Does anyone have any information re: these solicitations from credit card companies, i.e., Capital One offering to dismiss interest on debt w/a collection company and build credit with them if you are willing to accept the offer. I get these all the time.
Actually the wording is as such: “If you accept the offer outlined in the enclosed insert, ownership of your account will be transferred to Capital One. Your balance will be transferred to a new Capital One Visa Account. The initial balance will be “$$$” – it will not include the “$$$” in interest and fees that have built up since your account charged off”.
It says you will earn $25 credit limit increase for every $100 of charged-off debt you repay.
How legitimate is this? Or should I ask how reasonable is this? What happens to debt once its charged off? What will my report state once this occurs? Will it say XYZ company is paid in full and show a new opened account with Capital One?