Should I take this offer from a collection agency?

Recently they sent me an offer for a credit card. Here are portions of the letter that I have edited to keep this short.

Midland Credit Management, Inc. has made an arrangement with Jefferson Capital Systems, LLC, to provide you with the opportunity to receive a no annual fee unsecured credit card.

If you accept the offer , the remaining principle balance of your present debt will be transferrred to a new Embrace Visa account as the first transaction to your new account.

Once your remaining principle balance is transferred, we will no longer service your account. By accepting this offer you can stop further phone calls from us regarding your debt. If you do no accept the enclosed offer, then your present debt will remain open with us for collection of the full balance including accumulated interest and fees, if applicable.

Would you take this offer?

Should I take this offer from a collection agency?credit rating

Don%26#039;t do it! It%26#039;s a scam!

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Should I take this offer from a collection agency?

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I transferred my balance at 0% interest and basically they took my old debt knocked off all the interest from midland I have the Embrace Visa credit card with a low credit limit on it however I think that the offer is in good interest for those looking to rebuild there credit Report It

|||1st you are dealing with a collection agency until the amount set is paid in full to them which is a partial amount of the debt. Once paid they transfer the balance to Embrace which is the credit card company and they service you Report It

|||I also enrolled in the program. I am in the process of repairing some bad credit with good results. I am glad I enrolled in the Embrace Program. The limit on my card is right under 300.00....but its a start Report It

|||Go to this website and call the radio program http://troubleshooter.com/|||You would be paying interest on top of principal and interest from the original amount owed. What would be the new rate? How is it compounded? There is no benefit to them using the %26quot;no more calls%26quot; line. The new company will just pick up doing that. I would not accept that deal.|||I wouldn%26#039;t accept. The letter states, %26quot;Once your remaining principle balance is transferred, we will no longer service your account. By accepting this offer you can stop further phone calls from us regarding your debt. If you do no accept the enclosed offer, then your present debt will remain open with us for collection of the full balance including accumulated interest and fees, if applicable%26quot;. I%26#039;m almost 100% that they can not charge you interest on a debt their collecting first of all. Second, the letter, especially this quote, sound harassing and lastly, you have the legal right to pay the debt to the actual debtor and not a third person collection agency. Try to read up on Consumer Protection.|||That%26#039;s a bad/shady offer because, they haven%26#039;t disclosed what the new VISA limit will be, so they might give you a very low limit and when the balance gets transferred, you%26#039;re automatically over the limit.

Also, they trip over themselves towards the end...They state %26quot;if you accept this offer...they won%26#039;t call you anymore...%26quot; But if you notify them in writing that you do not want/authorize them to call you anymore, it%26#039;s illegal if they continue to do so.

Also, the interest/APR might be incredibly high, like over 25%, so...|||A couple things you want to check. Make sure that it%26#039;s legit. There are so many scams going on that it%26#039;s hard to tell what is real and not. Second, they said that if you transfer that there is no annual fee...check the fine print since that could mean no annual fee for the first year and then every year afterwards they charge you. Third, they make it sound like a threat saying that if you do not take the offer they will continue to call you...you have rights in regards the amount they can harrass you with phone calls. And finally, one of the above posts said that they cannot charge you interest on your debt is totally wrong! What credit company do you know that doesn%26#039;t charge interest on debt...That%26#039;s how they make money....duh!|||No no no no no no

I agree with what the other posters have said - stay away from this deal.

girlpunk21 is right, they %26quot;will%26quot; overbalance you, which will immediately show negatively on your reports.

And the old account %26quot;mIght%26quot; show as paid and closed, if they even bother to change it (which I doubt) but may probably still show as a negative.

Since Jefferson is a Junk Debt Buyer, I%26#039;m willing to bet that if you are not out of the statute of limitations on this debt, you are probably pretty close to it.

Find out your states statute of limitations. Send Midland (who is one of the most scummiest agency%26#039;s) a debt validation letter.

Find inaccuracies that Midland placed in their tradelines on your credit reports (I%26#039;m sure there are plenty) and send disputes to the credit bureaus on a couple of the inaccuracies. Request correction or deletion.

Read the first link and then click on consumer comments.

Go to the next two links and read.

Go to the last link and learn your rights.

You will be able to find your statute of limitations, sample letters and feedback from other members on both of these companies. Plus, you will learn your rights in how to deal with MCM and the credit bureaus.

Everything on creditboards is %26quot;free%26quot; to use. Never use a site that requires that you pay for info.|||Even though I essentially agree with the advice of everyone on here that I%26#039;ve read, and I%26#039;m not going to go against anyone that may have firsthand experience with this CC company%26#039;s business practices. But I%26#039;m going to be contradictory and say %26quot;take the deal.%26quot; Why? Because yes it is true a bill collector must stop calling you once you mail them a %26quot;cease-and-desist%26quot; order and no they cannot continue to charge interest to an account they have %26quot;charged-off.%26quot; However, good luck finding anyone willing to enforce either statute. My experience has been to have to harangue Attorneys General into enforcing the Fair Debt Collections Act and despite usery laws, judges will give only cursory reviews of creditor demands, unless you physically appear in court.

Another option, if you want to get rid of the debt and the CCC altogether is to make a counter-offer. One site recommends offering 25% of what you owe and negotiating a settlement from there.

Finally, if you find out they%26#039;re breaking the law, anything you agreed to is null and void anyway, so what the hey? The Federal Trade Commission can help you on that front.|||Why would a place that knows you dont pay your bills give you an offer to get more credit so you wont pay your bills with the new company? that makes no sense! I google%26#039;d Embrace visa and came up with nothing. run from it!|||I wouldn%26#039;t take up the offer. Rather, I would opt for a debt consolidation program. You can read about it at

Debt Consolidation - Get Out Of Debt

http://www.askaquery.com/Answers/qn1643....

How to Hire a Debt Counselor?

http://www.askaquery.com/Answers/qn1584....

What is Debt Relief?

http://www.askaquery.com/Answers/qn1583....

Debt Management and Building Wealth

http://www.askaquery.com/Answers/qn1581