Paying Off Collections - PLEASE help!

[whaddupmia07]

Hi everyone, 

I'm ready to pay off my collections and need a little help in doing so. 

I currently have 2 open accounts with Midland Credit Management. One for $2,327 and one for $220. I am ok with paying $220 especially because it was my own wrongdoing. But I do not want to pay the full $2,327. I had another open account with Midland but they sent me a letter in the mail offering to settle for 60% off the original amount. I paid that off but I have not received any other calls or letters from them about my other 2 open accounts. Since I am ready to pay these off do I call them and tell them I need to pay off my acounts? Also, how can I bargain with them to pay a lesser amount of the $2,327?? 

Another thing, is it true I can ask them to completely drop it off my credit report? Or do I have to wait 7 years for it to drop off? 

Anyway, in short I guess I'm just wondering how to go about paying these off. 

Thanks everyone one and any help is greatly appreciated!!!

[Anonymous]

Hi and welcome to the forums.

Is the larger debt outside of your state suing SOL?  If not I would be careful offering them anything as they could turn around and sue for the entire amount.

Yes, you can offer a settlement that includes removal from your CR.

[Vegas247]

I had Midland on my credit reports...I disputed Midland as not valid, and Midland was taken off...I wouldnt pay a dime to these guys.

[Anonymous]

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@Vegas247 wrote:

I had Midland on my credit reports...I disputed Midland as not valid, and Midland was taken off...I wouldnt pay a dime to these guys.

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If it is a valid debt it is against the TOS of the forums to dispute. 

[whaddupmia07]

I'm not too sure what that means, to sue SOL...

i live in California and found this 

http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html

i am just unfamiliar with what it all means. 

[abzze]

Is the 2K debt not your debt? Was that a mistake?

I ask since you say the smaller one was your mistake.

In any case you can always ask them to delete it from your report in exchange for you setteling your debt. Here's a good link on pay for delete(PFD):

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/...

[Anonymous]

All states have a statute of limitations on the type of debt when a creditor can sue you.  I think it is 4 years for CC debt.

[whaddupmia07]

It is technically my debt. However, a family member used my credit to purchase a laptop as a gift. I knew this but was unaware said family member defaulted on the payments thus sending the account to collections. It's unfortunate but something I have to deal with. Thanks for the link. 

[whaddupmia07]

Ok, is this 4 years from when the account was sent to collections? 

If my account is under 4 years old am I able to send a PFD letter to pay in full and not worry about being sued for the full amount?? Thanks. 

[Anonymous]

SOL for the states generally starts with the date of first delinquency of the account or the DoFD.  The last time you made a payment.

If you pay in full there would be nothing to be sued over.