Davey vs Amex

[the_shadow]

Wow batten down the hatches amex, incoming on its way :D:D:D

[davey77]

Wow batten down the hatches amex, incoming on its way :D:D:D

 

Thanks! lol Lets hope i am not shooting blanks

 

Might include something on the 2006 fraud act as well although hard to make it apply in this instance as there is no statutory requirement for a lender to supply the original agreement (surprised Amex haven't pointed that out actually.)

 

"Fraud Act 2006

 

(3) Fraud by failing to disclose information

A person is in breach of this section if he—

 

(a) dishonestly fails to disclose to another person information which he is

under a legal duty to disclose, and (no statutory duty to supply original..)

(b) intends, by failing to disclose the information—

(i) to make a gain for himself or another, or

(ii) to cause loss to another or to expose another to a risk of loss."

[Desperate Daniella]

Hi Davey,

 

Brilliant letters.

 

I got the first standard template letter quoting all the terms they think cover them, etc., about a fortnight ago, but have not been able to respond due to my computer crashing. Currently on a temporary one which at least gives me access to the site, thank God.

 

Good luck. I know I'll be following your lead on this, as soon as I can get my system (printer, etc.) up and running again.

 

DD

[the_shadow]

Davey77 have you been reading up the MBNA thread on securitisation of accounts by any chance?

 

Worth adding to the amex letter?

 

I'm putting mine together as a request for information that was obviously missing from the subject access request... see if they actually respond to the point or if they have a new template letter:D

[davey77]

Hi DD! Thanks! Sounds like you are just a little way behind me - hope i can blaze a path for you somewhat

 

Hope your comp gets sorted!

 

PMW:

Yes i should look more closely at this securitisation aspect that more and more people are talking about. I've already printed out my letter ready to go off tomorrow but it will give me time to familiarise myself with securitisation while i wait for a reply. Although i have a feeling that Amex will quickly throw me to a DCA like a hot potato.. (Too hot to handle lol)

[Alphageek]

It is looking like AMEX Services Europe Ltd do not securitize their card accounts. Please hang fire with your letter until this is further researched.

[the_shadow]

It is looking like AMEX Services Europe Ltd do not securitize their card accounts. Please hang fire with your letter until this is further researched.

 

Thats surprising to be honest, I thought 80% of the market was... seems unusual that they do in the states but not over here.

[the_shadow]

Apologies for the mini-hijack davey77!

 

It is looking like AMEX Services Europe Ltd do not securitize their card accounts. Please hang fire with your letter until this is further researched.

 

took some digging and relates to 2005 but comes from their own 10-q filing

 

 

Additionally, in October 2004, Credco established two additional 99.9 percent

owned entities, American Express Sterling Funding Limited Partnership (AESLP)

and American Express Euro Funding Limited Partnership (AEELP) in connection with

the implementation of alternate receivable funding strategies in the United

Kingdom and Germany. AESLP in turn established a wholly-owned subsidiary,

American Express Funding (Luxembourg) SARL (SARL). These entities were funded

with the proceeds of debt securities issued by Credco in pounds sterling and

euros, in the third and fourth quarters of 2004, respectively. During the fourth

quarter of 2004, Credco sold its cardmember loan and receivable portfolios in

the United Kingdom and Germany to American Express Services Europe Limited

(AESEL), a wholly-owned subsidiary of TRS. Subsequently, AESEL transferred with

recourse cardmember receivables and cardmember loans of $2.5 billion and $619

million to SARL and AEELP, respectively. These transfers of cardmember

receivables and cardmember loans with recourse resulted in Credco recording

loans with affiliates $2.8 billion and $2.9 billion in its Consolidated Balance

Sheets at June 30, 2005 and December 31, 2004.

My DD payments were always to AESEL receivables

 

PmW

[Alphageek]

Yes, mine used to say AESEL Receivables as well.

[foolishgirl]

 

I reserve the right to add 8% contractual interest to any future claim made through the Courts and will ask for an order for all costs in bringing such unnecessary action.

 

 

Sorry, Davey for butting in on your thread & a great letter (:grin:) with a small point here. Did you mean 'contractual' interest or the statutory 8% pa interest you are entitled to claim thro' the courts?

[davey77]

I'm still unsure of how the securitisation aspect can help under these circumstances. I know more and more people are referring to it these days and seem very exited by it, and although i haven't looked into it deeply, i'm still unfamiliar how i can use it to my advantage. Perhaps folks could point me in the direction of threads that have or are using it to help their individual cause.

