Before filing bankruptcy, Minnesota residents often receive calls and lawyer letters from American Express National Bank. Maybe you too have gotten calls and are wondering who this bank is and why are they asking you for money? If so, you may find the following information very useful.
American Express National Bank commonly sues people in Minneapolis, Saint Paul, and greater Minnesota to collect on debts. This can be a surprise, because the loans are often transferred to back to American Express after being with a debt collector for a long time. Suddenly you can get a summons & complaint or another court letter from a law firm, when it looked like a collector was working with you. This usually happens when the collector decides to bring a lawsuit and get a judgment. A civil judgment allows American Express National Bank to collect by garnishment or bank levy.
Who is American Express National Bank?
As one of the nation’s oldest financial corporations, American Express is a household name that most Minneapolis residents associate with credit cards. However, American Express converted to a bank holding company during the financial crisis of 2008. At that time, it began being known as American Express National Bank.
American Express is referred to as AMEX on the New York Stock Exchange. It is one of 30 companies in the United States that make up the Dow Jones Industrial Average (DJIA). The bank is well known for its savings and investment options as well as its credit cards.
Credit Cards and Personal Loans
American Express National Bank now offers personal loans in addition to credit cards. They specialize in debt consolidation loans, and will pay off your other creditors directly. Any remaining balance will be sent to you personally or deposited into your American Express bank account.
If the company is hounding you for money, you could be late on a credit card or loan payment. In addition, a debt consolidation loan from this bank cannot be used to pay off your American Express credit card. As such, you may have thought you paid off your card when you actually did not.
A common reason for non-payment involves credit card fraud. Perhaps you have unauthorized charges that have caused your credit card balance to shoot through the roof. If so, please contact the number on the back of your card for assistance.
Do not just assume that because charges are fraudulent that you can ignore them. Unless you take action, the perpetrators may continue to use your card and rack up your balance.
Excessive debt, including credit card bills, are the third-leading cause of bankruptcy in the United States. We can help you with bankruptcy filings, regardless of whether your balance is related to fraud.
Handling Calls from American Express
If you are receiving calls from American Express, you could already be in over your head. While a missed payment every now and then is probably nothing to worry about, multiple missed payments or overdue notices from more than one creditor could be.
Don’t let things drag on any longer than they have to. Representatives may be willing to work with you if you explain your circumstances. But if you are getting the run-around or are afraid AMEX may take legal action, do not hesitate to contact us.
When you call AMEX, propose reasonable payment arrangements. Next, ask the company to forego negative credit reporting unless you fail to keep your end of the bargain. If they refuse, speak with an attorney to find out what your rights are concerning your credit report.
If you have received a letter from American Express National Bank, this means you are more than 30 days late on your note. This can seriously affect your credit score, which is why you should take action immediately.
Our Firm is Here to Help
If you are receiving calls from other creditors aside from AMEX, or have more debt than what you can handle, please get in touch with us. We’ll make an assessment of your case and let you know whether or not bankruptcy is right for you.
Having more debt than you can pay is frustrating, but we can help take the load off. In some cases, we may even be able to help you recover wage garnishments that have occurred over the past 90 days. Please contact us today to schedule a consultation.