To anyone who has dealth with this CA: How are they when it comes to validation and all that stuff? Is it better off just paying them or just let the SOL run out? Thanks
My experience with them was they did not validate, did not respond to estoppel, did not respond to anything but eventually removed the tradeline after I threatned to sue them. They have a nasty habit of pulling "soft" inquiries on your credit reports, in my case when I sent the letter about a lawsuit, they pulled 4 soft inquires in one month on TU. My advice to you is start with a validation letter sent by certified mail, RRRR. They caved in, but after a fight. Good Luck!
They responded within 30 days to my validation request stating they could not validate and that they were removing it from my credit reports. They were the easiest and nicest to deal with. I only sent them one letter. I think due to the age of the account (6years) they didn't have a chance of getting anything but a lawsuit outta me, so they gave up. Tac
I could use some help on this. They were giving me this arrangement to pay off with establishing a tradeline. Problem is that they update the original entry with "transfered" or whatever, basically equivalent of "paid charge off". Then they add a new entry of the tradeline which supposedely would show a payment history but then it is from a CA. After asking here and other sites, it seems that I do not want any new entries. I called up and talked to the lady and told her that at most I would only let the old entry stand and thats it. She is checking with her manager. The payment arrangement reages the debt and sets an APR of 12.9%. The payments are $150 a month for 5 years for the balance of $6600. I do sign a contract for this. So if they do what I ask for the CRA entries, should I just stick with them and pay it off or should I save my money and start with validation?
We are not reluctant, we just don't know. Perhaps the ones that have good advice are unavailable to post right now.
I will give it a shot though (bet that's all you were asking for anyway First, New contract + new tradeline + reage of the debt = VERY BAD IDEA Secondly, did they buy the debt or are they collecting for the OC? Thirdly, have they validated? If you ask for it at this point they may be reluctant to give it since you have being negotiating with them on the phone. If they are reluctant, that would add more weight to your lawsuit if you ever needed to take it that far. Are they asking for more than the charge off amount? If so, get a written breakdown of how they came to that amount. How close is this debt to SOL expiration? Is the OC tradeline still on your reports? How are they reporting the account?
How old is the debt? What is the SOL? How much of the $6600 is real debt, and how much "collection costs"? How badly do you want to establish this trade line? What do you think your chances are of beating them through validation? Are you willing to wait out the SOL if it's close? Are you willing to risk being sued? Is this the only damaging TL on your report, or is it a drop in the bucket, and so even paying this off isn't going to help you much? Can you easily afford to pay this off, or will it be such a burden that you risk ending up falling behind on the re-aged debt? I'm sure there are some things I'm leaving out here. There is a lot of information that people need in order to make suggestions. This is a friendly suggestion, but before others can help you, you have to help them, with information. And even then, you must make the decisions based on your own personal circumstances and unique personality traits. My tolerance for risking a lawsuit is going to be different than yours, which is different from someone else's. Similarly, my level of stubborness is different from yours, and yours from another person's: and so on. If people didn't jump in to help, maybe it's because they simply don't have enough to go on.
Thank you. You pretty much pointed out the issues I was considering. The debt is about 2 years into the SOL (6 years in NY). The 6600 is a bit less actually than what Banc of America originally had when they sold the account in Jan, but I did make some "good faith" payments. However, it does seem that they are reluctant to do this arrangement without a contract which would basically re-age the debt. New 'tradeline" is 12.9% APR and 150 a month payments for 5 years. Otherwise they want like 300-400 a month without a contract. So far they have agreed not to put the new tradeline on the CR. I dont care if it does show good payment history, anything more coming from a CA cant be good. They have not gotten back to me bout my inquiry not to update the current entry with "transfered" pr whatever. They said they wont delete anything. I do not need a tradeline because I have other CC accounts I am paying off with the original creditors. Plus I can get a CC if I really need one, being that I am somehow still getting offers. I have a total of 3 chargeoffs including Midland. Any more thoughts on this one?
Tell Midland to go fly a kite. This is so they can start new SOL, increasing their chances of collecting the whole amount, plus interest. This is so they can get as much as they can out of you before the SOL runs out. I take it that Midland is not reporting. How is the OC reporting? I would try to get the account back to the OC and settle with them.
Re: Tell Midland to go fly a kite. No Midland is reporting on the Credit report. So how can I get the account back to Banc of America? They do not own it anymore.
Problem is that they update the original entry with "transfered" or whatever, basically equivalent of "paid charge off". Is the 'original' entry the OC trade or their own? The 6600 is a bit less actually than what Banc of America originally had when they sold the account in Jan, but I did make some "good faith" payments. Were these payments made to BOA or Midland? They have not gotten back to me bout my inquiry not to update the current entry with "transfered" pr whatever. They said they wont delete anything. Is this 'current' entry the BOA account or the listing they added to your report? Is BOA reporting it as 'SOLD', 'TRANSFERRED' or a combination of something similar?
BOA reported it as "charged off as bad debt" Midland is listed as a Collection Agency and the account is a charged off account. Basically the standard practice from what I see. BOA does not own the account anymore, I know that for sure. I made the good faith payments to Midland since that was required at first. I did not know enough and the new "tradeline" deal sounded great to me. But now I am definitely canceling it. I don't have a problem making $150 payments a month, but I am not signing any contract or accepting more entries on my CR. So is it possible for the account to go back to BOA? I would have to catch Midland on lots of violations right?
I have Midland Credit Management squarely in my cross hairs. They failed to validate, they sent out a collection letter dated AFTER I recieved an acknowledgement of dispute, they did not indicate the account was in dispute until 31 days after they sent an acknowledgement that they would change the status to "in dispute." They are world-class idiots. My question is--Should I feel obligated to buy them dinner and drinks for what I intend to do to them? Trust me, they are bozos and can be abused like a substitute teacher.
