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5 months from SOL and first contact from Midland Credit, your advice please.


dee333
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Hello All,

My first post here, but I have been lurking, reading, and searching. Everything that comes up for Midland seems to be once it's reached court. I would like some advice to see if there is anything I can do before it gets to that point. I lost my home, job and divorced all in 2011. I moved and buried my head in the sand and now I am ready to do what I have to, to get back in good standing. After reading the boards I started with the first step which is delete old address info from the CRA's. I did that last week and I received my first letter from Midland on Saturday offering to settle for $549.85 on a Credit One card (original balance $350)  that I made my last payment on in May 2011. My plan was to lay low until SOL (MAy 2014) passes and then try to settle, but unfortunately I have awaken the giant. Should I settle and pay monthly payments to avoid court? Should I DV and risk pushing them to file a lawsuit?,  or, should I ignore the letters and wait for them to make another move?

 

*Additionally, Midland has a Tmobile account with a $2,400 debt that I am terrified that will get stirred up as well. So I am also having to be a little more cautious because of that.

 

Thanks in advance for your help.

 

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@dee333

 

Paid debts will still appear on your CR unless you can negotiate a pay for delete.  But many creditors and debt collectors won't agree to a PFD.

 

Is there a reason you might a agree to settle a debt that is so close to being outside the SOL?   For me, personally, the only reason I would agree to pay a debt collector is if I needed my credit report to show that debts are paid.  That might be necessary for the purchase of a home or a vehicle. 

 

Otherwise, especially it the debt is outside the SOL, they can eat dirt.

 

If the original creditors are still reporting, take note of the date of first delinquency for each account.  Those negative entries are to be deleted after 7 to 7.5 years after the DOFD.

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@BV80 - I actually have not a clue what to do. I don't want to pay Midland knowing that it will stay on my credit, but I also don't want to risk being sued, which is the only reason I thought of maybe, possibly, agreeing to their payment agreement if there is not another option. Do you have any suggestions to stall Midland until the SOL run out?

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@dee333

 

I wish I had a magic bullet for you, but I don't.  :-(

 

If Midland's letter contained the 30-day validation notice, you could request validation.  There's pros and cons to that action.  If they don't validate but continue to try to collect, you have a violation against them.  BUT, requesting validation could also put you on their "radar".

 

Also, agreeing to a settlement could encourage them to pursue the Tmobile bill.  Now that's just a guess on my part, but it makes sense that if you pay one bill, they're going to try to get more out of you.

 

If I were in your shoes, and my debt was so close to being outside the SOL, I might just sit quietly for the next few months. 

 

Whatever you do, hold on to the letter for at least a year.  You never when you might need it. 

 

Considering that you have more than one debt in play, you might go ahead and start researching the FDCPA.  Also, research your court's rules of civil procedure.

 

When did you make the last payment on the cell phone bill?

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