topic Re: MCM getting to settle. in Rebuilding Your Credit

MCM getting to settle.

corysti — Mon, 30 Jan 2012 01:26:19 GMT

Well i've been dealing with this terrible company on a past credit card for the past month. They originally told me that they would settle for $500 but I felt that wasn't a good settlement since I only used 200 for debt and rest of the 500 is late fees and interest charges. I called last week and told them I was willing to settle for $300 and the lady said she would transfer me so I got transferred to the guy that is handling my account. It went to voicemail and I have yet to be able to get a hold of him. I've left several voicemails and nothing is getting returned. The final day to pay is coming soon and I don't know what to do, I have 300 to settle but I can't get nothing done...any suggestions?

Re: MCM getting to settle.

Chrisla2077 — Mon, 30 Jan 2012 02:04:31 GMT

My advice on Midland is hold out past the original settlement offer. They started with a 10% settlement offer for me, and when I failed to respond increasted to 40% off

Re: MCM getting to settle.

corysti — Mon, 30 Jan 2012 02:06:46 GMT

I mean im all for waiting but I recieved a letter stating if I didn't pay by feb 7 they will take legal actions. This was my only letter i got from them it basically was telling me it is now in their hands and that i better pay up.

Re: MCM getting to settle.

Chrisla2077 — Mon, 30 Jan 2012 02:10:48 GMT

Yeah if they're threatening legal..you may wnat to try and call them to work something out. I've suffered the judgement route...you'll end up paying amount + fees and interest anyway...tack on the credit hit. At that point...you've lost all leverage

Re: MCM getting to settle.

corysti — Mon, 30 Jan 2012 02:15:24 GMT

thats the thing im trying to but the person that deals will my account won't answer my calls. I've told them and they said that he is the only one that can make arrangements.

Re: MCM getting to settle.

ccb2115 — Mon, 30 Jan 2012 03:35:36 GMT

Just get in touch with them this week when you get a chance. I settled my debt with them in June 2011, however; I was going through old mail that I never opened and saw that they threatened to sue me if I didn't pay by April 2011. Perhaps they were going to do so if I didn't get in touch with them when I did, but remember that no collection agency wants to let it get to that point. You have not received anything regarding a lawsuit yet, so just get in touch with them ASAP. I'm sure they would much rather get what they can at this point.

Re: MCM getting to settle.

corysti — Mon, 30 Jan 2012 14:36:50 GMT

Who do I ask for then when I'm trying to settle....no one seems to be able to help because they don't handle settlements.

Re: MCM getting to settle.

Chrisla2077 — Mon, 30 Jan 2012 18:13:27 GMT

Check your PM...sent you some e-mail contacts at MCM

Re: MCM getting to settle.

corysti — Wed, 01 Feb 2012 15:18:47 GMT

Thanks, so I emailed Mod Cut because you said you had previous luck with her. She answered quickly and was very nice....but she said that I would have to talk to an account manager for this account. I told her about him not answering me etc and she said ill let you talk to his boss. I figured yes! Something is going to get done. I heard the phone pick up then he hung up on me. I'm thinking about getting attorney....should I call the credit card company to see if something can be done that way?

Please don't post names of private individuals on the public forums.

MarineVietVet, myFICO moderator

Re: MCM getting to settle.

FairCredBen — Wed, 01 Feb 2012 15:20:28 GMT

Mod Cut is the WORST .... her "manager" was probably not really his manager.... there are only two people that i have ever heard of that deal with accounts.... i call 5-10 times a day when trying to address Mod Cut until he answers.....

I have quite the reputation with midland,

I absolutely hate this company... i honestly would not talk to them over the phone at this point of time.

I would send them a snail mail CMRRR stating that you wish to ONLY be contacted by mail, and attach a PFD (pay for deletion) :)

Once again please don't post private names on the public forums.

MarineVietVet, myFICO moderator

Re: MCM getting to settle.

corysti — Wed, 01 Feb 2012 15:06:09 GMT

Sorry I'm not following you...I'm quite new to this. I have to have something by the 7th...apparently that's the last day unitl it goes to an attorney.

Re: MCM getting to settle.

FairCredBen — Wed, 01 Feb 2012 15:15:24 GMT

I have sent 1 GW letter to them every day for the past month almost (email and snail mail) and still have no outcome... lol....

Re: MCM getting to settle.

corysti — Wed, 01 Feb 2012 15:20:23 GMT

So would u suggest me to wait and see if they actually give me a summons?

Re: MCM getting to settle.

FairCredBen — Wed, 01 Feb 2012 15:31:47 GMT

No, i would send them a DV (if you havent already) CMRRR and state to respond by mail only and then do a PFD if they come back saying the debt has been validated.

Re: MCM getting to settle.

Way — Wed, 01 Feb 2012 15:38:13 GMT

My first offer from Midland for immediate pay off was about 90% of the total. I was able to get the guy to 75% on the first call and he wouldn't budge from there. I had it faxed over in writing within 5 mins and paid it immediately. I don't know if they regularly reduce more than that, but I know that you can get 25% knocked off without a lot of effort.

I had zero luck doing a PFD with Midland and so far I've had no luck with GW after the fact, but I'm still trying to get them deleted.

Re: MCM getting to settle.

Chrisla2077 — Wed, 01 Feb 2012 17:08:12 GMT

If you go to their website and enter the info..they most often offer you a 60% settlement for a one time payment or an 80% settlement for 6 payments.

Re: MCM getting to settle.

corysti — Thu, 22 Mar 2012 17:51:30 GMT

So I thought i would post an update to my situation. I spent roughly a month trying to get be able to talk to the guy that was holding my account and finally I got tired of trying and just quit messing with it. Yesterday I recieved a letter from a lawyer in Arkansas that is taking care of this debt for midland. It wasn't a summons to court as far as I can tell from the letter. It basically told me if you like to disput this debt you have 30 days to mail them a letter asking for validation it also says at the bottom to call if you would like discuss payment options. I was going to mail them anyway to try and buy more time but should I mail them a letter asking about the payment options to the account or just call?

Just another update haha! I went ahead and called and they are a thousand times nicer than midland. They said I could pay 500 settlement or pay 65 a month until paid off. They said I have 30 days to call and see which one they wanted me to do.

Re: MCM getting to settle.

js0319 — Thu, 22 Mar 2012 18:04:46 GMT

It kind of sounds like you're back where you started with the thread. I would suggest paying the settlement in full, try not to make payments whenever possible.