Amex and its 'rock solid' card holders.....

[Emily]

It has been revealled that Amex is facing bad debts from its so call cast iron 'previledged' Gold/Platium/Black card holders! The card company that decided a credit card would give it a share of the lucrative credit market admits that profits are down and people are defaulting on payment!

Now with AMEX they don't used do the fast sell thing with their original CHARGE cards - but when they started issueing Credit cards they lost their scruples and are now ending up with bad consumer debts.Thats a news headline.

Well, looks like more IVAs coming their ways and maybe they should vote YES a lot more now.

[Adam Davies]

Hi
Amex are very anti IVA,maybe they will have to change their stance now ?

[MelanieGiles]

Andy - I have to slightly disagree with you there. Not very often we do that!

Amex are only not supportive of IVAs if there is a property with equity in it, when they prefer the charging order route. As they are usually a miniority creditor, because their own lending levels are actually quite modest, this can usually be outvoted with little bother.

For non-property owners - I find AMEX immensly supportive, in that they have never operated any level of hurdle rate, used industry benchmark guidelines, or believed that members of my profession can do work for the ridiculous levels some creditors seem to think we ought to.

So a mixed reaction, but their votes very rarely affect the outcome of an IVA.