Do Your Own Debt Consolidaton And Save! Know Exactly When You Will Be Out Of Debt, And Sooner Than You Think. No: New Loans, Credit Checks, Monthly Fees, Discussing Your Situation With...
Hello everyone, Amex again
Mar 13th, 2008, 1:49pm
Ok, these people are irritating to say the least.
Had a credit card with them, paying back the monthly amount no problems, then 20 months ago my card was refused. I hadn't used it for a few months so thought it may have been something wrong with the card itself but as a precautionery measure I called AMEX.
They told me that my card had been frozen, no reasons were given. They accepted I had been paying more than the minimum amount, that I was well under my credit limit. According to them they had carried out a review etc etc...
They also told me that they had sent out a letter informing me of that decision some two months before and included in the letter was an offer to receive a 4% reduction in the interest rate if I took the outstanding balance to direct debit and a further 2% reduction if I did this within the month.
I didn't receive the letter so i wasn't able to complete the deal. Consequently I have been paying back 5k for the past 20 months at an increased rate of 19.5%. I've been paying back 130 a month and around 80 gets slapped back on each month with interest. Basically I've paid off approx 2600 on the account in 20 months but the balance has only reduced by approx 800. I made a late payment in February last year and haven't made it up and so each month they charge me an extra 8 plus interest for the late payment.
They leave text messages, phone messages and send letter after letter regarding the 8 and the dire consequences of my not making payment and how my credit file may be affected etc etc. All of which is a complete lie, they've already affected it by having me down as risk.
Anyway, armed with a few facts and figures I phoned them this month, spoke to a department within them but who seem to operate independent to AMEX and asked them to reduce the interest rate by the 6% offered on account of my not initially receiving the letter from them. This they couldn't do as it was an 'offer' at the time and no longer available. They sent the letter it doesn't matter if I didnt receive it or not...
I asked them why the interest was so high when at the time I had approx 4k of my bill on a credit transfer with them at 6.9% until the balance is paid. No answer, it's just how the account is and that I would have been taken off the promotional rate when they terminated the card.
In any case, I'm going nowhere fast with them, I've been reasonable but they are not so now I think it time I told them I no longer intend to pay the debt. My theory is that by going into default (90 days with AMEX) the account would then be frozen at that amount. No interest charges can be applied (that's my thinking anyway) and then make an offer to pay at a reduced rate.
Whatever happens I'm not in a position to pay them 130 a month and if I was it would take the best part of decade to pay them off. They've been altogether unreasonable and I've been nothing but fair and honest with them. I never made a late payment or over stepped my credit agreement with them. They can play hardball for me but I feel they're placing me in an difficult position.
Any advice people?
confused.com
Gold Member
Re: Hello everyone, Amex again
Reply #1 - Mar 13th, 2008, 3:37pm
Screech, afraid I can't offer any advice - I'm sure one of the others will be around later.
It is very frustrating! When we started asking for help early last year, no-one wanted to know unless we were months behind. It seemed that the deeper we got, the more likely we were to get help which was crazy....
In the end we went BR so they ended up with a fraction of what we were offering to pay so it's their loss.
I do hope someone comes along soon to help.
Good luck Mr C
pinkminkee
Gold Member
Re: Hello everyone, Amex again
Reply #2 - Mar 13th, 2008, 4:45pm
i hate to say it, screech, but just because you stop paying the debt, doesn't automatically freeze interest and charges. my OH have a number of unsecured debts, including credit cards, which we have not been able to pay since last september due to a severe drop in income.
we contacts all of our creditors explaining our situation, enclosing income/expenditure forms and asking for a freeze in interest and a stop to charges, and offering a token payment of 1.00 to each of them, even tho it was very obvious we couldn't even afford that!
Suffice to say, some accepted the token payment and froze the interest and charges, but the majority didn't, in as much as they are happy to accept the token payment, just havent frozen any interest or charges!
I guess, its just the luck of the draw as to which creditor agrees and which ones don't
dmq
Full Member
Re: Hello everyone, Amex again
Reply #3 - Yesterday at 7:36pm
If i could turn back time and this twas me i would send off the prove it letter just to bide me some time as they cannot accept payment or ask for it if the account becomes in dispute.. Plus you may find something of interest ! or not if they send a proper agreement dmq
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