The 42% is from 3.5% per month which they charge when your charge card account is in the hands of solicitors. But the statements Amex send out will continue to state on the front 'no interest is charged on this product'. Grounds of appeal is that the agents or court consistently have put down wrong figure anyway (48%) and I have reasonable doubt that the 'correct' rate of interest has been used to calculate what Amex say I owe. And yes there's a £12 penalty charge per month in the mix too. All dating back to 2002. I owed 2500 initially, have paid them nearly 4000 and now I still owe 13000

Hi guys, I have an appeal coming up against an Amex ccj regarding charge card debts, the interest of which has snowballed into many thousands of pounds. I have suddenly heard that Amex will reduce the interest rate from the date of the writ from 42% to 8% if i discharge the appeal and accept their ccj and monthly payment demands. However there is no suggestion of amending the interest rate from the time of the default to the time of the writ. Apparently this is Amex' generosity and they don't wish the appeal to go ahead for economic reasons, which is strange as if i lose as their solicitors say, then they wouldn't have to pay costs....i would. Basically the court ...or someone .... put the wrong interest rate on the writ and the interlocutor, and they say , hey don't worry it was only 42%!