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jumpsof

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Debt Collections - AMEX - PLEASE HELP!
I am literally crossing my fingers that someone on the Credit Karma forum will be able to help me. Long story short, I left things on bad terms with my parents before studying abroad in Sydney last semester. They are the ones who pay my bill on a regular basis. I just came home to find out that my gold card has been cancelled and that it went into collections. My parents stopped paying my bill altogether. American Express gave me the number to First Source Advantage. I have the money to pay off the entire balance in full, but they seem very misleading and frightening. Can someone PLEASE give me advice and how to deal with this situation? What SHOULD I say to them? What SHOULDN'T I say? How do I get out of this mess? I'm only twenty and in college. This is terrifying and confusing. I don't expect any sympathy, but if any one is reading this and willing to help, I will be forever grateful!

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debt collections

First Source Advantage is a debt collector. Debt collectors are paid by companies to settle debts.

So are you saying that American Express closed you account and now is collecting on the debt through First Source Advantage? Is american express saying you must settle the debt through First Source Advantage? Please calm down, and try to give some details.

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jumpsof

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Yes, I called American Express and they notified me that my account was now being handled by an "Account Solutions Group LLC", but in actuality it was First Source Advantage. I spoke to the supervisor at First Source Advantage and they literally told me that it doesn't matter whether or not I pay through AMEX or their office. He said after I submit payment, I would be receiving a "debt relief letter" from AMEX. I have no idea what that means. I pulled my credit report and it does not display any collection agencies. 

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Debt Collections

You might not see the collection on your credit yet if it is quite new. I would say that you should definly pay the debt in full if you can. You can contact the credit card company once you have paid and see if they will take the mark off your credit score. However, they may not take it off, and in that case it would stay on your credit report. If it stays on your report, it will affect your credit score, ect.

Try reading theses website pages, they help you unstand  more about debt collections:

http://www.bankrate.com/finance/debt/6-tips-for-dealing-with-debt-collectors-1.aspx

http://www.creditcards.com/credit-card-news/help/fair-debt-collection-practices-act-6000.php

You should look and see if credit karma has any information about debt collections that can help you understand how to make the best of your situation. I know it sounds scary, but having knowledge will help you make good decisions about the debt collections.

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