Midland/MCM SETTLEMENT OFFER QUESTION

[dave36021]

Hey all, I am trying to settle a MCM account they are reporting monthly it is past SOL. I have called them and they will not budge past 40% off I tried 60 then 50 and they will not give more then 40% off so I told them I had to think about it. Should I call back and try to negotiate lower again? Has anyone had any luck settling for more then 40% off?

[gdale6]

How much longer to run before its removed by CRTP expiring?

[Anonymous]

of past the sol do not pay them anything, it will not help you that much unless you get a pfd.

[Anonymous]

if past the sol do not pay them anything, it will not help you that much unless you get a pfd.

[Zorasmiles]

The debt has passed your state's SOL's but how many more years can it be legally reported on your credit files?  If it is reporting/updating monthly it is suppressing your credit score which creates a negative problem for you.  The bottom line would be, how much is it worth getting rid of Midland if they are in agreement of a pay for delete of your negative account, that has exceeded it's SOL??  Considering they paid pennies on the dollar paying more than 60% for what's owed would be horrible!

[dave36021]

Thanks for the replies, they are reporting/updating monthly. It is scheduled to Bo on the report doe another 2.5 years. I am looking at mortgages and all the LO said that they needed was to at least this settled. I know a removal would be better but from what I read they will not PFD so I am trying to get them to settle for less but can not get them to budge

[Anonymous]

Is the debt, less 40% discount, huge? ... say under a few thousand? If the amount is somewhat larger, it may be more economical to push back the purchase of a home until the baddie(s) drop off in a couple of years.

To put another way, if the debt is say $5,000 and Midland is willing to settle for 40% off, that's $3,000. You're pressing for 50%-60% off, which using $5,000 as an example, would be $2,500-$2,000. That's a $500-$1,000 difference. Not a huge amount of money relative to the cost of a higher mortgage rate ... paying even just a fraction of a percent more due to less favorable underwriting, such as having unpaid collections, can easily exceed $1,000.

[dave36021]

The Balance is realy low -- somewhere arount 450.00 and they are wanting to settle for roughly 270.00. 

[Anonymous]

Question - has Midland done a soft pull on your reports since the lender pull? If so, they know you're trying to buy a home and your mortgage is essentially being held for ransom...

[Outdoorstech1]

OMG Pay the 270 and be done with it. Thats nothing compared to thousands of dollars.