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nowhereman
| 20-11-2009 12:02 PM |
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Joined: 20 Nov 2009 Posts: 2 | Hi, I'm being threatened with sequestration over an old debt of around £3000 with American Express. I have been making monthly repayments to them as per an arrangement. However, they have demanded that I increase the payments. I've written back with several offers of repayment, and have increased the standing order with them accordingly, as a sign of good intention. However, each offer has been refused, and they are now threatening me with sequestration. As far as I am concerned, I am up to date with payments, and none have been missed. Legally, can they do that? |
| DW George | 20-11-2009 06:07 PM |
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Joined: 01 May 2007 Posts: 494 My Profile | Hi nowhereman, Could you go into a wee bit more detail about your arrangement. Are you paying back less than the minimum monthly repayment as per your initial contract? Do you have any other debts and how are you paying them? Is the AE debt part of a debt management plan? Sequestration/bankruptcy is only granted when the debtor cannot or will not pay back the debt. If you have made a prior agreement with them and you are maintaining it then it will be very difficult for AE to get the court to agree to your bankruptcy |
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nowhereman
| 20-11-2009 11:56 PM |
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Joined: 20 Nov 2009 Posts: 2 | Hi, Yes, I am paying back less than the original agreement. I do have other debts, and they are being paid back in a similar manner. I was paying all of my creditors by agreement on a pro-rata basis, and if any were at a level where I could afford to pay them off completely, I have done so. Similarly, where a creditor offered a settlement figure that was too good to refuse, I have also paid them off. AmEx have offered no such deal, and nor is the figure low enough to pay off in one or two monthly payments, so I've just been keeping the regular payments to them going. AmEx are already getting significantly more than their allocated pro-rata share, and I can't help but think they are trying bully tactics to get their money. |
