ATTORNEY GENERAL DARRELL McGRAW SUES MIDLAND FUNDING

[pipeguy]

Midland is one of the nation’s largest “debt buyers,” having purchased approximately $54.7 billion in old consumer debt in recent years. Specifically, Midland buys debt that has been charged-off by the original creditor, usually old credit card debt, for approximately three cents on the dollar. In other words, Midland pays approximately $3.00 for every $100.00 of debt it purchases.

http://www.wvago.gov/press.cfm?ID=609&fx=more

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The lawsuit, filed in the Circuit Court of Kanawha County (W.Va.) seeks a temporary injunction against Midland’s debt collection activities in the state until the matter is resolved, for all judgments Encore received in the state to be voided and the company repay any money consumers may have paid, and a $5,000 per-violation fine to be levied against the debt buyer.

http://www.insidearm.com/daily/debt-buying-topics/debt-buying/state-attorney-general-sues-encore-cap...

[LS2982]

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@pipeguy wrote:

Midland is one of the nation’s largest “debt buyers,” having purchased approximately $54.7 billion in old consumer debt in recent years. Specifically, Midland buys debt that has been charged-off by the original creditor, usually old credit card debt, for approximately three cents on the dollar. In other words, Midland pays approximately $3.00 for every $100.00 of debt it purchases.

http://www.wvago.gov/press.cfm?ID=609&fx=more

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The lawsuit, filed in the Circuit Court of Kanawha County (W.Va.) seeks a temporary injunction against Midland’s debt collection activities in the state until the matter is resolved, for all judgments Encore received in the state to be voided and the company repay any money consumers may have paid, and a $5,000 per-violation fine to be levied against the debt buyer.

http://www.insidearm.com/daily/debt-buying-topics/debt-buying/state-attorney-general-sues-encore-cap...

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That's awesome!!!!

[MattH]

I notice the charges include "robo-signing," which of course has been a HUGE issue with mortgage foreclosures. Methinks we're gonna find more cases of "robo-signing" throughout the financial sytem. Scandals of this type are like cockroaches: when you see one, you know there are lots more hiding in the woodwork!