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ConfusedInWA

What do I do?

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Yesterday I received a letter from Midland Credit Management, Inc. that just says "Chose the option that works for you" Giving me 3 payments options on a chase bank account...

option 1 40% off

option 2 6 payments

option 3 small monthly payments

I don't recall getting a letter from them before, but who knows I could have just thrown it away. I almost threw this away because it just looks like junk mail.

I have my credit report pulled already and found the original account from chase stating it was charged off and them "transfer/sold".

It looks like it was sold to mcm as I see them also on the report.

What do I do? I'm reading some NIGHTMARE issues with mcm and it freaks me out. Should I send a letter to them asking for validation or verification or something.

the date of last payment stated by chase was early 2009. So I'm guessing I have a little over a year left on the sol.

I am already paying off suttell and hammer for something else, I have NO extra funds and I have a business and business partner I need to protect. I would pay it if I could, but I can't. Bankruptcy is NOT an option at all.

I got into this mess afer trying to save the business back in 2008 during the big downturn. We are finally breaking even, don't have much in assets BUT I don't know if the business would be "worth" anything if audited.

So since this is a "give us your money" letter, can I ask for validation or whatever??

will this just open up a can of worms? Should I just ignore for now???

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Midland is famous for never sending a dunning letter. Their file will indicate they did though.

I would still DV them. I would also dispute this with the credit agencies so that you have record of that in case they want to sue.

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that is where I start. Dispute not mine. wait and see what happens.

You just want to have a record that that you disputed it. I do this by mail, send certified. I never dispute online anymore and there is a thread about that somewhere on this forum....I think it is here anyhow

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poking the lion? LOL

No, they know you exist and in my personal opinion, they are more likely to sue those who don't dispute or DV them. If you don't respond to them or dispute they assume they have an easy fish and that you won't respond to a summons/complaint either which gives them an easy default judgment. They think you will ignore that just like their collection letters and your credit report.

Depending on the $$ you may get sued no matter what you do.

I am sure you will get other opinions on this. :)

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