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Don’t panic if this happens! Cordoba & Associates has a history of working with American Express to collect defaulted credit card debt. I'm a former Collector of the Year for the largest debt buyer in the country. Read Now. Debt buyers p… Five classes have been proposed for this action. American Express Collections is a debt collections agency. Tom Martino has been fighting for consumers for more than 30 years utilizing Radio, TV, Newspapers, Magazines, and the Internet. Debt buyers.A debt buyer is different than a collection agency. The claims made are examples of past performance and are not intended to be a guarantee of any future settlement results. I have a transaction called "Collection American Express 5," for $5.95, which I have no idea about it. We use reasonable care to ensure that the information appearing on this website is up to date and accurate. Consumers were wrongly told that if they paid off the old debt, the payment would be reported to credit bureaus and could improve their credit scores. American Express files lawsuits throughout the State of Texas for debt collection. Many original creditors do not file lawsuits or they sell their accounts to a debt buyer. What it’s offering: American Express is offering advice on how to manage your accounts online. The percentages saved are on the balance at the time of settlement. I help people settle ALL of their debts at the same time. I charge 10-15% of the savings. Most people have no … of debt settlement, Learn what most debt settlement companies won't tell you... January 16, 2020. However, in some cases American Express may assign their accounts to third-party collection agencies or debt buyers following overdue payments, often as early as 90 days late. Therefore, the offer of $3,100 for a $5,200 debt is approximately 60 cents on the dollar, which is higher than average but not unreasonable. The scam is that the caller has no relationship to American Express, and whatever money you … I hope the content on my website helps you learn about what most debt settlement companies won’t tell you. American Express will rely on witness testimony in a “business record affidavit” when trying to prove their case against you. I charge 10-15% of what I save you. The rule of thumb for American Express is 50 cents on the dollar. Browse American Express US Customer Service Topics in our Online Help Center to learn how to create your account, confirm your card, dispute a charge and more. The allegations include everything from false service to telling a consumer he must dispute his debt in writing. And don’t worry, I wasn’t one of those huffy-puffy types. I went to the bank but all they said was it is something with American Express. Collection agencies usually get paid with a percentage of the money they recover or a flat fee. In Pollak, Firstsource Advantage, LLC (Firstsource) was functioning as a third-party debt collector for its client, American Express. The first rule in settlement with American Express is therefore to avoid any sort of tactical “games” like debt validation, which are generally unnecessary anyway. I always recommend proactive telephone contact with creditors, and American Express is certainly no exception. Understand that the majority of settlements with American Express are negotiated through these third-party collection agencies. A collection agencyis a company that the creditor hires to collect the debt on the creditor’s behalf. Estimates are based on your collectabilty, our past experience, and settlement performance trends. We do not provide debt settlement services in all states. It quotes the FDCPA as saying that “the term includes any creditor who, in the process of collecting his own debts, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts.”. American Express Collections is probably on your credit report as a 'collections account'. Amex is not usually known to sell their debt to a third party debt party. I’ve worked for large third-party collection agencies, collection attorneys and large debt buyers. It’s important to face the debt lawsuit head-on with a solid legal strategy than to have a default judgment filed against you that results in an automatic loss for you. Thus, the complaint says, “AEL and its employee intentionally denied [Friedman] his dispute rights afforded to him under the FDCPA.”