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AMEX and defaults in self managed DMP
PalmSprings2024
Posts: 23 Forumite
Just posting here to see if anyone had experience as to how quickly AMEX default? 2 payments have been missed and the interest is climbing rapidly so keen to know if anyone had experience of this? Many thanks
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PalmSprings2024 said:Just posting here to see if anyone had experience as to how quickly AMEX default? 2 payments have been missed and the interest is climbing rapidly so keen to know if anyone had experience of this? Many thanks1
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Many thanks @MattMattMattUK
When you say the “legal route” do you mean a CCJ/charging order?0 -
PalmSprings2024 said:Many thanks @MattMattMattUK
When you say the “legal route” do you mean a CCJ/charging order?0 -
Thanks for your reply - hoping that I can negotiate a payment agreement if the debts get sold on but good to know the worst case scenario. Is there any chance they can apply to make me bankrupt?!0
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PalmSprings2024 said:Thanks for your reply - hoping that I can negotiate a payment agreement if the debts get sold on but good to know the worst case scenario. Is there any chance they can apply to make me bankrupt?!
Dont spend enough time on this part of the forum to say if they petition for bankruptcy or not.0 -
PalmSprings2024 said:Thanks for your reply - hoping that I can negotiate a payment agreement if the debts get sold on but good to know the worst case scenario. Is there any chance they can apply to make me bankrupt?!
In general Amex do not sell on debts and to not negotiate, they default after the third missed payment, close the account, obtain a CCJ and then take whatever payment plan is agreed via the court. When it comes to card providers they are the least flexible and the most aggressive at recovering debts. This seems to be because their target demographic almost always have the income and/or assets to clear the debt, which means that they have no need to accept a loss by selling on the debt or negotiating.0 -
Bankrupt? no, it would cost them an arm and a leg to make you bankrupt, with absolutely no way of knowing if you had any assets or not, only HMRC do that kind of thing, a lot of companies may threaten to do it, but the reality is its virtually unheard of for a credit card debt.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter2
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I’ve just missed my 4th payment to Amex. They closed my account 2/3 weeks ago and sent me a default letter (although my credit report doesn’t show this yet). They have also passed my account to NCO Europe to collect. I’m still waiting to hear from them.1
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Starfish75789 said:I’ve just missed my 4th payment to Amex. They closed my account 2/3 weeks ago and sent me a default letter (although my credit report doesn’t show this yet). They have also passed my account to NCO Europe to collect. I’m still waiting to hear from them.0
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ES19901990 said:Starfish75789 said:I’ve just missed my 4th payment to Amex. They closed my account 2/3 weeks ago and sent me a default letter (although my credit report doesn’t show this yet). They have also passed my account to NCO Europe to collect. I’m still waiting to hear from them.0
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