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Pay and Pray or Settle - Midland Credit Management??!! Need advice...

New Contributor

Pay and Pray or Settle - Midland Credit Management??!! Need advice...

Hey oh wise ones...

 

Here's my dilemna.  Desperately trying to get approved for a mortgage.  I have established that two debts that MCM are trying to collect from my DH are legitimately ours. 

 

1.  We received settlement letters for each for 40% off....great news, right?! 

 

2. I'm willing to pay the whole darn amount to get these things deleted so that we have a shot for this mortgage.

 

I'm really lost right now and not sure which way to go.  I've heard that MCM will absolutely not delete a debt...even if paid in full.  I'm scared that if I even ask them to do that (offer to pay in full for a delete) they will retract their settlement offer. 

 

Anyone have any advice, experience with them, or would just like to give me their opinion?  I believe in paying a debt that is ours, it is the right thing to do.  But, hey, I also believe if the other party is willing to settle or delete, then I'd like to take advantage of that!  We've been trying to get a mortgage for 3 years now and I'm losing hope Smiley Sad

 

Thanks all...

Message 1 of 26
25 REPLIES
Valued Contributor

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

Ive sent you a PM, email one of these two people and see if you can offer a PFD using the sample PFD letter here, filling in your information...

 

They sometimes delete, in my instance, i have 2 accounts with them that have been paid close to 2 years now, and i am fighting with them to have them removed x.x.x only about 4 months now haha 

My credit journey has completed. I am currently sitting at 800+ across the board.

I started my journey here years ago, and thanks to MyFico, it really is possible.
Message 2 of 26
New Contributor

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

Ben...

 

Thank you so much!!!  I will send one of them a PFD.  Have you had any luck at all with any creditors doing a delete?

 

I'm also contacting Pinnacle, LVNV Funding, and Capitol One.  Wish me luck!!!

Message 3 of 26
Super Contributor

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

 

You may not need to have them deleted to qualify for a mortgage, but you will need to have paid them.  

 

Obviously getting them deleted is the best option but you could likely just pay the settlement and be ok, assuming that your FICO scores are good enough.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 26
Valued Contributor

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

i have had 0 PFD success, but i have had 2 GW success

My credit journey has completed. I am currently sitting at 800+ across the board.

I started my journey here years ago, and thanks to MyFico, it really is possible.
Message 5 of 26
Valued Member

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

Hey, I am in the same boat. They offered me a settlement as well.  256.25 for a bill of $472.09. I would much rather pay the whole amount for a delete. Can you pm me the email address as well



Starting Score:FICO EQ 620 TU Fako 595 EX FAKO 628
Current Score: Lender Pull 10/2012 EX 719, EQ 704, TU 690

BOA $8500 I CitiForward $6500 I Chase Freedom $3000 I Discover More $1500 I Kohls $1000 I Orchard Bank $400
App free since 12/8/2012.. holding out til 11/2013
Message 6 of 26
Valued Contributor

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

Done!~

My credit journey has completed. I am currently sitting at 800+ across the board.

I started my journey here years ago, and thanks to MyFico, it really is possible.
Message 7 of 26
Valued Member

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

Can you PM me the contact info too?...Midland is starting to become a real pain!

Message 8 of 26
New Visitor

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

Please PM me I'd need help getting midland deleted.

Message 9 of 26
New Visitor

Re: Pay and Pray or Settle - Midland Credit Management??!! Need advice...

I have a Midland account that they tried to bring a judgment on.  I beat that over two years ago.  Today I got a letter with a settlement offer.  I am in the process of debt verification.  From what it sounds the DOFD is August 2006, a little bit off of seven years.  I wanted to get a home this summer but with this still on my bureau (final collection not paid) what should I do?  I don't have the money to settle at the moment.  I should also point out that it is not reporting a status at all, it is just listed as a collection account/no status.  Thank you.

Message 10 of 26