then show up on my personal credit report. I just want this to go away.

Re: AMEX sent my account to Zwicker & Associates

silver_idle — Mon, 09 Dec 2019 10:10:25 GMT

@Anonymous wrote:
I had an AMEX account for my business and paid down the balance from $50,000 to $15,000 under an agreement (Stipulation of Judgement) which oddly was never recorded. I was given 5 years to pay the balance down to zero but at the $15,000 mark I became disabled and unable to work. I kept sending $20/month instead of the $800/month I agreed to and they haven't said anything. They can't take my only source of income (social security) so that doesn't worry me but how do I get them to settle? I once offered $3,500 but they said no. I have no other sources of income or assets. Should I just stop paying the $20/month. When will this drop off my credit report? The late payments don't show up on my personal credit report which is good because all landlords in my area require good credit. I'm worried that if they take me to court, I'll be sued personally and it will then show up on my personal credit report. I just want this to go away.

If the amex account was not PG, then they would technically have to sue the business, get a judgement, then somehow convince the court to pierce the corporate veil. If it was PG, they can sue you directly, though based on what you stated, it sounds like there is already a judgement (unless it was never carried to court). Regardless, the account would take 7 years from DOFD before it falls off, though i would suggest trying to see if they can settle, or make a different agreement to work around your situation. Im not 100% sure on this (someone can correct me) but civil judgments no longer show on a personal credit report, but they can still show up on public records (which anyone could easily get access to).

You didnt include information about ~~the current balance,~~ how long have you been paying, is your business still active or did it go flop, etc. Such information may be helpful for someone to give you the right advice.

EDIT: It looks like they can still appear so you can ignore that last part of the above statement.

EDIT 2: Its hard to say if judgements will show up or not because im seeing conflicting information. One part that tax lien and civil judgements dont show up anymore, while others state that they will with the new format. So take it with a grain of salt until someone can confirm.

Re: AMEX sent my account to Zwicker & Associates

Anonymous — Fri, 06 Dec 2019 17:53:38 GMT

A lot will ride on if you provided a personal guarantee on the account. I’d be almost certain that you did.

Have you contacted them to attempt to amend your current repayment plan given your current financial situation? They can, and very well may, still get a judgement. Just because you may be “judgement proof” in your current financial situation, they can keep renewing this judgement and will enforce it should you acquire income they can attach a garnishment to.

Re: AMEX sent my account to Zwicker & Associates

pizza1 — Mon, 09 Dec 2019 02:13:42 GMT

@Creditaddict may have some advice for you as well. Hopefully he will chime in

Re: AMEX sent my account to Zwicker & Associates

Creditaddict — Mon, 09 Dec 2019 02:26:39 GMT

They will not take less than 30% for almost certainty, so start your offers at $4500 if you have a balance of $15k.

Are you contacting Zwicker or Amex regarding this?

Are they saying under the current program, they can't settle period or just not that low?

If it's because of current program, you may just have to say I have to stop paying... when will I loose this program (usual programs are contingent on payments and without payments you will be removed after 2, 3, or whatever it is... then you would be able to work out new program or settle!

I'm a little surprised if you have paid $35k, they wouldn't be willing to work with you quicker but if you say it's because it was court-ordered they may feel less inclined.

most of these companies have pre-approved parameters to work within and if the account is still owned by amex, than if you are offering something they can't do within those, you can request that they take it back to amex for approval or counter.