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In 2017, I lost my job which caused A LOT of my credit cards to go into charge off status. All of those cards are with collection agencies. I also had my car repossessed during this time. I am aware that there is not much I can do with the charge offs except wait (I can use the NYS PURGE rule in another 3 years if I still live here at that time).
I currently have 5 accounts with Midland Funding, 2 with PRA and the collection account with my repossession was successfully disputed and has been removed.
I am in a better financial position now and I am trying to clean up my mess. I am trying to attack the accounts singularly so that I can afford to pay each one. My first battle is Midland. I sent a validation letter and they validated. They are misreporting as a factoring company (but I have learned that there is not much I can do about that). I know that Midland will delete next May if I settle but I am not sure that my money is LONG enough to settle the accounts (around $9k collectively). Because I am not close to SOL or have no other leverage, what is the best way to attack negotiations? I am trying to pay one account at a time because I can’t afford to offer a bulk payment. I don’t think that I can afford to pay more than 40% of each account. I was going to settle one account per month starting this month. Amounts are as follows:
Account 1 – $1176
Account 2 – $1519
Account 3- $1882
Account 4 - $1962
Account 5 - $2397
Can someone advise me where to start in my negotiations with Midland?
PS- Please don’t judge the amount of credit cards that I had. I have already beaten myself up about it enough…much appreciated.
I had a collection with Midland and settled the account. There policy is to remove. They deleted the account with no issue.
@Anonymous wrote:
PS- Please don’t judge the amount of credit cards that I had. I have already beaten myself up about it enough…much appreciated.
Just wanted to say that NO ONE is here to judge you. We're on this rebuilding forum for a reason and that's because we all messed up at some point and made stupid decisions. I am certainly one of those people. You've come to the right place and I'm sure someone more knowledgeable about these kinds of things will answer your question.
I got lucky enough to start rebuilding right around the time all of my negative items are set to fall off. Before this year, I didn't give a flying butt about my credit. Wanting to buy a house and live a better life will change that for a person, though.
Good luck with your accounts! I hope you get the answers you need.