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My midland is scheduled to drop off in 2015....I owe them 894$ they do not wanna settle for 20% and they are being sticklers!!!! Any advice will be greatly appreciated
@Johnoutofdebt wrote:My midland is scheduled to drop off in 2015....I owe them 894$ they do not wanna settle for 20% and they are being sticklers!!!! Any advice will be greatly appreciated
I am definitely not surprised. Mine falls this June in the amount of 389. Offered them $150.00 and they won't accept it. Midland is not fun to deal with.
One avenue of attack against Midland that I am considering with regard to settlements is to look into SEC filings (since Midland is a wholly owned and operated subsidiary of Encore Capital Group, Inc. (NASDAQ: ECPG), a publicly traded company). From these filings, you can look to see how much they paid to the OC (or previous debt holder) for the account.
Search here: http://www.secdatabase.com/Filing/Search/
Under Company: ECPG (ticker symbol)
Under keywords: <<Name of OC/previous holder>>
I have to do a little more research but I would imagine we could discern from these filings how much was actually spent for the debt portfolio by Encore and then use these figures to craft a settlement. I'm thinking if they paid 8 cents on the dollar, a 20 cent settlement is more than just, especially if those items are now outside SOL.
@Johnoutofdebt wrote:My midland is scheduled to drop off in 2015....I owe them 894$ they do not wanna settle for 20% and they are being sticklers!!!! Any advice will be greatly appreciated
What state do you live in? What was the original DOFD of this account?
I feel you. They have a old t-mobile account of mine. they want 380, and I’ve sent a few 100 and 125 settlement letters that they ignore. last time i talked to them on the phone they said they want the full amount. im just going to keep sending these until they get tired of me, or until it drops off (summer 2015).
I live in Pennsylvania and it was charged off in 2008..... If i do pay them and they report it as paid will it stay on for another 7 years??
From my understanding, derogatory marks are removed 7 years from original default day. So if you settle or send a payment six and a half years from original date of default, it must be removed after half a year, no matter what.
Having said that, I do believe that if you make a payment on something, it may restart the statues of limitation. So if you are planning on paying something, get it in writing and send them
get it in writing and send them one lump sum.
@Johnoutofdebt wrote:I live in Pennsylvania and it was charged off in 2008..... If i do pay them and they report it as paid will it stay on for another 7 years??
Ok, its out of SOL then, I would just sit back and let the clock tick, the longer it goes without being paid the more apt they will be to settling it because once it rolls off your report they are totally out of ammo in any way shape or form, they already cannot sue you for it. As others have stated it cannot report another 7 years from the time you settle it.
Subchapter B. Civil Actions and Proceedings.
§ 5525. Four year limitation.
The following actions and proceedings must be commenced within four years:
An action upon a contract, under seal or otherwise, for the sale, construction or furnishing of tangible personal property or fixtures.
Any action subject to 13 Pa.C.S. § 2725 (relating to statute of limitations in contracts for sale).
An action upon an express contract not founded upon an instrument in writing.
An action upon a contract implied in law, except an action subject to another limitation specified in this subchapter.
An action upon a judgment or decree of any court of the United States or of any state.
An action upon a contract, obligation or liability founded upon a writing not specified in paragraph (7), under seal or otherwise, except an action subject to another limitation specified in this subchapter.
SOL STARTS FROM FIRST DELINQUENCY
Section 2725 of the Pennsylvania Uniform Commercial Code provides that "an action for breach of any contract for sale must be commenced within four years after the cause of action has accrued." 13 Pa. Cons. Stat. Ann. 2725(a). A cause of action for breach of a contract for the sale of goods "accrues when the breach occurs." 13 Pa. Cons. Stat. Ann. 2725(b). In the case of an installment contract, breach of the whole contract occurs "whenever nonconformity or default with respect to one or more installments substantially impairs the value of the whole contract." 13 Pa. Cons. Stat. Ann. 2612(c).