. In other cases, the collector may not even settle if the debtor offers 60 percent of the account’s remainder. American Express. Acknowledgement of Debt and The Statute of Limitations, I have the highest success rate in the Debt Relief Industry, I don’t offer dangerous and unreliable long-term debt settlement plans, My fee is based off of what I save you – 10-15%. american_express_legal_fdcpa_complaint.pdf. For example, the scammer might inform you that she is collecting an American Express debt. In December 2019, Friedman called AEL to tell the company he disputed the debt. Learn about the dangers Debt Relief Programs – One Way to Avoid Them, Debt Relief Concerns for Families and Couples, The Role Credit Counseling Plays in Debt Relief, How to Settle Debt with DIY Debt Settlement. This field is for validation purposes and should be left unchanged. Individual results may vary. Should I Send a Cease and Desist Letter to a Debt Collector? I also held positions of Collection Manager, Corporate Trainer, and Director of Collection Operations. (full bio). Client had 4 accounts totaling $68,685.74. This includes the consumers’ right to dispute the debt and obtain validation of the debt within thirty days of receiving the communication. For the last 18 years, I've been helping people settle ALL of their delinquent debts at the same time. These examples of past performance are not intended to be a guarantee of any future settlement results. My client completed my services initially within 102 days of enrolling into my service. The FTC announced a complaint and settlement with American Municipal Services Corporation (AMS), which collects debts for cities and towns. Below are the various companies and agents that you might encounter if you default on your credit card debt. I’m a former Collector of the Year for the largest debt buyer in the country. The complaint for this class action makes a number of allegations that fall generally under the Fair Debt Collection Practices Act (FDCPA). American Express is a major credit card company, yet recent years have seen it involved in lawsuits regarding credit card and debt collection practices. To safeguard American Express consumers, we have required the three American Express entities to reform their debt collection practices. The complaint for this class action makes a number of allegations that fall generally under the Fair Debt Collection Practices Act (FDCPA). You might actually owe money to American Express, and so you believe the caller works for them. It’s quite common for American Express to assign their accounts to third-party collection agencies well before the point of charge-off at 180 days late, often as early as 90 days late. The Lawsuit was brought in the Supreme Court of the State of New York by the debt collection lawyers at Jaffe & … American Express offers world-class Charge and Credit Cards, Gift Cards, Rewards, Travel, Personal Savings, Business Services, Insurance and more. Although you’ve mentioned AmEx has said it will not report the debt, I would not recommend that you simply forget about it until the matter is resolved with your former employer. Thus the complaint says the case should not have been filed in Ocean County. The Law Office of Simon Goldenberg PLLC was retained to assist in a lawsuit from American Express Centurion Bank in an amount of approximately $375,000 for a defaulted credit card debt. Collection agencies. I’ve worked for large third-party collection agencies, collection attorneys and large debt buyers. This client was mixed. We can discuss your situation, provide advice and inform you of any help we can provide. The complaint alleges that both of these things are a violation of the FDCPA, because no reason is needed to dispute a debt and because debts may be disputed via telephone. The situation could change if the unpaid debt drags on. I hope the content on my website helps you learn about what most debt settlement companies won't tell you. Being sued is a scary, nerve-wracking experience. We do not provide legal, tax, or investment advice. Including my fee, this client spent a total of $34,557.61 to resolve $68,685.74, Including my fee, 50.31% of what was owed, Credit Scores when Paying or Settling Collections & Charge Offs, Debt Settlement Companies: Information About Fees, Debt Validation Letter – Why it could land you in hot water, Filing Chapter 13 Bankruptcy? Copyright © 2002-2020 Debt Relief Á la carte, Inc. All rights reserved. I was formerly one of the most successful debt collectors in the country. Back in 2017 the performer was sued by American Express for nearly $300,000 in charges – on a card that actually had a $50,000 limit. American Express is a major credit card company, yet recent years have seen it involved in lawsuits regarding credit card and debt collection practices. The issuer may be able to lower your monthly payment and provide relief from late payment fees, among other relief measures. View the outcome, letters, cost, time to complete. Resolved American Express — debt collection C col_hawk On Tuesday, January 20, 2009 I received a letter from American Express dated 1/14/2009 that stated my account is being reviewed for collections. Published for the largest debt buyer, but she wasn ’ t the only debt settlement, what! Settlement allows you to pay a bill for a period of time, and settlement American. And prompt case evaluation later to settle accounts for varies from client to client and is dependent a... Begin with the service of a licensed attorney information hub for airline-specific details debt party held of... Are on the creditor ’ s offering: American Express legal debt collection FDCPA Violations New York complaint something American! Your situation, provide advice and inform you of any future settlement results rights reserved with... 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