Is it normal to still be paying interest on a closed AMEX account that is in collections?

For about 4 or 5 months I could not afford my AMEX minimum payments so I paid, but less than the minimum. I got a call from a collection agency (United Recovery Systems) the other night and AMEX says they are no longer handling the account. I guess this is what they consider a charge-off status? The collector told me that I should try to pay it off ASAP and that I should try to get a loan from somewhere, which I did attempt but didn't qualify for ($8,500). I worked out a payment plan with URS which is an immediate good faith payment of $400 (the most I can do right now) and monthly $250. He also informed me that I would be paying interest on it which is something like 29% and any other fees that were in my original AMEX contract. Is it normal to still be paying interest on an account that is closed and I believe in a charge-off status? Also, should my account be in a charge-off status if I am making a payment plan? How will being in a pay plan help my credit if it is charge off?

Yes, it is normal.

It does not matter if it is charge off status.

You need to consult with an attorney who handles debt issues.

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