For Amex lovers and Nationwide Credit...

[ready2puke]

I found this webcast, warning its 42 min. long but well worth watching.
I just got a letter from Nationwide about my Amex default..for $336.00....
they turned it over to Nationwide. Its my first CA so I did a search on them and found this...

http://video.google.com/videoplay?docid=-7756340787258074364&hl=en

Its long but very interesting..what do all think ??? Has anyone had dealings with these folks?

[allavdj]

Nationwide is a hoot, they were the first CA that held my now defunk AMEX account. They called everyday every half hour or so (including Sundays) from 8am till 9pm. I tried to work out some sort of payment arrangement with them, but what they wanted wasn't realistic so I just ignored them and after about 3 months, several lawsuit threats, and lots of nasty letters, they sold it off to some "law firm".

[ready2puke]

Did you watch the video?

Nationwide is a hoot, they were the first CA that held my now defunk AMEX account. They called everyday every half hour or so (including Sundays) from 8am till 9pm. I tried to work out some sort of payment arrangement with them, but what they wanted wasn't realistic so I just ignored them and after about 3 months, several lawsuit threats, and lots of nasty letters, they sold it off to some "law firm".

So I shouldnt worry about the letter? Its my first CA letter and the next day I got another letter from United Recovery Systems on the other Amex card.. So now I've got 2 CA's....and the thing is one is for 807.00 & 336.00.

[rockyroad]

Both of them are calling me too. I've never spoken to either of them, but they are persistent with their calls! Someone on here posted alot of good info on what to expect from these people...maybe it was BigBoy???

[Keebler]

I dealt with them because of a couple of accounts. None of the collection agencies I dealt with were exceptionally good at anything and Nationwide was no exception.

[goingforbroke]

I watched the vid and decided that I don't want to deal with ANY collection agencies. I'm going to keep current on my credit cards until I flie in March 2009. I do however want to make arrangements for lower payments and interest rates. I started by calling AMEX today. I'm one month behind and my total due is $761, $11K balance. I told the representative that I needed to make arrangements because I was having financial difficulty. He offered to lower my interest rate to 0% (from 23%) and reduce my payments by about $50/mo - this would be good for a year. I told him that wouldn't work and I needed a payment of $250/mo. He then gave me a payment of $260/mo for 6mos at 9% interest. I told him I'd take it and was finished with the call in less than 10 minutes.

[Keebler]

I watched the vid and decided that I don't want to deal with ANY collection agencies. I'm going to keep current on my credit cards until I flie in March 2009. I do however want to make arrangements for lower payments and interest rates. I started by calling AMEX today. I'm one month behind and my total due is $761, $11K balance. I told the representative that I needed to make arrangements because I was having financial difficulty. He offered to lower my interest rate to 0% (from 23%) and reduce my payments by about $50/mo - this would be good for a year. I told him that wouldn't work and I needed a payment of $250/mo. He then gave me a payment of $260/mo for 6mos at 9% interest. I told him I'd take it and was finished with the call in less than 10 minutes.

Just remember, the key to Chapter 7 is showing that you have virtually nothing left each month to pay your creditors.

If you spend $250 every month on your AmEx payment instead of paying living expenses, your disposable income is therefore $250 per month and you're effectively choosing Chapter 13 for yourself.

Only when your monthly income minus monthly expenses leaves little or nothing left are you eligible for Chapter 7.

Payments you make to creditors don't appear as monthly expenses on your bankruptcy petition and the money you send AmEx will keep you from buying groceries or making home repairs.

The living expenses you use when you file will be based on the six months of history before you filed and you'll not have receipts for living expenses for each and every one of the $250 AmEx got and therefore it will appear as though you have disposable income.

[goingforbroke]

thanks Keebler

i'll gross approx $45K this year. i've been paying credit card debt to the tune of $1800/mo and have stopped paying one of my mortgages already. i have a second home that's a rental and was going to move in after my primary get's foreclosed.

if the money to pay cc's is coming out of savings is it going to affect disposable income? i've ramped up spending a bit in the last two months. i've stopped charging now & plan to put some distance between the charges, while making payments. Then file, presumably while still current, but "out of cash" and income. I'll be at no assets by then.

[Aaaaah!]

I'm stuck in this Amex ridiculousness too. They have been by far the worst. I wouldn't even mind dealing with them and their goons myself, but Amex has freely distributed my senior citizen parents' phone number to all their idiot collections agents (the number was given to them as an emergency contact.) NCO even left a recorded message on my parents' phone number saying that they were a debt collector and were trying to reach me. Another time, GCC (another Amex idiot CA) contacted my parents' neighbor and had her run over a note to my mother, who is easily panicked. I've sent them letter after letter giving them my current address and phone number, I'm sure what they're doing is illegal and yet I have no energy to fight them on it.

I got laid off early (January, 2008) in this whole economic debacle and I'm sick to death of all of this. My unemployment is running out and I haven't been able to find a job. Every other creditor has been at least understanding of the situation (can't get blood from a stone and all that.) All American Express has accomplished is that I will now file bankruptcy gleefully. without any remorse whatsoever and without thinking twice. I'll be filing next week, just before Christmas.

Nice knowing you, Amex. Suck on my Chapter 7.