American Express Corporate Card Review
Author: joefield
Joined: 12 Nov 2003
Posts: 3
Posted: Wed Nov 12, 2003 2:19 pm
Post subject: American Express Corporate Card Review
Alright, alright... I confess... I committed the ultimiate corporate mistake. I got into a bit of a financial pickle, and charged about $1,600 in personal items to my American Express Corporate card. If that wasn't bad enough, I didn't may the balance, and now, American Express has turned my account over to collections. The collections company is threatening to take legal action and disclose my delinquent account to my corporation. The card is in my name, and obtained with my credit, but has the company's name on it as well. My question is, can the collection comapny actually report my delinquent account to my corporation? Can my corporation be held liable for payment of my delinquent account?
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Joined: 12 Nov 2003
Posts: 3
Posted: Wed Nov 12, 2003 2:19 pm
Post subject: American Express Corporate Card Review
Alright, alright... I confess... I committed the ultimiate corporate mistake. I got into a bit of a financial pickle, and charged about $1,600 in personal items to my American Express Corporate card. If that wasn't bad enough, I didn't may the balance, and now, American Express has turned my account over to collections. The collections company is threatening to take legal action and disclose my delinquent account to my corporation. The card is in my name, and obtained with my credit, but has the company's name on it as well. My question is, can the collection comapny actually report my delinquent account to my corporation? Can my corporation be held liable for payment of my delinquent account?
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posted by CardRatings.com at 8:02 PM
5 Comments:
Author: nativechild48, Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 295
Posted: Wed Nov 12, 2003 10:50 pm
Is the collections that is handling the deliquency their collections or a collection Agency they hired or assigned to collect the debt. If it is their in house collection they can let you know they intend to sue. A hired CA cannot threaten to sue in most cases, but company or corporate cards do not have the protection under the FDCPA that a consumer debt does. The bottom line is that they have you in check, if you do not make some arrangements, they can report this to the corporation, but it is Amex's final decision as to what they can and will do, not the collection agency unless it is in house. A debt collection agency can recommend to the OC what he feels should be done but cannot do it unless he has bought the debt or has been given carte'Blanche or assigned the debt.
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Author: joefield
Joined: 12 Nov 2003
Posts: 3
Posted: Thu Nov 13, 2003 7:36 am
I'm fairly confident that it is an outside collection agency. When I returned their call, I got the company name and hung up, then did a web search, and found a collections company. Unfortunately, I can't find the number, and don't remember the name of the company.
In any case, I really don't know if they purchased the debt, or are just handling it. After being chewed out by the representative for not calling him back, and being scolded for utilizing my corporate card for personal use, he indicated that he just had to take notes to send to legal.
I guess I'm hung up on one thing.... The fact that the card was secured with my credit, and I am wholly responsible for payment of the debt. How then, does AMEX, or anyone else have the right to report any debt to my corporation? My understanding is that it's my card, my responsibility, just has the company name on it too.
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Author: joefield
Joined: 12 Nov 2003
Posts: 3
Posted: Thu Nov 13, 2003 7:39 am
Oh... One more thing.... I tried to make arrangements with them over the phone yesterday, but they said they couldn't do it. They want the full amount in cash by Monday, or it's going to legal. When I told them I could make "reasonable" arrangements to pay the outstanding balance, they said no, they want it all by Monday or nothing at all.
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Author: NightStar, Credit Expert (100+ Posts)
Joined: 07 Nov 2003
Posts: 1699
Location: Illinois
Posted: Thu Nov 13, 2003 8:13 am
The problem is that you have business debt, consumers are not protected by the FDCPA in this case, the creditor can try to go after the company to pay the debt.
I am really out of sorts on answering these kind of questions, but I have found a board that may have the answer for you.
I am not sure about recommending postings there, but sure if you read enough you will learn what they are capable of, just found it one day here recent. Was sure it would come in handy eventually so hope it is help to you.
anscers.com/community/ultimatebb.cgi?ubb=forum;f=22
Almost forgot, there is also a collection agency site - there might be a few here that deal with business debt, just be carefully how you stick you head out. Some if have seen to be helpfull, but there are a few sour apples in the group.
collectionindustry.com/
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Author: nativechild48, Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 295
Posted: Sat Nov 15, 2003 2:49 pm
You can try this website to find a collection agencies address:
budhibbs.com
Good Luck,
Native
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