Charged off credit cards - what can I do?

[needgoodadvice]

What is the name of your state?What is the name of your state? Alabama
I had two credit cards, one with MBNA and one with Fleet, that were charged off in July 2003. The last payment I made was in November 2002, through a credit counseling non-profit agency. At the time, I lived in California, but I have since moved back to Alabama, where I lived when both cards were originally opened. The MBNA total is $10,354 and the Fleet total is about $6,500.
Recently, a representative of Collect America has been calling me about the MBNA card and offered a very good settlement - $4,400. The problem is I don't have the money to pay the settlment since my current job pays much less than I was making when I incurred the debt. I could afford a small monthly payment which would take me close to 9 years to pay off the total MBNA balance, not including the interest, which according to the collector is still accruing. If I set up a payment plan, they want me to send 6 post-dated checks for the first six months' payments, which makes me very nervous. He has also mentioned more than once that they could sue me if I don't pay. I'm worried about this, and not sure what I should do. What are my options? What is the statute of limitations on this debt? What should I do? Help!