Anyone ever heared of this before???

spurs501_2

Hi. I recently wrote to all my creditors to ask them to accept reduced payments and freeze interest on my various creit cards, most have accepted BUT American Express wrote back saying about a scheme called "Regain" which is provided by their partner company "RMA"???

They said to call them and they could make a "tailored solution for my overall indebtedness, not just to American Express"

Does anyone know anything about this?????

HairyHandofDartmoor

It sounds a bit dubious to me. I'm sure it woud benefit American Express in some way, but would it benefit you? I would find out a lot more information about it before I agreed to anything.

fermi

Yep. I really doubt they are out to do you a genuine favour.:rolleyes::rolleyes:

"tailored solution for my overall indebtedness" suggests to me a consolidation loan with a horrendous APR or enormously long payback period, netting them oodles of cash and leaving you paying through the nose for a long long time.

Sorry if that sounds cynical, but I had a lot of these sorts of offers before I sorted stuff out.

If you find any info out and are not sure, post it back here on DFW.

spurs501_2

fermi wrote: »

Yep. I really doubt they are out to do you a genuine favour.:rolleyes::rolleyes:

"tailored solution for my overall indebtedness" suggests to me a consolidation loan with a horrendous APR or enormously long payback period, netting them oodles of cash and leaving you paying through the nose for a long long time.

Sorry if that sounds cynical, but I had a lot of these sorts of offers before I sorted stuff out.

If you find any info out and are not sure, post it back here on DFW.

I agree, I may call to see what it's all about but I bet it's an offer of a secured loan!

I will keep you informed......

fiveyearplan

I'm sure RMA are a debt collection agency who threatened to come to my house. I'm positive they were from MBNA. I'll post again if I come across it.

fermi

fiveyearplan wrote: »

I'm sure RMA are a debt collection agency who threatened to come to my house. I'm positive they were from MBNA. I'll post again if I come across it.

That's 'RMA Resolve' I think?

I must admit, that was the first thing that crossed my mind as well.:rolleyes:
Maybe they are branching out (or since they are vultures, spreading their wings perhaps:rotfl:)

bargainbetty

Sounds like they will try to offer you further debt to sort out this one.... you could write back to them pointing out that encouraging or pressurising someone into extending/increasing their debt rather than working with them to sort it is actually prohibited under FSA rules....

It might make them a little more keen to work with you!

Leixlip1

My experience with AMEX is that they were very unhelpful - they tried to get a Charging Order and failed - I ended up with a CCJ for less than I was originally paying them undre my self managed DMP.
Barclaycard referred my account to RMA - I acknowledged no debt to them and as they have failed to produce the original credit card agreement etc in the prescribed time I had great delight in sending them a "go away" letter. In the interim I have kept paying B/Card the amount offered.

immoral_angeluk

fermi wrote: »

"tailored solution for my overall indebtedness"

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:
You got to give them credit for trying.