Received letter today stating ”we have determined that you are an authorized claimant and will receive a pro rata share of the Settlement Common Fund. According to the records of Defendants Midland Credit management, Inc., Midland Funding, LLC, and Encore Capital Group, Inc. (collectively, “Defendants”), you owe money to Defendants on one or more accounts. Accordingly, pursuant to the Settlement Agreement, your recovery from the settlement will be in the form of a credit against the money you owe Defendants, and the amount you owe Defendants will be reduced by the amount of the credit.”
..Continues on..
“however, based on the data we presently have, we estimate that the pro rata credit will be at least approximately $54, but it could be more depending on how many claimants respond to this letter by contesting that they owe money to Defendants.”
The Settlement Agreement requires that we advise you by this letter that you may contest that you owe money to Defendants. (skipped some) however, if you believe you do not owe Defendants any money, and you want to contest Defendants statement that you owe money, you may do so described herein. If you contest in good faith that you owe money to Defendants, you will receive a portion of the cash component of the Settlement Common Fund instead of a credit to your account(s). The individual pro rata amount of the cash component of the Settlement Common Fund that will be paid to each authorized claimant who will receive cash is unknown at this time but it will be less the amount of debt credits that will be paid to each authorized claimant who will receive debt credits. Based on the data we presently have, we estimate that the cash paid to each claimant will be no more than approximately $28, but it could be less depending on how many claimants respond to this letter by contesting that they owe money to Defendants."
"To contest Defendants’ statement that you owe them money, you must tell us that by doing on of the following no later than 07/20/2016: (didn’t copy)
Any statement by you that you do not believe you owe money to the Defendants will be made only in connection with this settlement and will not constitute a dispute of the validity of your debt under the fair Debt Collection Practices Act or any other federal, state, or local law or regulations”
So, for me, Midland currently has 2 accounts, one with a first date of delinquency 05/2010 and the other 06/2010. I have never asked them for validation as I was hoping once out of SOL it eventually fall of.
What do you guys suggest? It'd be nice to get these off my reports!!!!!!!!
