re: AMEX collection urgent help needed

drvbasic · ‎04-09-2008

Can someone please help me with this. My dad had a business that he opened a couple of years ago, he was a silent partner. He had an AMEX credit card and had two additional cards made for the partner in the business. The partner stopped making payments to the account in August of 2007. He never knew about this, AMEX has now given the account to a collection agency. And the collection company has put the collection on his credit report. His scores used to be 679 685 710. The collection company is below: RMS Nationwide 866-389-6161 His scores now are 575 615 626. We just received the collection notice about 2 weeks ago. He just told me about it today, what should we do? This was a business charge account. There were three cards issued and the charges were done on the other two cards, not his card. All of the business mail gets forwarded to the business address. Please help we are in the process of refinancing our house and this just killed everything. I need to bring his scores back to normal and remove the collection from his account. The amount that was originally charged was about 3500 and the collection amount is for like 5100 with interest and late fees. Don't have 5100 to give right away, what to do? Please help Thanks,

Anonymous · ‎04-09-2008

If he opened the Amex account, it doesn't sound like he was very 'silent'. If he used his information, then Amex is going to look to him for responsibility in paying the debt.

I would assume the other accounts were issued with AU cards? As Amex does not allow joint accounts, and AU are not responsible for payment, then they are certainly going to look to your Dad to pay this.

Anonymous · ‎04-09-2008

Were the cards in the business name?

Was he a guarantor on the cards?

All depends on how the cards were issued and how the business was set up.

If DOFD is Aug 2007, the you are within SOL, if you don't have the money to PIF, I don't know what to suggest. As I doubt they settle with it being this new, but maybe.

Anonymous · ‎04-09-2008

As I don't know nada about business credit ignore me.

I just see OP says his dad opened it and his personal credit is being affected, I am assuming he will ultimately be responsible.

drvbasic · ‎04-09-2008

He is obviously responsible for it, my dad put the money up for the business and was a silent partner, the business partner has screwed us over. In terms of liability he is responsible. The question now is what to do, how should we make a settlement agreement or payment play or PIF and they remove it from the credit report? Can this be done?

drvbasic · ‎04-09-2008

The cards were in opened under the business name with him as the guarantor. The business is setup as a corporation where he is the president.

drvbasic · ‎04-09-2008

Can i do a PFD or something...how would I go about doing that?

Anonymous · ‎04-09-2008

drvbasic wrote:
The cards were in opened under the business name with him as the guarantor. The business is setup as a corporation where he is the president.

Yes, then he is responsible and it will affect his credit.

The best he could offer is to pay in full and see if Amex is willing to work with him in possibly getting it deleted. They may or may not work with your Dad. Sometime's, it is all in how one is approached and the reason the account became delinquent. If there is a good enough explanation as to why, I have found the majority of people are willing to help. I have no personal experience with Amex. Maybe someone else has been able to offer a PFD and can shed some light.

drvbasic · ‎04-09-2008

I tried calling AMEX but they were like speak with the collection agency. My dad has been with AMEX since 1979 and has had accounts with them ranging from 5000 - 250,000. I even tried telling them this and they didn't care. They closed all of his cards and business lines of credit for his other businesses because of this. We have a 175K Business Line of Credit with my dad's other business and that is closed as well...AMEX doesn't seem to want to help. Should I call again and hopefully someone else will help at AMEx or do you think that is a standard reply they are giving us.

Anonymous · ‎04-09-2008

I truly wish I had more help.

That is awful that he is having to go through losing his other lines of credit as well. I have heard good and bad things from Amex on this board. Honestly, I don't ever care to have a relationship with them myself.

Maybe try searching for a higher up executive's email address and direct a letter to them explaning the situation. It could be useful. Sometime's you have to go over the front line CSR's heads to accomplish much.

With his relationship extending that long and his willingness to pay, I would still be inclined to think someone with more authority will be willing to help.