midland credit management

beachwanttobetterfico · ‎09-09-2015

Well, I havent been here in a while. So here it goes, had an item go into collections. Asset Acceptance had it, I refused to talk to them after they told me to not pay my mortgage for a while and pay them. I wish I had found these when that happened. Anyway, I had not heard anything from them in years and I think the debt was due to fall off this year. Yesterday I get a letter from Midland saying the account had been sold to them and they were now the sole owner of the debt. They want me to pay $4,774.00 a 40% discount. What should I do first. Obviously I dont have 4 grand laying around...I could throw a grand on a card and see if they would take that and delete the account? What would you do?

Anonymous · ‎09-09-2015

First things first, when exactly is it suposed to fall off your credit report? Are you planning on taking on a loan anytime soon? What was the original balance of the debt?

beachwanttobetterfico · ‎09-09-2015

This is from Transunion back in January...The amount is way high, I think it is fees and whatever they wanted to charge. Other than my house and car I have never had anything that high...

ASSET ACCEPTANCE LLC #4203****
PO BOX 1630
WARREN, MI 48090-1630
(800) 545-9931
Placed for
collection:
09/15/2010
Responsibility: Individual Account
Account Type: Open Account
Loan Type: FACTORING
COMPANY
ACCOUNT
Balance: $17,709
Date Updated: 01/05/2015
Last Payment Made: 07/11/2008
Original Amount: $11,508
Original Creditor: CITIBANK (Retail)
Past Due: >$17,709<
Pay Status: >In Collection<
Remarks: ACCT INFO DISPUTED BY CONSUMR; >PLACED FOR COLLECTION<
Estimated month and year that this item will be removed: 06/2015

Anonymous · ‎09-09-2015

Does it really say 'estimated date to be removed 06/2015' on the last line?

If so, isnt that a couple months ago? The CRBs should be excluding it now.

That would correspond to the DoFD from the OC.

It would mean it should already be excluded from your CRs. Is it still on all 3 CRs?

If it really is 6/2015, it means it should be Excluded from normal views of your CR, but not deleted or 'forgiven'. It is still an outstanding debt, just not shown anymore.

It should also be past the SOL, but states vary, so please check your state. If so, they cna no longer sue you.

If my assumptions are correct, I would only consider settling for a much reduced amount like 10 or 15 % at most. Some ppl do not settle it after Exclusion date at all, its your choice. If you apply for credit at like 150k or above, like a mortgage, it might come into play, even though excluded.

HTH

Anonymous · ‎09-09-2015

Please read the first post from the link below. Very important information that should be able to help you. I used this verbiage and got a paid collection removed from my wife's report after a failed GW attempt and dispute attempt with the 3 bureaus. Sent this info to the CFPB and a week later they agreed to remove it and sent her a letter stating how they will have the info/tradeline removed from her report. Also, FDCPA fines are not stackable like FCRA fines are so you could threaten to sue them under these guidelines for monetary relief if you go through the CFPB. Just a thought.

(Mod Cut-Im sorry links to that site are not allowed to be posted on myFico)

Let me know what you think.

RobertEG · ‎09-09-2015

The expected or estimated exclusion date provided on a credit report almost always includes a six month early exclusion that the CRA routinley uses.

There is no violation unless and until the collection continues to be included after 7 years plus 180 days from the DOFD.

Don't rely upon an estimated exclusion date to argue that it must be excluded by that date, or with each CRA.

You must rely upon DOFD plus 7 years and 180 days.

As an aside, the debt does not fall off based on credit report exclusion.

Exclusion prevents the CRA from continuing to include the derogs in credit reports they issue after the exclusion date. That provides some relief to consumers in that the derogs cease to affect credit scores, and cant readily become known by a simply pull of the consumer's credit report.

However, the debt remains, and if it becomes known, can still affect the consumer's ability to obtain new credit.

After credit report exclusion of their reported colleciton, a debt collector may accept a very small percentage of the debt as a setlement.

It can still be advantageous to pay after credit report exclusion in order to remove the unpaid, delinquent debt from possible adverse effect if know to a future lendor.

Cotton_Britches · ‎09-09-2015

Why are you trying to pay this at all? The statute of limitations on this debt may have passed already. If so, you're not legally obligated for it. Of course, the collector hopes you don't know that. Look up the SOL for your state here:

http://www.bankrate.com/finance/credit-cards/state-statutes-of-limitations-for-old-debts-1.aspx

“Faith is taking the first step even when you don’t see the whole staircase.”

Anonymous · ‎09-09-2015

@beachwanttobetterfico wrote:
Well, I havent been here in a while. So here it goes, had an item go into collections. Asset Acceptance had it, I refused to talk to them after they told me to not pay my mortgage for a while and pay them. I wish I had found these when that happened. Anyway, I had not heard anything from them in years and I think the debt was due to fall off this year. Yesterday I get a letter from Midland saying the account had been sold to them and they were now the sole owner of the debt. They want me to pay $4,774.00 a 40% discount. What should I do first. Obviously I dont have 4 grand laying around...I could throw a grand on a card and see if they would take that and delete the account? What would you do?

Asset is owned by Midland Funding or MCM. It's a bohemoth, they buy up junk debt by the billions. They have multiple addresses. They are in court all the time due to so many class action lawsuits. Basically they bully the h### out of people. If your debt is about to fall off, the SOL is up and there is no need to pay. Their letter should state this because that's one of the many things they have been sued for. Did you ever get a letter saying they were going to sue? If so, did you ignore it? That will result in an auto judgement against you in which case they can demand the money and garnish wages. A judgment willl stay on your records indefinatly. Hopefully that isn't the case. Good luck!

RobertEG · ‎09-09-2015

Expiration of SOL does not mean that the consumer is no longer legally responsible for the debt.

It means that the owner can no longer obtain a judgment in which a court orders its repayment.

There are still valid reasons to repay a debt upon which the SOL has expired.

The most notable is that the unpaid, delinquent debt, if it becomes known to a prospective lendor, and be a reason in and of itself for denial of new credit.

One can certainly choose not to pay a debt that is outside of SOL without legal repurcussion, but repayment may still be beneficial.

Anonymous · ‎09-09-2015

@RobertEG wrote:
Expiration of SOL does not mean that the consumer is no longer legally responsible for the debt.
It means that the owner can no longer obtain a judgment in which a court orders its repayment.
There are still valid reasons to repay a debt upon which the SOL has expired.
The most notable is that the unpaid, delinquent debt, if it becomes known to a prospective lendor, and be a reason in and of itself for denial of new credit.
One can certainly choose not to pay a debt that is outside of SOL without legal repurcussion, but repayment may still be beneficial.

Consumer can't be sued once SOL is reached. If acct. is about to fall off his report there would be no reason to pay unless he has the money and wants to pay.

There may have been a judgement, which is why I asked. Lots of times if a consumer is being hounded by collections they toss any mail they get from them. If consumer fails to appear in court, it's bad news.

Of course re paying a debt is always the best course. In this case, it sounds like it is not possible. It will fall of his report 7 years from the time it was first reported by whoever bought the debt and that is a break we all might need at some point.

If consumer Does pay, he will want to get in writing that the coll ag will agree to remove it entirely from his credit report and don't pay until you get that paper in hand.