I have been contacted by Midland Credit Management Inc. who is wanting to settle on a $8,000 loan that is in a charge off state. They are willing to settle for half saying that they are having a special till the end of the month. The individual I am working with at MCM is friendly, not harassing or threatening however I have been questioning the validity of the debt with her. She stated that they mailed me a letter back in March at an address that I lived out over 5 years ago. I asked for validation of debt and she said that I had 30 days from receipt of letter to dispute. Obviously I did not receive said letter as I have not lived at that address, nor that state since 5 years ago. I then went on to state that by law, they are required to validate the debt and she said that this could take up to a year because they have to go through so many loops to get this info from the original creditor. Any help is much appreciated!!!
The reason they have a special on until the end of the month is because that employee needs to meet her quota of dollars collected by the end of the month in order to qualify for her bonus. If she fails to meet that quota, whatever it might be she may not only not get a nice fat commission check but might get fired as well. If she meets her quota this month without you she will most likely be offering the same special during the last week or so next month as well. And the next month and so on forever.
That is their problem, not yours unless you decide to wait the year to sue them and then it very well might become your problem and not theirs. If I remember correctly you have to bring an FDCPA action within 1 year from the date of it's occurance or you can't bring it at all.
1* They are willing to settle for half saying that they are having a special till the end of the month. The individual I am working with at MCM is friendly, not harassing or threatening however I have been questioning the validity of the debt with her. She stated that they mailed me a letter back in March at an address that I lived out over 5 years ago. 2* I asked for validation of debt and she said that I had 30 days from receipt of letter to dispute. 3*I then went on to state that by law, they are required to validate the debt and she said that this could take up to a year because they have to go through so many loops to get this info from the original creditor. Any help is much appreciated!!! cgmnky ============= 1*Total crap. CAs never have specials 2*More stink you never have to pay an un proven debt. 3*The s*** is getting deep get out the back hoe to clean out the barn. There is no way for a CA to be honest with you because there is no way to give someone an honest screwing. NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ************************************************************
Thanks to all your replies, now that I know this a line from this particular creditor trying to make quota what's next? Ask for validation of debt? What can they do to me next?
first of all, stop talking to the CA on the phone. you want to have a papertrail of what was said/agreed to, everything should be in writing, otherwise it's your word against theirs. also, NEVER get confused and think the CA could possibly be your friend. if i was trying to get money from you and i get a nice commission out of it (that my firm paid 2-3 cents on a dollar for) then i could be very nice to you. in another profession you would call them prost....... and the loops they are talking about with the OC is it costs $ to get verification from the OC and nobody wants to pay it because the OC charged it off and sold it and they are done with it. the CA has the account now and they don't want to spend anymore than they have to and they can't make the OC provide verification without paying for it.
they can't make the OC provide verification without paying for it. billt1227 ****************************---------- This is the first time I've heard of this. Has anyone else ever heard of it???????????? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 NEW MEMBERS READ THIS. ************************************************************
You're dealing with Midland, which is a sleazy company (I spanked their little hiney on several FDCPA and FCRA no-nos about nine months back). They'll hem-haw around when you want the debt validated. However, demand they cease ALL collection activities until they verify the debt. You have a right to see any alleged copy of the documentation that attributes the debt to you. I'm 99% sure Midland doesn't possess anything as such, sure didn't in my case. Also, on average, if the debt's older than 3 years, there's a good chance the OC doesn't have anything either.
Re: Re: Debt Validation from CA Thank you leadhead for the headsup on this company. I'd done a search and didn't find much on their reputation. They've recently bought up several of my accts. Shanyl
