American Express

[MelanieGiles]

They generally reject homeowners with equity, on the basis that they would get a charging order and put themselves into a preferential position, however as their debts are generally <25% this causes little bother. Apart from that, I can report that they generally accept our IVAs.

[Max]

My wife's mackaw dealt with Amex very nicely - he creamed down the phone- I wish I could loan him out!

[ivas4us]

do you mean Screamed David [:D]

[Max]

Yes, sorry - Ican't type!

[ivas4us]

[:D]

[Max]

I know a charging order is lodged with the Land Registry but does such an order mean the holder can force a sale at will or only if the CCJ repayment amount, presumably dictated by a Judge, is not maintained?

[MelanieGiles]

Only if the agreed repayment is not maintained David - and even then judges are reluctant to give Orders for Sale to secondary lenders.

[Adam Davies]

Hi
Only if payment is not made.
Regards

[Adam Davies]

Hi
I have to say that Amex do appear to be a very agressive creditor, from the posts that we have had over the years.
However as Melanie has stated they will not often be the majority creditor so will be bound by the IVA agreement. The secret is to act quickly with regard to your IVA and keep your IP informed.
They were the only creditor to reject my IVA some years ago and I was not a homeowner at the time
Regards

[Max]

Thanks Melanie - you will know the city near here - just before Christmas a secondary lender applied to repossess a house- the Judge sitting not only refused to grant the order, he even reduced the payments of the debtor with costs against the lender. I wonder if lenders read the law reports before they start actions.

[Max]

Fancy them rejecting you Andy when you were not an owner - do these people do it for the fun of it or what?!

[mole]

It is typical of my luck that my main creditors are Amex, Northern Rock and MBNA who all seem to have a bad reputation on this site with regard to agreeding IVAs.

The steps Amex are taking seem to be really scarey and aggressive. I hope that from the time my payment is missed I will only have about 10 days to the creditors meeting, and that this will mean they won't have had time to take any action.

[Adam Davies]

Hi
As long as you keep your IP informed they can always lodge an interim order to halt any legal action from progressing
Regards

[Max]

What is an interim order Andy, please?

[kallis3]

If court action is threatened by a creditor whilst you are applying for an IVA, your IP can apply to the court for an order preventing any action until the creditors meeting. If you are approved it will not go ahead.

I think that's right.