 

Foolishgirl.. no worries, yes i meant the 8% i am able to claim by taking the matter to Court.

[the_shadow]

I'm still unsure of how the securitisation aspect can help under these circumstances. I know more and more people are referring to it these days and seem very exited by it, and although i haven't looked into it deeply, i'm still unfamiliar how i can use it to my advantage. Perhaps folks could point me in the direction of threads that have or are using it to help their individual cause.

 

Foolishgirl.. no worries, yes i meant the 8% i am able to claim by taking the matter to Court.

 

Securitization is discussed here --->> link to MBNA you'll need to read the 10-15 posts after that too..

 

If the account has been securitized when they sell it to a DCA, potentially the sale is invalid as they dont own the debt.. the SPV does. Also the SPV cannot take you to court as they dont hold a credit licence and so cannot file for breach of CCA. The key is as I understand it to find out IF your account is securitized. I'm going to ask the question of amex in my reply, it may throw them a curve ball slightly to see it asked and they may wonder potentially the outcome themselves if they reply to it.. Guess I'll know from the reply I get back:)

 

Thats my basic understanding of it.

[davey77]

Thanks for the info PMW.. i'll read through that thread and bring myself up to speed

[the_shadow]

Thanks for the info PMW.. i'll read through that thread and bring myself up to speed

 

Nay problem... I'm not sure anyone other than Darset and about to be myself have even mentioned it to the OC yet, Darset has asked MBNA and as above I'm about to ask Amex.

 

PmW

[davey77]

Nay problem... I'm not sure anyone other than Darset and about to be myself have even mentioned it to the OC yet, Darset has asked MBNA and as above I'm about to ask Amex.

 

PmW

 

Well i wouldn't want to be left out then :grin:

 

Think i will amend my letter to include such a request for information and make it part of the CPR request overall. ;-)

[citizenB]

Wow batten down the hatches amex, incoming on its way :D:D:D

 

 

Agghh, I cant wait until the 24th April, Davey.. cant you just give them 14 days

[davey77]

Agghh, I cant wait until the 24th April, Davey.. cant you just give them 14 days

 

You won't be saying that when i get a Court Summons for Libel lol (I'm actually not bothered if i do myself.)

 

I did change the word 'illegal' to 'unlawful' and added the following sentence:

 

"I’m now also aware that securitisation is American Express’s main funding mechanism for its loan book and it seems at least possible, therefore, that the alleged account referenced may have been so treated. Given that the alleged account, although aggregated for this purpose, necessarily links back to individuals it seems clear that basic information as to whether or not a given account forms part of a securitisation pool by having been sold to an SPV is essentially personal data.

However, I have previously not been made aware of any reference to transactions with third parties involving alleged accounts associated with me. That should therefore mean that the alleged account is not now and has not been part of any securitisation pool or otherwise traded with bodies outside the American Express group including but not limited to SPVs. Therefore, in line with the Pre action Protocols, i require confirmation that this is, or is not the case."

[Desperate Daniella]

That is so well done.

 

DD

[davey77]

That is so well done.

 

DD

 

Thanks DD. I can't take the credit though. I pinched it from Darset and amended it to suit my needs

 

http://www.consumeractiongroup.co.uk/forum/mbna/157941-darset-mbna-6.html#post2079552

[the_shadow]

Thanks DD. I can't take the credit though. I pinched it from Darset and amended it to suit my needs

 

http://www.consumeractiongroup.co.uk/forum/mbna/157941-darset-mbna-6.html#post2079552

 

I did the same

[Talbot]

looking forward to the response to that

[davey77]

"default charges"?! Yes and the rest of my letter. Try actually reading it!

 

 

In the above letter i am 'Mr'. In a late payment request i have no courtesy of a title. It's just 'Davey, address' and 'Dear Cardmember'.

 

[davey77]

I also thought they said any further correspondence from me would be read and filled but not responded to?

 

Btw, PMW, how come you are a shadow now?

[the_shadow]

I also thought they said any further correspondence from me would be read and filled but not responded to?

 

Btw, PMW, how come you are a shadow now?

 

Some threat monkey recognised me from a thread on here and letters I had posted up, didnt so much affect that account but would the other threads I have up.. I wasnt very clever on picking my username, in fact I was down right stupid!

 

My better half always reminds me of the time we went to the cinema to watch a film of my choice... it was so bad I attempted to fall asleep after 10 mins, she wouldnt let me and kept elbowing me to stay awake... that film was you guessed it... the shadow.

[davey77]