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How to handle Midland MCM PLEASE HELP!!!

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Anonymous
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How to handle Midland MCM PLEASE HELP!!!

Hello, I would first like to thank everyone in this wonderful community for sharing their credit stories and experiences. It has really helped me on my road to credit recovery.

I have a CO from a Credit One card DOFD was 7/13. It is reporting with $0 balance. Wonderful Midland now has the acct and has sent me a letter to settle with a discount of $703 from the original al ball of $783. I am hoping to buy a home in about a year from now. I want to settle but for less than the full amount. What should I do I am making a quick decision before they send it to an attorney.

I also have a CO 1st Premier account for $1061. It still shows the bal on my CR and I haven't been contacted by a CA so I guess they still own it. I can't PIF so should I make them a settlement offer.

Please assist thank you.
Message 1 of 3
2 REPLIES 2
RobertEG
Legendary Contributor

Re: How to handle Midland MCM PLEASE HELP!!!

If you settle for less without any other agreement, the debt collector can still report a collection after you settle, and include the statement that it was settled for less.

 

If the debt collector has not yet reported their collection, what is more important to you... saving money by settling for less, or avoiding a collection?

You might consider a pay for not reporting offer at or near the full amount, thus avoiding their reporting of a collection and a paid for less comment.

Message 2 of 3
Anonymous
Not applicable

Re: How to handle Midland MCM PLEASE HELP!!!

Thank you for the advice RobertEG. I think I will contact both to setup payment arrangements to pay them off in a couple of months. Will this make them start reporting over again? Neither has reported since 2015.
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