American Express Gold card and Flexselect debt

[Ints]

Hello, I'm a newbie to this forum and would like some advice on my situation.

 

American Express have recently found out that from the Insolvency register that I am in an IVA - approved back in November (£32k credit card debt). Amex are not part of that IVA (I was stupid to not include them but I was hoping to maintain the flexibility of the card for emergencies.). I have a balance of £2930. I have never missed a payment on the account, its not in arrears or over the limit. But when Amex found out they cancelled my card straight away and have passed my account to Brachers debt collection. I have not had any correspondence from Brachers yet. But Amex are saying that they will show my account as default and asking for immediate full repayment. The online account showed a minimum payment of £95 for Dec which I have paid.

 

What are my options ?...as I am worried this will fail my IVA. I will still make minimum repayments to Amex in the meantime.

 

Repayment plan?. I may have to inform my I.P and try to get Amex included in IVA but will Amex be prepared to go into IVA?.

 

I want to deal with Amex direct but they say that Brachers are now dealing and won't talk about my situation.

 

Any advice would be appreciated.

[rebel11]

Hi Ints

 

Welcome to CAG

 

The guys will advise as soon as they are available.

[the_shadow]

Hello, I'm a newbie to this forum and would like some advice on my situation.

 

American Express have recently found out that from the Insolvency register that I am in an IVA - approved back in November (£32k credit card debt). Amex are not part of that IVA (I was stupid to not include them but I was hoping to maintain the flexibility of the card for emergencies.). I have a balance of £2930. I have never missed a payment on the account, its not in arrears or over the limit. But when Amex found out they cancelled my card straight away and have passed my account to Brachers debt collection. I have not had any correspondence from Brachers yet. But Amex are saying that they will show my account as default and asking for immediate full repayment. The online account showed a minimum payment of £95 for Dec which I have paid.

 

What are my options ?...as I am worried this will fail my IVA. I will still make minimum repayments to Amex in the meantime.

 

Repayment plan?. I may have to inform my I.P and try to get Amex included in IVA but will Amex be prepared to go into IVA?.

 

I want to deal with Amex direct but they say that Brachers are now dealing and won't talk about my situation.

 

Any advice would be appreciated.

 

 

Hmm good old Amex... true to their form as always...

 

Ok, you say you've spoken to amex and they say deal only with Brachers... well unless you can record the calls with them dont phone them, everything needs to be in writing.

 

Amex have a right to close the card if they feel you are a risk but as I understand it they do not have a right to monies not due unless they issue a default notice and terminate your account... for this to happen they have to have a reason to default you such as non payment of minimums etc. There is in the CCA a clause for non-default closure of accounts but again it doesnt convey the right for them to receive anything other than the monies due so all future repayments would be as normal.

 

Might be worth writing to amex demanding to know the reasons why the account was closed and secondly to inform them that seeking repayment of full amount goes against the CCA1974 and despite what their terms and conditions state the Consumer Credit Act is the overriding law in this case. I would then give them time to respond (up to 8 weeks) and inform the FOS.

 

Continue to pay the minimum amounts tho... amex will prob make this hard but you need to show you are making the payments

 

Meanwhile write to Brachers stating you are continuing to repay the minimum amounts as per your credit agreement and are disputing their clients right to demand full sums not due under a regulated agreement.

 

I'll flag this up for a second opinion on someone more versed in DCA behaviour.

 

S.

[Ints]

Many thanks for your detailed reply. I will keep you posted on here of any developments.

[miseeire]

Perhaps the wrong thread to post on but I have applied for a credit card from american express on 4 occasions and they have rejected me each time even though I have a perfect record with any outstanding debts.I do pay off my existing credit cards in full each month.Might that be a reason?

[Matt63]

Ints, is this an Amex gold credit card or the more common Amex gold charge card? If the latter then surely the whole amount was due within 14 days anyway? My understanding is that for an IVA you have to declare all your debts so there is just no point in trying to keep this debt outside of the IVA as those inside the IVA would then be under no obligation to stick to the terms of the IVA...

[CarhleJon]

Perhaps the wrong thread to post on but I have applied for a credit card from american express on 4 occasions and they have rejected me each time even though I have a perfect record with any outstanding debts.I do pay off my existing credit cards in full each month.Might that be a reason?

 

Ummm - I read somewhere that if you had an application (for any CCA stuff) rejected then it was v risky to keep applying. Can't you request reasons for the rejection?