corporate AMEX and bankruptcy

sosilly81

Hi Cobalt,

Thank you again for taking the time to give so much advice.

Anyway after 4 days of non-stop debating I have made the decision to go BR.

You're gut feeling about the OR being unlikely to take the AMEX off of me as it would affect my job was correct. I called the insolvency service today and they confirmed that this would be most unlikely. I checked all of my credit files today and found no trace of amex there either. So even once I go BR they shouldn't run a credit check on me unless I miss payments. So that is good.

Main reason for wanting to keep my job is to stay with my girlfriend as I was due to move in with her in April. But things are a bit rocky now as you can imagine. And if I'm on my own and lose my job it doesn't matter as much.

I feel like an IVA is out of the question. I don't feel like I could face 5 years and my employer is part of the oil and gas industry so I would worry that the job may not last 5 years and I'd fail the iva and have to go BR anyway.

I am definitely going to seek some free legal advice as you have advised. Then if it does go pear shaped at work I might have something to fall back on.

Thanks again - you've been great.

sosilly81

Hi JCS1.

Yes thanks. That is what my card is. 'Joint and several liability' can you expand on what it means please?

Cobalt77

sosilly81 wrote: »

That is what my card is. 'Joint and several liability' can you expand on what it means please?

It's exactly the same as having a joint mortgage or loan.

In essence, it means both you and your company are equally liable for the full debt on the card. So, if your company goes bust, Amex would be able to come after you for the full outstanding debt. Conversely, if you went bust, Amex would be able to claim the full debt from your company.

This is a very smart move on Amex's part

debt_doctor

Hi Cobalt,
Thanks for the PM. The only reason I logged in was to comment on your excellent questioning and advice on this thread. Really remarkable.
It seems now that joint and several liability exists (backed up by our long time respected poster JCS1) so seems therefore personal responsibility exists.
I also think that Silvercar raises a very interesting point that, effectively, AMEX decides who gets a job based on their card criteria - really quite strange.
I note that the op has rang Amex and they say there is personal liability - but that's a bit like asking Mcdonalds to look after your cow - isn't an amex call centre likely to say that? (I bear in mind what JCS says, but take note his experience was some time ago and things change)


I think the op needs a copy of the terms and conditions signed up to.
I think the op needs to contact HR (anon) and ask what happens with employees with poor credit ratings and being a card holder (re-Silvercar)


With proof of the above the op will be better informed. I may of missed it but what is the extent of any other debts or indeed any assets?
DD

JCS1

The AMEX stuff I was involved in was pre my IS days, so even longer back in time. Amex could (and did) decline the occasional application for a card,

But as said, this was all 10+ years ago and things could have changed.

TheGardener

OP - Aside from the legal/liability technicalities, excellently covered by cobalt and others - a more basic consideration might be; even if you got to keep your job with this card, you will have no other access to credit after BR. Do you feel confident (given you have already misused the card) that you can hold this card and not use its credit line again for gambling? Is there a way to put a credit limit on the card that will help you manage it? Or as cobalt says - would your employer offer you the option of a traditional submitted expenses process rather than you having a card?