How to settle with Midland Funding

Anonymous · ‎03-30-2015

I have 2 accounts with them and I am asking them to settle at 10c to the dollar. They have been very adamant about not going lower and are giving their best offer as 20c to the dollar. Is there a particular method to negoatiating with them that can help me get lower results? The item has been on my credit since October of 2008. Its soon going to fall off. Arent they better off accepting what I am offering them? Any advice on how to negotiate would be greatly appreciated.

gdale6 · ‎03-30-2015

@Anonymous wrote:
I have 2 accounts with them and I am asking them to settle at 10c to the dollar. They have been very adamant about not going lower and are giving their best offer as 20c to the dollar. Is there a particular method to negoatiating with them that can help me get lower results? The item has been on my credit since October of 2008. Its soon going to fall off. Arent they better off accepting what I am offering them? Any advice on how to negotiate would be greatly appreciated.

10-20c on the dollar is usually a good settlment when they are past SOL and can no longer be reported on your CRs. To get them to 20c on the dollar while its still on file is great they usually wont do it. They know its approaching the time when it is going to drop off your CRs and they will lose their hammer. I will tell you the debt is not extinguished once its past SOL or off your CRs and they can attempt to collect forever unless you are in WI or MS, so you might want to consider settling at some point. Since it has no much time left to run I see no reason to rush to pay especially if they are not giving you the PFD. Welcome to My Fico

Anonymous · ‎03-31-2015

I'd say that's a great offer unless you are within 6 months of it coming off of your reports. I just settled with them this morning for 40%, but I had another 2-3 years before both accounts fell off. 20% from MCM is a solid offer. Must be that end of month itch...I fought tooth and nail to get down to 40%.

Creditobsessed12 · ‎03-31-2015

I would try to get early exclusion from the CRA and not pay them a dime.

11/30/14 EQ 545 TU 573 EX 602 01/15 EQ 545 TU 586 EX 589
02/15 EQ 643 TU 627 EX 669 03/05/2015 EQ 708 TU 744 EX 707
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Goal: 700s across the board

TrulyyBlessed · ‎04-01-2015

@Anonymous wrote:
I have 2 accounts with them and I am asking them to settle at 10c to the dollar. They have been very adamant about not going lower and are giving their best offer as 20c to the dollar. Is there a particular method to negoatiating with them that can help me get lower results? The item has been on my credit since October of 2008. Its soon going to fall off. Arent they better off accepting what I am offering them? Any advice on how to negotiate would be greatly appreciated.

The debts are scheduled to fall off soon, and if possible I would say wait it out without paying anything. You can try to get the items removed early through the credit bureaus as well. If you feel the need to pay the items anyway, than be sure to get IN WRITING that they will remove the accounts from your report once paid.

Starting Score: Nov. 2012 585
Current Score: EQ 733 EX 777 TU 743 Goal Score: 750+

Anonymous · ‎04-01-2015

I would inform them that you are being extremely generous by offering them an amount thats 30% above the industry *high* average for the purchase price of junk debt (3.5-7 cents on the dollar), and since it will soon reach the CRTP limit of 7.5 years from the DoFD, the value (to you) of it being paid diminishes each month. Therefore each month that passes with them refusing to accept your offer will result in a reduction of the offer in one month. Once it reaches CRTP and is excluded from your reports, the next and last letter they get from you will be a C&D, and they will have yielded zero return on their investment. Send multiple copies of each months offer to whatever management names you can dig up. With any luck one of them will reach someone with more sense than greed.

Anonymous · ‎04-02-2015

I wanted to clarify one thing here.I gave them two options. 20% on the $ if they are going to charge me based on the original amount that I owed them not the one where they add on additonal penalties etc and double it OR 10% on the $ of the amount that they are showing which is basically twice as the amount I originally owed. They are asking for 20% on the $ on the amount after all penalties are added. I will start sending letters out with my offer to them and see what they say about it.

Anonymous · ‎04-02-2015

How do I ask CRA's to exclude them from the report early on? Is there a procedure for doing so?

gdale6 · ‎04-02-2015

@Anonymous wrote:
How do I ask CRA's to exclude them from the report early on? Is there a procedure for doing so?

To request the early exclusion you can mail in letters to the CRAs asking for it or give them a call on the phone asking for it. The guidelines are up to 6 months in advance of the scheduled drop date with TU and 2-3 months in advance with the other 2 CRAs. When calling them on the phone a report number may be required this is why its best to work off of hard copies when building or rebuilding your credit.