Anyone received one of these?

[jennordhavn]

I keep getting this letter from a Collection Agency and credit card company (can't remember the name) offering to "settle my debt" by putting the balance on a credit card. Once you make 12 months of payments on time they give you a "credit" so your balance after payments and the credit is $X. The limit on the card is slightly higher than $X (I think maybe $40 more). They say this is a great way to reestablish credit. ARE THEY SERIOUS? What it is, is a great way for them to re-start your Statute of Limitations!

Anyone else ever received one of these??

[CindyLou]

I actually had a creditor (medical bill collector) do this WITHOUT my permission about 6 months before I filed. They opened a Chase Line of Credit in my name for 12,000 (don't ask me how the heck they did it, but they did) I actually got the credit card in the mail!!! I had some crazy weird things happen in the course of collections. It didn't have a visa or matercard logo on it....just a chase logo. I didn't care, because I was about to file. Yes I think this is a way to reage the account and start over the statute and also add lots of fees. My original medical bill was only around $6000!

[lrprn]

J, this has "scam" written all over it. Run away now! This would absolutely re-age this debt if you would accept it.

[jennordhavn]

J, this has "scam" written all over it. Run away now! This would absolutely re-age this debt if you would accept it.

I wasn't going to accept it, NO WAY. I live in CA and the SOL is 4 years and almost all of my charge offs/collections are 4 years old. I do have some "good" credit on my report. My student loans, one "bad credit" credit card and a Target red card. Since I haven't decided if I'm going to file for sure I'm keeping these things current. Over half of my bad credit falls off of my report in 2010.

I wonder how many people actually fall for this?