Received settlement offer -- good idea?

[amandak1026]

My husband received an offer in the mail yesterday for his Dell credit card that was charged off several years back.  They're offering three different options to pay off the balance (12 months, 18 months, 24 months).  The 12-month plan obviously saves us the most money and will get it paid off the fastest.  In my mind this is a fantastic offer and we should accept, but am I missing anything? Should I be wary of this? EDITED TO ADD: The offer comes from Portfolio Recovery, and they are the ones reporting on all three bureaus.  The OC is not reporting.

[pisspoorcredit]

How long is several years? Is this debt reporting to any of your credit reports?

[amandak1026]

The DoFD is 2010.  And yes, it's reporting to all 3 bureaus.  

[pisspoorcredit]

I would, as long as they note that they will delete it after its been satisfied. Then everybody wins.

[AlphaKenny]

I would send them a letter stating that you agree to pay the debt with whatever terms (12mo, 18mo, 24mo) IF they agree to delete from the CRA's.  Also send a copy of their letter with your letter.  Search for PFD examples to get the right format.  Then wait to see if you get a response before agreeing to pay.

[amandak1026]

Thank you! 

[AlphaKenny]

Also, what state are you in and what month in 2010 was the DoFD?

[amandak1026]

I'm in Minnesota. DoFD June 2010.

[AlphaKenny]

It looks like the SOL for MN is 6 years. PFD might be tough, but it's worth a shot if you are willing to pay regardless.