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Tag Archives: american express

American Express to Pay Millions for Illegal Credit Card Practices

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On Christmas Eve the Consumer Financial Protection Bureau (CFPB) ordered American Express to refund an estimated $59.5 million to more than 335,000 consumers for illegal credit card practices. These practices included unfair billing tactics and deceptive marketing with respect to credit card “add-on products” such as payment protection and credit monitoring. American Express will pay an additional $9.6 million in ... Read More »

Does Moran Drexen’s Preferred Creditor Program Create a Problem for Consumers?

old man headache

Last week new information in the lawsuit between Morgan Drexen and the CFPB brought to light a commission compensated department called the Preferred Creditor Program. You can read that article, here. At least one commenter mentioned Morgan Drexen is not the only company to have such a program. If not, then an industry wide problem may exist here. One commenter ... Read More »

Morgan Drexen Rumble With CFPB – Update

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Previously covered the suit filed by the debt settlement company Morgan Drexen against the CFPB, here. Today I went to see what, if any, updates there were on the case. Here is the latest: “The Court held two on the record telephone conference calls with the parties on July 24, 2013 and July 25, 2013, during which Plaintiffs consented to ... Read More »

How Creditors Rate at Helping Consumers Settle Debt

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Michael Bovee, over on his Debt Relief and Credit Guides site has published a very good guide for people about how the major creditors are at providing settlements for problem debt. It’s a really good list and it ranks Chase, Bank of America, Wells Fargo, Discover Card, Citibank, Capital One, and American Express. For example, Bovee revels the best creditor ... Read More »

Debt Relief Bureau Logo But Not the Debt Relief Bureau in This Mailer

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When if the Debt Relief Bureau, not the Debt Relief Bureau? When you get a flyer in the mail from an anonymous source promising you help to get out of debt. An amazing reader Tish sent in a new debt relief mailer through my I Buy Junk Mail program. Well here is another anonymous mailer sent to a consumer that ... Read More »

American Express Says They Will Issued 1099-C Personally on Corporate Card. – Roger

credit card verification

“Dear Steve, I have a client that has a business card with American Express. It was totally used for business, a corporation. His business is in really bad shape. He, however, is the guarantor of the card. He would like to do a settlement however Amex says they will have to issue him a 1099C individually. My client protests as ... Read More »

American Express Closed My Account. I’m Not Happy, They’re Not Happy. – Adam

Financing a budget

“Dear Steve, Applied for an American Express gold card and qualified received my gold card all was well. Used the gold card on a credit card terminal in my name under my business (did not know this was illegal or against their policies and I was not doing it for illegal reasons) they closed my account immediately. I then explained ... Read More »

Amex is Refusing My Settlement Offer. What Now? – Jenie

credit card verification

“Dear Steve, Amex balance of $15,000. Originally, my monthly payments were $400 and then out of nowhere, they closed my account, but funny how my statements always reflected “open spending account”. A few months later, they raised my interest rate. I stopped paying because the payment was too high. I have been summoned, and called their attorney last week, and ... Read More »

Husband Had Cancer and American Express Won’t Help Me With Reduced Payments

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“Dear Steve, I lost my job 2 years ago and have been searching for one ever since. I am 63 years old and have spent my whole working life in a management position. Now, if I get an interview, they say you are over qualified. In other words I am too old. So for the past two years we have ... Read More »

American Express Didn’t Show Up for the Court Date. What Now? – Kate

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“Dear Steve, American Express is suing my friend that had a lot of medical problems and couldn’t pay his bills. He sent them a letter explaining this and got the court date changed. On the day of the court date, my friend slept through the court date but was notified that American Express didn’t show up either and they haven’t ... Read More »

I’m Worried About Filing a Chapter 13 Bankruptcy Because of My American Express Card. – Lisa

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Laid off during a kitchen remodel three years ago, had to finish with credit card payments, but finally the payments are too much for the budget I wrote earlier about too much unsecured debt ($65, 000) because of a lay-off and how it is taking over our life. Your answer mentioned chapter 13 bankruptcy, but I am hesitant to go ... Read More »

My Square Account Got My American Express Card Cancelled. – Chris

“Dear Steve, I live in Virginia. Yesterday I received a call from AMEX Financial Review office because they state I had been using my square device to “lend me some monies” from all 3 cards and this is a NO-NO. I did not know I explained but said nothing else. They want me to have my bank send them my ... Read More »

I Was a Dumbass That Has Poor Money Management. Now American Express is Suing Me. – Jasper

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“Dear Steve, First, thank you for volunteering your time, knowledge and past experiences with dumb**ses like me who used poor money management in the past and are now paying for it. I’ve read thru much of your site and found many helpful pages in preparing me to get back on track, especially the 7 stages of debt. I have 2 ... Read More »

American Express Sued My Dad But He Doesn’t Live in the U.S. – Skylar

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“Dear Steve, My Dad got sued by American Express. They filed it in a court in CA. He doesn’t live here in the US, not a US citizen. He visits here in the US for like every 2 years and resides outside of US. He will be turning 70 yrs old and is not employed. What can I do to ... Read More »

American Express Won’t Let Us Continue Our Payment Plan We Established. – Kim

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“Dear Steve, We racked up $25,000 in debt to American Express on just one card and paid it down to $19,000 before being unable to make the $483 minimum payment each month. This was primarly due to daycare costs after having our first child. Daycare costs between $200 and $165 a week here is Gainesville, FL. We were sent straight ... Read More »

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