Midland Collections/ Do not understand this stuff! Please Help

[Anonymous]

Hello,

I have tried to read various threads that might help me understand my rights/options here, but I am still new and some of the language confuses me.

I have  Midland Managment balance that is showing up on all three CR.  It took a while before I found out that it is an account bought from Aspire.  I forgot that I had owned one of those 3 or so years ago.  Tried fighting them when a 300 CL soon became nearly a $1000.00 with the fees alone.  This Aspire account does not show up anywhere on my CRs.

Ok, my confusion

Experian reports Midland as a closed installment account with no 0 monthly payments.  Date opened is 4/06, has been reported since 8/05 Last reported 12/07. It says I owe $994.00

Interestingly, Equifax has it listed under Negative /Closed accounts, but when I click "details" it reads: Open, Date of last payment 9/06 (which I do not remember because I am certain that I told Aspire I was NOT paying them $600.00 in fees). Date Opened says N/A.  Date of first deliquincy is 8/05

Type of Loan = Factoring Company Account Purchaser (?)

Trans Union Reads

Placed for collections 4/06

OC = Aspire (this is how I found out what it was)

Open account  / Factoring Company Account Purchaser

Last updated 1/08.

Can someone please help me figure all of this out?   How do I find out if this is actually opened?  Do I have any cause to dispute this?  I want it off my account, but I cannot pay this much money for a card on which I spent about $190.00 on.  Can they sue me?  I am in NYS and I have read that the SOL is six years.  Do I go another 4 years with this just hoping it will not cost too much damage in the end and I do not get taken to court?  How can it be closed on one report and open on another .. then be both open and closed on the third?

I would appreciate any feedback.  Like I said, I have been reading for days trying to understand what is all going on re: this account.  From what I have read, I do not think I should call them. 

Thanks

[Anonymous]

Hi,

welcome to my world, I have DV'd this CA and am waiting on a response.  I looked at my report one day and lo behold there they were.  They are reporting as an installment account on one, 1 month installment but they did have the OC as bought transferred on an old collection that was charged off. .Nothing on one and a collection on one report. I do not know what to tell you other then DV.  I have and it is not past SOL but I am taking my chances.  I also acquired the debt in NY but do not live there now and from what I can see  they are not licensed to collect in my state of residence. GL

trying to clean it up

[Anonymous]

Well I would be interested in knowing what happens after you DV.. (Debt validation?) .. If they validate it, then what?  I just do not get this whole closed/opened bit.  I assumed that if it were closed, then I did not have to worry about being sued.  I am not so sure that that is even the case open or closed.  The installment thing is really getting me too.  I will just keep reading until something makes sense to me.

[Anonymous]

Collections SHOULD be marked CLOSED as there is not a CL you have acces to-

After the Validate they will continue collection activities-

Being sued is about DOFD/DOLA - when you broke your agreement and when you last paid them- this varies by the state you opened the account or where you live now-

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RecoveringMyLife wrote:

Well I would be interested in knowing what happens after you DV.. (Debt validation?) .. If they validate it, then what?  I just do not get this whole closed/opened bit.  I assumed that if it were closed, then I did not have to worry about being sued.  I am not so sure that that is even the case open or closed.  The installment thing is really getting me too.  I will just keep reading until something makes sense to me.

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[Anonymous]

I am reading a ton of things about Midland.  Do I do online disputes because Midland is listed as a installment acount that is 120 days late?  I have never entered into an installment account agreement with these people.  If I had not looked at Transunion, I would not have had any idea of from whom they purchased the account.    Also, I read somewhere here that if a company does not own an account they cannot report on it.  Is this true?  Does this mean that everywhere on my account where it says.. "sold, transferred..." etc., these items should be contested.  I have several of these and have no idea to whom they have been sold or transferred. 

[Anonymous]

Please email me and let me knwo how you resolved this issue.  From what I have read, we are in the exact boat, only Midland has given me one month to come up with the balance or accept their paymnt plan.  What advice can you give me to resolve this issue? 

Thanks

[Anonymous]

 I have not gotten anything from Midland on this account that I know of.  If I did, it was years ago.  According to my CRs the OC is Aspire.  I know could not have owed them more than about $400.00.  Midland is now reporting it in excess of $1000.00.

 I have not done anything with this situation, but watch it on my CRs because I am still unsure about how to proceed.   I am getting the impression that since I have 3 years to go before the SOL runs out, I should just leave this alone and hope that over the next 3 years Midland does not sue.  I would not mind paying up to $400.00 if I thought it would help me, but I will not pay $1000.00.   Really unsure about it.  I am in a bind.  I certainly do not need any judgements showing up. 

Message Edited by RecoveringMyLife on 03-22-2008 04:04 PM