topic Re: Amex sucks!!! Help! in General Credit Topics

Amex sucks!!! Help!

Anonymous — Sun, 07 Dec 2008 20:44:17 GMT

So I opened a Amex up with 1500 limit about 6 months ago. I maxed it out because I transfered balances from other cards. about three months in they closed my account because they wanted bank statements to prove my income. I did not like this because, for one, I had paid them every month so far on time, secondly they should have asked for whatever documents they wanted initially, and lastly I dont feel that they should have my bank statements. So now, I have been making payments to them every month, on time, even though the account is closed, and I just called them to try to get them to re open the account, but they would not!

Instead they just told me the account has been refered to a collection agency called Nationwide credit incorporated. I can pay the account off in full now, but I do not want to pay them a dime if the collection agency is going to report it to my credit.

I was never late on any payment, and I never went over my credit limit. How do they figure I should be reported to collections? I WILL NOT pay anyone a dime if they report a collection to the bureaus. Amex still accepts my payments each month online, and the guy on the phone said they would continue to accept my payments.

I do not like amex, nor will I ever have another.

Not enough companies accept them. Its just for show, to have an amex.

Re: Amex sucks!!! Help!

llecs — Sun, 07 Dec 2008 20:51:51 GMT

With Amex, once they close the account, you have to pay the full balance owed ASAP. Amex is very picky now. I don't want them either. And for anyone reading this, never ever do a BT with them and PIF each month. Amex saw the high balance and that triggered the AA.

I'd call Amex back and ask questions on the CA. In some OC-CA agreements, the CA is not permitted to report. But I'd PIF Amex ASAP anyway.

Message Edited by llecs on 12-07-2008 03:51 PM

Re: Amex sucks!!! Help!

Anonymous — Sun, 07 Dec 2008 20:58:45 GMT

Unfortunately you were the unlucky ones to get the "Financial Review." They have every right to request such financial statements (whether bank statements or tax returns) since it was clearly outlined in the membership agreement. When you use the card, your are subject to abide by the agreements. I don't agree with AMEX's way of analyzing risk assessment, but that's just how they do business.

I would speak with AMEX and see if they can recall the account from nationwide and PIF. But even if Nationwide did report you to the bureaus, you still have to pay regardless how you feel. And If you refuse to pay, all they need to do is obtain judgment against you before SOL. I also know for a fact that nationwide has an extensive attorney network. Lets say though if Nationwide did report a collection account, then you can always negotiate for a PFD. But its best to see if you can deal with AMEX and have them recall. Good luck

Re: Amex sucks!!! Help!

Anonymous — Sun, 07 Dec 2008 21:01:23 GMT

Well Amex said I could still pay it off directly to Amex. So if I do this shouldnt there be no reason to have the collection reported to me? I have recieved NO collection letters from this agency.

Re: Amex sucks!!! Help!

Anonymous — Sun, 07 Dec 2008 21:09:26 GMT

Yeh, just PIF ASAP with AMEX. And just make sure they recall the account from nationwide (if they already placed your account) to save you some hassle. Once you PIF, save the copy of the statement that it was pif with a 0 balance and keep it for a longgg time.

Re: Amex sucks!!! Help!

manyquestions — Sun, 07 Dec 2008 21:14:57 GMT

@Anonymous wrote:
Well Amex said I could still pay it off directly to Amex. So if I do this shouldnt there be no reason to have the collection reported to me? I have recieved NO collection letters from this agency.

Correct, if you don't pay, then it will be reported. Nationwide is sometimes used sort of for internal collections by AMEX. That's why you can still pay it off directly to AMEX. You are currently in collections with AMEX, I would pay it off as quick as you can, you should be ok and nothing will report.

Re: Amex sucks!!! Help!

Anonymous — Sun, 07 Dec 2008 21:17:21 GMT

I just talked to amex again, and they claim once they send it for collections, they DO NOT recall it. They said that they have not sold the account to them, but they have just hired them to collect the debt for Amex So I can still pay either party. I am going to call this collector tomorrow.

Re: Amex sucks!!! Help!

Anonymous — Mon, 08 Dec 2008 00:45:19 GMT

If Amex will accept the balance in full, I would suggest that you do so.

Dealing with a Collection Agency will cost you a lot of time and grief.

Not to mention what it might do to your credit reports and scores.

Take advantage of the offer from Amex.

Re: Amex sucks!!! Help!

Junejer — Mon, 08 Dec 2008 01:57:34 GMT

Never, ever talk to a CA on the phone. PIF to Amex ASAP and if the CA does report, you can always DV them.

Re: Amex sucks!!! Help!

Anonymous — Mon, 08 Dec 2008 02:08:07 GMT

I will be paying all CC's off next week with the cash I will have. If they do end up reporting it on what grounds will I have to dispute the Collection to have it removed?

Re: Amex sucks!!! Help!

Junejer — Mon, 08 Dec 2008 02:13:31 GMT

Just deal with Amex. The CA has to inform you within 5 days of putting anything adverse on your CRs.

ETA: I am with some of the other posters who have NO use for an Amex. Never wanted one, and never will app for one.

Message Edited by ByrdMan on 12-07-2008 08:13 PM

Re: Amex sucks!!! Help!

Anonymous — Mon, 08 Dec 2008 02:21:16 GMT

Yea. No more Amex for me ever again. I will just make the payment to Amex, and I will also call that CA, and see what they have to say. I will inform them that I am paying Amex directly, and try to make sure they will not be reporting that account.

Re: Amex sucks!!! Help!

Junejer — Mon, 08 Dec 2008 02:26:05 GMT

You might be asking for trouble, motorsports, by calling and talking to a CA on the phone. You've been warned two or three times in this thread not to talk to a CA on the phone for good reason. Many people have been burned by speaking to a CA on the phone.

Re: Amex sucks!!! Help!

Anonymous — Mon, 08 Dec 2008 02:53:47 GMT

Ok, what happened in the past to others who have done this?

Re: Amex sucks!!! Help!

Anonymous — Mon, 08 Dec 2008 04:05:49 GMT

Collection agancies are masters of gettting you to say things you shouldn't that can bite you in the [Edited] down the line.

Mainly the talk you around until you end up in some way admitting the debt is yours. Then they pursue you for it. It just becomes a big pain to get them to quit and to make sure nothing gets reported to the CB's.

Basically, pay AMEX the money, Send it certified mail, return receipt. Keep copy of check (physically make a copy of it before you mail it) Keep a copy of bank statement showing check cleared. Keep copy of AMEX statement prior to payment and copy of final statement showing ZERO balance. The minute this shows up on your credit report or they send a collection letter, send them copies of all of this certified mail return receipt along with a DV. They can not prove the debt is valid if it has already been paid with the original creditor.

Edit: Please watch language in the forums thank you.

Message Edited by ByrdMan on 12-07-2008 10:05 PM

Re: Amex sucks!!! Help!

Anonymous — Mon, 08 Dec 2008 03:02:32 GMT

Nice, I will keep all records of my current statement, and statement after the payment, also the bank statement showin the payment cleared.