JESSLT01

Help please!! Problems disputing Midland Funding....

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Please help! I have been reading answers on this site and you guys seem to have a good bit of knowledge about these issues. Okay, my husband and myself are currently trying to dispute Midland on an old loan from 2005 and of course they are giving us the run around. I sent letters asking for proof of ownership, charge off amount, statement showing last payment, etc. Everything needed to have this claim dropped since we had never originally gotten anything from them stating they had bought our debt or anything. Their response was the original documents from when we took the loan out (service contract agree,etc, not really sure of the name but the part where it tells you how much you will actually pay back when the loan is paid off, not any of the documents I had demanded. The major twist in this whole thing is that my husband is the original signer and I am the co-signer. On my credit report, the debt was bought by Asset for a smaller amount, not by Midland. Also, when i disputed mine through the credit bureau, it got deleted off because of the age. Heres where the fraudulent part comes in. Instead of the original open date being 12/2005 (when we originally opened the loan), it states it was opened 7/2013. Yet another red flag. I was told since they did not send any paperwork i requested, to ask for 1)statement showing last payment made, 2)charge off statement & 3) affidavit of sales. Also demanding credit being open on correct date. Do I need to do anything more, less, get an attorney? We are trying to get our credit back normal to refinance our house and build on or move but we cant do anything with this bogus charge stuck on the credit. Any help in what articles, papers to look for etc, would be greatly appreciated. Thanks

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Oh, and in debt validation the only thing required is telling you who the original creditor is, and when the account was opened. That is it.

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What is the main reason you made contact with them? 

 

Have they been just sending you letters, calling you or are you being sued?

 

What is the date of the last payment on this alleged account? 

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What is the main reason you made contact with them?

Have they been just sending you letters, calling you or are you being sued?

What is the date of the last payment on this alleged account?

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We are currently looking to improve our credit score and our loan advisor asked what loan he had opened last year and we were clueless because we had nothing opened. After I further investigated the credit report, I found Midland Funding LLC. We had never been contacting by them about them purchasing the outstanding loan and furthermore they have the original date opened as 11/13, not 12/05 and when I disputed through the credit bureau and directly with the company asking for last payment statements etc, they only provided the last page of our original loan stating our signature and dates.

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We made initial contact with them and informed them to contact us only through letters so we may keep paper records. They still have not provided the last payment made, ownership of the loan etc.

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@JESSLT01

 

Instead of the original open date being 12/2005 (when we originally opened the loan), it states it was opened 7/2013.

 

 

If you're referring to "date opened"  (something like that), that's usually the date the collection agency or debt buyer opened the account in their records.  It does not mean that they're claiming it as the date you first opened the account.

 

A negative entry remains on your credit report for 7 to 7.5 years from the date of first delinquency (DOFD).  Is the original creditor reporting?

 

 

We made initial contact with them and informed them to contact us only through letters so we may keep paper records. They still have not provided the last payment made, ownership of the loan etc.

 

 

If you're referring to the initial communication referenced by the FDCPA, consumers cannot make the initial communication in order to trigger validation rights. 

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I sent in a formal dispute to Midland and then contacted credit bureau letting them know of the dispute. On the credit report which shows all information on it (original date opened, amount owed, etc) mine had Asset with all correct amounts listed (original date opened, etc) but his is listed under Midland for a different amount and opened last year. How is that possible to split up co-signer and signer and charge 2 separate amounts? Mine is no longer on my credit report as all trade lines were deleted as per dispute but Midland will not provide any ownership of the debt, payments received etc. This is where I need help.

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@JESSLT01

 

Some credit reporting agencies provide an estimated date of removal which would give you an idea of when that first delinquency occurred.  If an estimated date of removal is provided, go back 7 years, and that's around the date the first delinquency occurred (first time you were late and did not pay enough to bring the account back to a current status).   Try to remember if you defaulted around or before that time.

 

Midland owns Asset Acceptance.   It could be that Asset turned it over to Midland.  Is the amount being reported by Midland more or less than the amount Asset reported?

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To sum up what BV80 said above you have good news and bad news. The good news is that they are probably not going to sue you since the SOL has expired. More than likely they probably will not waste any time calling and may not even send any letters. If the account was owned by AA before Midland then you might be able to get that one removed. Same parent, but different "company". 

 

The bad news is that they have no motivation to remove anything from your CRs. Ignore the 2013 date and just add 7 - 7.5 years to the last payment date. Late 2008 = late 2015 to early 2016. Of course you could always do a pay for delete, but why pay when they can no longer sue you? I would not even consider this.

 

Really all you can do at this point is dispute the entry every now and then hopefully you will fall through the cracks. Some have had luck disputing with the CBs around early to mid December when many are on vacation. It may or may not work, but what have you got to lose? I also would only file a written dispute through the USPS using CMRR. The odds will be even more against you if you dispute online. 

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@BV80 the amount that was owed by Asset was less than the amount shown by Midland but mine is no longer on my credit report.

@art, do I not need to file a dispute online to try that way? Thanks everyone!

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@JESSLT01

 

The reason Midland's balance could be higher is because they could be adding interest to the debt. 

 

Do any of the credit reports indicate the date when the entry will be deleted?

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Your best bet is to let the debt fall off after the 7-7.5 year SOL. Should you pay anything now, you will restart the SOL and the can both, sue you and place it on your credit report for another seven years. If you want to buy a house, wait it out. For most credit except a mortgage, your credit is not suffering that much now. It's old debt.

 

Again, your best bet at this time is to wait for it to drop off. Should be next year sometime. I, too, have a 2008 debt waiting to drop off. Good luck.

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@art, do I not need to file a dispute online to try that way? Thanks everyone!

 

What I mean is if you file a dispute with the CBs always do it in writing with proof that you sent it. The main reason I suggest this method is because paper has a better chance of getting misplaced in the process. When you dispute online they automatically send an electronic message to the JDB and the process is more efficient. By efficient I mean it gets verified easier. The paper method will probably also get verified, but you have a better chance of getting lucky. 

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@art

Okay. Yes sir. I did file paperwork when I did the dispute and asked to be communicating only that way as well so that I may have the paper trail. Yes, I will continue to check back on it and see. Thank you all

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