American Express Informative - Question About Cancellation
American Express recently cancelled my account because I was more than 60 days late on making a payment, and had had late payments before. They sent my account to a collection agency and refused to talk to me despite repeated attempts, even though I offered to pay them about half of the debt. I still want to make good on it. Should I deal with the collections agency, or keep hounding AMEX. It is my understanding that the collection agency, DC Services, has purchased my debt, and they have nothing to do with American Express or reestablishing my account, although on the phone they said American Express WILL issue me a new account once the debt is paid off. They also said that paying them will reflect on my credit report that I did pay off the debt. Is this true? They also said I should get a loan and pay off the debt immediately, because American Express is continuing to charge the interest rate, which they said is 30 percent.
How can this be true if the account is cancelled. I do want to settle this debt, but I don't want to take out a loan to do it.