Bank of America/American Express Debt

This case involved a $92,000 debt stemming from a combination of a Bank of America/American Express credit card. This is a rare and very interesting type of situation which evolved through an investment account that our client once had with Merrill Lynch/ Bank of America. The card itself was issued and backed by American Express. Our client lost a very large portion of his assets during the recession which included a large investment portfolio. Bank of America eventually pursued him and threatened not only to sue him but to also garnish his wages and freeze his remaining assets once they obtained a money judgment against him.

In this type of situation, both Bank of America and American Express are original creditors which can generally make it more difficult to negotiate a reduced settlement amount as they often can produce the proper documentation to prove that they own the debt in question. Bank of America internal collection was actual pursuing this debt instead of a collection agency or law firm which is the usual process for these matters. After discussing our client’s serious financial hardship, we were able to settle the matter for about 70% off of the $92,000 debt, a fantastic reduction considering that we were dealing against not one but two of the most difficult original creditors in the debt arena. The settlement saved him from a potential lawsuit and the effects of a judgment as well
Related Posts
  • Peter Merani Lawsuits Read More
  • CACH LLC Collection Lawsuits/Judgments With Kirschenbaum and Phillips Read More
  • Debt Settlement and the Coronavirus Part 2 Read More