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First round negotiations with Midland Funding - Please advise

New Member

First round negotiations with Midland Funding - Please advise

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.

Message 1 of 5
4 REPLIES
New Contributor

Re: First round negotiations with Midland Funding - Please advise

I had a collection with Midland and settled the account.  There policy is to remove.  They deleted the account with no issue.

August 2018- Equifax 658 TU 651 Exp 659




Message 2 of 5
New Member

Re: First round negotiations with Midland Funding - Please advise

My question is what was the settlement percentage?
Message 3 of 5
Frequent Contributor

Re: First round negotiations with Midland Funding - Please advise


@Mssassy518 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. Heart


I am in the garden until next year!



Collections: 1-2 (medical-paid: $80; other one falls off 10 or 11/18)
Starting Scores (3/2018): 580 range
Message 4 of 5
New Member

Re: First round negotiations with Midland Funding - Please advise

Thank you!
Message 5 of 5