Midland Funding Collection? Any advice

[Anonymous]

(Mod cut-Not here please its considered flaming and nonFSR) Everyone has a journey and trying to get to a better financial situation!  Midland is TRASH in which the way they handle most of their accounts! They were sued in 2015 and lost and now in 2019 they’re trying to weasel their way out of paying their class action suit! They only JUST adopted this PFD because they are in deep financial stress! They will sue you for 500.00 until you mention arbitration! If you can settle for less then 50% on a debt that’s past SOL then do so!!

[FireMedic1]

Welcome to the forums. No matter what happened to them before and now. At least they will delete an account. This will benefit many. Sorry you had a bad experience from post above I take it.

We have updated our credit reporting practices. As a result of these updates we will stop credit reporting on accounts that are both:

1. Paid in Full or Paid in Full for less than the full balance; and
2. More than 2 years old based on time since the date of delinquency
   NOTE: We are required to delete our credit reporting trade line 7 years after the original delinquency date regardless of the paid status.

Additionally, we will not start reporting on any new accounts if:

• Payments begin within 3 months of our mailing of our initial notice; and
• Payments are made each calendar month thereafter until the account is Paid in Full or Paid in Full for less than the full balance

[Anonymous]

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@Anonymous wrote:

(Mod cut-Not here please its considered flaming and nonFSR) Everyone has a journey and trying to get to a better financial situation!  Midland is TRASH in which the way they handle most of their accounts! They were sued in 2015 and lost and now in 2019 they’re trying to weasel their way out of paying their class action suit! They only JUST adopted this PFD because they are in deep financial stress! They will sue you for 500.00 until you mention arbitration! If you can settle for less then 50% on a debt that’s past SOL then do so!!

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Sounds like you had a very bad experience, sorry to hear that.  Encore is a publicly traded company with a marketcap of over 1 billion dollars. In their last earnings report, set a record for collections,  I don't think they are in deep financial stress at all.  The PFD was probably a very smart business move, I imagine the stats are pretty impressive regarding people who didn't pay, but once the opportunity to have the collection removed came, they did pay.