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Midland Credit Management, two dunning letters rec'd


pjoner
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I have two charge-offs with Citibank from 2005. Couple days ago I received dunning letters from Midland Credit Management for both of these accounts.stating they were purchased by Midland Funding, LLC and payment is due in full. These two balances are between 5 to 8k and if intrest continues to acrue I can see them taking me to court. These two accounts are about four years away from the SOL. Citi for some reason did delete all tradelines except for one still listed on TU around the time they sold the debt. MCM is not reporting on any of my reports in regards to this debt as of yet and I see no inquires from them. The balances they are reporting are about 20 percent less then what Citibank listed on their last entry of my credit file. I am not to sure where they are pulling these balances from, sure seems like their paperwork may be spotty. Considering I am four years away from the SOL I would like to settle, I do not like the idea of a judgement hanging on my head for the next four years. My savings do not feel save and I cannot purchase a new car with the possibility of them putting a lien on it one day. Here are three questions

a) has anyone settled with Midland, and if so then for how much? At this point 50 percent feels like to much for me. If they would do 25-30 percent I would probably settle on the spot.

B) debt validation is my right and it's a must. does this give them the urge to sue more? if they want to sue they will probably do it either way, correct?

c) say there are unable to properly validate and they sell the debt to a 2nd jdb, isnt there a good change the 2nd jdb will have a tougher time validating?

Any input would be appreciated, I know the boards have a wealth of information but sometimes it is tough to process it all together. I have dv'd other ca's previously so I am ready to send them out to MCM by the end of the week.

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Are you sure the debts have been sold? Either way, it might be just me, but there's no way I'd hand over money without them proving they have the right person, the right account, the right amount, and the right to collect in my state.

Also, if they did BUY the debt, then paying them won't help your credit rating.

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I spoke to Citibank, they told me the debts have been sold. Citi did delete five of the six tradelines around that same time. The collector does have the right person, the right account number and they do have a license to collect in my state. The balance they are reporting though is less then what Citi last reported on my credit report.

They are not reporting as of yet on any of my reports so this is not a credit repair issue. My main goal is to avoid judgement and possibly settle for the right price. I am sure I could throw a stipulation into a settlement stating that no further reporting will be done to any bureaus.

my game plan at this point is to dv, this is my only defense. Then I can wait to see if they validate and then settle at that point if be needed.

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