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Jefferson Capital / Emblem MC


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I have an old debt (not disputed, just couldn't find out who to pay after a couple of years). It is owned by Jefferson Capital, a collection agency that I have heard lots of nasty things about. I recently wrote them offering a settlement amount that I figured I could pay off by the end of this year. No response yet, but only sent about 10 days ago.

However, I received an offer from them to receive a Emblem MasterCard, which would take my entire debt amount, transfer it to this program and when I've paid the qualifying amount (about 25% of total debt owed), it will be transferred to a MasterCard and a portion of my debt will be forgiven. This would lower the total debt owed by about 30% and allow me to pay off the rest at 0% interest. As the debt is paid down, there will be available credit on the card at 18.99%. I would not be using this card as a credit card - only a way to pay down the debt that I owe without having to deal with collection agency.

Something seems fishy, but wanted to see if anyone had done anything like this and what the results were. Any downsides? Any further information I should request? Can I ask the collection agency to remove the collection acct if I sign up for this program? From my credit reports, I believe the original acct was charged off in 8/2003 and it says it will remain until 2010.

Thanks for any help you can give me.

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