topic Re: Midland Credit in Rebuilding Your Credit

Midland Credit

Anonymous — Fri, 08 Jan 2016 17:36:25 GMT

I just got a letter today that my last negative account(chargeoff from One Main Financial) has been sold to Midland. There's some good news.

The debt is from last year so it's fresh. I thought I would have more time before it was sold to get it taken care of but guess not. The charged off amount is $6900. I'm

sure I will get a friendly letter from them soon. Any advice on what to expect and how to handle them? Everything I've seen online tells me to get

ready for a nightmare. I intend to take care of the debt but am hoping for a settlement/possible PFD. All ideas are welcome...Thx!

Re: Midland Credit

Anonymous — Fri, 08 Jan 2016 18:06:30 GMT

@Anonymous wrote:
I just got a letter today that my last negative account(chargeoff from One Main Financial) has been sold to Midland. There's some good news.
The debt is from last year so it's fresh. I thought I would have more time before it was sold to get it taken care of but guess not. The charged off amount is $6900. I'm
sure I will get a friendly letter from them soon. Any advice on what to expect and how to handle them? Everything I've seen online tells me to get
ready for a nightmare. I intend to take care of the debt but am hoping for a settlement/possible PFD. All ideas are welcome...Thx!

If you settle it quickly BEFORE it's reported, its highly likely Midland won't report it (as a collection) at all. Because One Main no longer owns it, there is no leverage for a PFD on their reporting.

Re: Midland Credit

Anonymous — Fri, 08 Jan 2016 21:51:48 GMT

I havent had much luck with Midland. I'll keep my fingers crossed for you!

Re: Midland Credit

Bankrupt2019 — Fri, 08 Jan 2016 21:59:20 GMT

midland will typicallysend a "welcome letter" and offer a settlement deal prior to reporting to the CRA's. If you read the fine print it states that they will not report if you take that particular offer. I did this and as stated they did not report. You may be able to contact them prior to this if you know they now hold your account.

Re: Midland Credit

Anonymous — Sat, 09 Jan 2016 01:20:36 GMT

Thanks for the replies. Any idea how much of a discount they normally offer? I would like to be prepared to settle quickly but it would have to be a good offer and it would take a little work to get the funds. Thx!

Re: Midland Credit

darwin_wins — Sun, 10 Jan 2016 03:57:52 GMT

Depends on the amount, I was offered 40% of the original amount but the amount was still high for me. So I let them report it. It will be gone by Oct 2016 for me so I didnt want to waste my time dealing with them.

Re: Midland Credit

Anonymous — Sun, 10 Jan 2016 04:08:41 GMT

Thanks for the response. Original amount is $6900. If offered a settlement at 40% or less with 30 days to pay then I can handle it. Assuming this happens and the collection doesn't show up on my reports, does the original account(One Main) update to paid on my reports? Right now it's reported as charged off with a 0 balance. If I can get this off or at least updated as paid than the rest of my report will be clean and my scores should start to improve nicely.

Re: Midland Credit

Bankrupt2019 — Sun, 10 Jan 2016 04:32:47 GMT

Not very likely for the OC to report paid as they are not being paid.

Re: Midland Credit

Anonymous — Sun, 10 Jan 2016 05:09:19 GMT

I had midland caliing me for about 3years now. They kept sending me letters giving me options to pay certain amounts like pay full settlement for 40% off or installments.

And after all those years 40% was the best for me. I called them and they said they would honor the settlment amount if paid bt 12/31/16 and they faxed over the paper stating after paying your final we will consider it the account paid. Total settlement amount 1580.16.

*if you pay your full balance, we will reeport your account paid in full. If u pay less than your full balance, we will report your account as paid in full for less than full balance.

So after they fax this to me I had another person write a check for me and sent it certified mail. I had no confirmation number no receipt they had received the payment. I call them 2 times already asking for some kind receipt or conf #. All they keep telling me is they have received the payment and I will get my paper work in 21days. I do not understand why they can't they just email or fax me now. Did I fall for it? I did ask for manager but they keep saying I'm ok and manager is not there now. Should I write them or what do I do. I think I did something wrong. Please help me.

Re: Midland Credit

airborne07 — Sun, 10 Jan 2016 13:26:02 GMT

I will share with you my MIdland experience. My wife had a collection account on her report from them. When I began to fix her credit I sent Midland a DV letter. They then sent her a letter addressing what she owed and where to send the payment. I immdeiatly sent them another letter. They replied giving like three options or something like that. One of the opitons was to settle for a lesser amount. Again, I sent another letter in regards to them not being able to prove she owes them anything. About three weks after that, She recieved a letter in the mail from Midland stating that they are closing the account and are going to send a letter to each of the CRA to have it removed from her report. Like clock work it was gone. However, you most likely will not have to go that far.

Reason being, once they send you a letter about the collection, already have your DV readyt to go. Send it to them by way of certified mail. Not the one where you have the green slip as the tracking number will be on the reciept so that will save you a couple of bucks. As long as you are disputing the account with them they can't put in on your report. I have done this quite a few times. If you already have collections o your file that you are disputing, you can two kill two birds with one stone by doing following; dispute the collection with the CRA and Cc the CA. I am working on my dad's credit and that is what I am currently doing with Portfolio Recovery. Good luck and hope this helps!!

Re: Midland Credit

Anonymous — Fri, 22 Jan 2016 19:01:48 GMT

Good advice, just saw a collection from midland in my report from June and I'm going to try to follow your advice

Re: Midland Credit

airborne07 — Fri, 19 Feb 2016 20:07:30 GMT

Just saw the last post. Good luck!