Should i settle with midland

There is a delay between Midland Funding buying your debt, and them reporting to the credit bureaus. Midland Credit Management will often start off the collection process by sending you a collection notice, or make collection phone calls that you may pick up.

In the letter or phone call Midland may offer you the opportunity to settle or set up payments on your account in order to prevent the credit reporting of the collection account from occurring at all. As of the most recent update to this article, you have three months from the date they get your account to take advantage of this offer.

If you can afford the money to settle, or set up payments you are confident you can pay each month, there are immediate and long term benefits to doing this.

It is not a trick, they actually do this, and may be the only debt collectors making this type of offer. You can get help settling with MCM and have a deal done within days as long as MCM has not already sent your account to a collection law firm. No savings, no fee. The woman I refer to in this article sent Midland Credit a validation request in response to a collection letter MCM sent her.

Sending a debt validation letter to a debt collector is your right. If for any reason you question the nature of the debt being collected, requesting validation from a collection agency or debt buyer will accomplish a couple of things:. It is not uncommon for a debt buyer to ignore a validation request.

The reason validation of debt requests are ignored by Midland Credit Management, and other debt collectors and debt buyers, is that sometimes no meaningful information was included when the debt was purchased.

There are sometimes options to acquire detailed information from the original creditor at an additional cost, but that is not always the case. And you may not appear all that collectable to a debt collector, and they just may not bother if they see a low probability that you will pay anything. When debt validation requests are ignored, Midland Funding may still send your account to a collection attorney.

Many years ago, I came to the conclusion that sending debt validation requests to a debt collector like Midland Funding, when you already recognize the debt as yours, and your goal is to resolve the debt by settling with the collector for the lowest amount possible, is counterproductive.

The woman who inspired this post next received a collection letter from a well known and very active debt collection law firm in her state. She sent a new validation request to the attorney debt collector hired by Midland Funding. The collection attorney responded to the validation request with some basic information about the original account including monthly billing statements from Citibank. Shortly after receiving the debt validation response in the mail from the Midland Funding attorney she was served with a lawsuit.

Debt buyers will target accounts they buy for aggressive collection. Midland Funding is part of the largest debt buying collection brand in the nation. Here is a reliable information page on how to resolve your debt with Portfolio Recovery. Encore Capital Group is the largest publicly traded debt buyer in the United States.

Midland Credit Management, Inc. In my professional practice I never request Debt Validation. The only exception would be an instance where there really is a bonafide dispute about the obligation.

My second recommendation to consumers seeking to fully repay their debt is to simply call Midland Credit Management, Inc. Full balance repayment arrangements can often be negotiated for 12, 24, or even 36 month terms, at zero percent interest. In fact, all payments made by the debtor go toward reducing the balance, as there are no fees or interest being added to the balance acquired at the time the debt was a charge- off by the original creditor.

My third recommendation to debtors wanting to settle debt with Midland Funding LLC for a discounted payoff is to set your settlement expectations according to the collection status of the account. Recently purchased accounts being worked directly by MCM, Inc. Contact us or call today for a free, no-obligation debt help consultation and see what a difference a phone call can make. Call NOW! Tayne, for helping me get out of debt. Your staff did a great job, I was finally able to buy myself a brand new car without using a cosigner.

I would recommend your services to anyone. I sleep like a baby at night now because of the work that you and your office have done.

Rest assured that I will refer anyone I know to your office with conditions that are similarly circumstanced. Thus, by simply responding to the lawsuit, and essentially saying to Midland Funding that they need to actually prove that you owe a debt to them, Midland Funding will likely fold like a cheap pair of pants. Even if you know you owe a debt, Midland Funding has the burden of proving i that they legally own your account with the debt on it, ii that the amount they claim that you owe is correct, and iii that they filed their lawsuit within the relevant statute of limitations.

It is easier than you think to respond, or Answer, a debt collection lawsuit. But remember, you only have a limited amount of time, so don't dawdle. Contact SoloSuit sooner rather than later to get the help you need to quickly create, complete, and file your Answer to the debt collection complaint. Here are a few things to keep in mind:. Specifically, the three things you need to worry about when filing an Answer are:.

SoloSuit makes it easy to respond to a debt collection lawsuit. SoloSuit is a step-by-step web-app that will ask you all the necessary questions to complete your Answer to a Complaint. When finished, you can either print the completed forms and mail in the hard copies to the courts.

Or, even better, you can pay SoloSuit a small fee to file it for you, and also have an attorney review the document. As noted, many companies, including Midland Funding LLC, will file lawsuits against a consumer who owes a debt with the hope that the consumer will fail to respond.

Don't be that consumer.