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virtualrn

Midlands Credit Management

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I had an account that this CA bought.  It has been over seven years from the date of last activity. I have done the verification request, complaint with the BBB and Consumer Financial Bureau. I just sent the dispute to the CRAs on Wednesday.  So today I get a call from some woman from Midland Credit Management from "Phoenix" telling me she is recording this call and it is about this SOL account. Tells me they can't sue me but they can continue to collect and report.....what kind of harassment baloney is this? I asked her if this was a joke and to send me verification on the account.  So, why in the world would Midland think I would be interested in resetting the clock?

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Midland in correct.  Even if your account is SOL and they can't sue you, they can still call you and try to collect.  However, you can send them a C & D letter and if they continued to call, you would have a FDCPA violation.

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So today I get a call from some woman from Midland Credit Management from "Phoenix" telling me she is recording this call and it is about this SOL account. Tells me they can't sue me but they can continue to collect and report.....what kind of harassment baloney is this?

 

It isn't harassment or baloney  Just because they can no longer sue or report doesn't mean they cannot try to collect.  The CSR is correct in her statement to you.

 

So, why in the world would Midland think I would be interested in resetting the clock?

 

Seriously?  Because if you make a payment and reset the SOL clock they can SUE YOU at that point.  Another reason is they paid pennies on the dollar and if they bought your account for $57.63 and convince you to make a one time payment of $125 to settle in full they make a handsome profit.  

 

YOU may not be interested but THEY certainly are and many consumers are unaware of the SOL and fall for their call and pay them.  

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If outside of the court SOL, they cannot sue you or even threaten to sue you. If outside the reporting SOL, they cannot report. They can however still call you and ask you to pay on the debt. There is no law that stops them from doing that. You however can stop them by telling them you do not want to hear from them anymore through a C&D letter.

Why do they do this. Many reason. One is that they probably paid 1 - 3 cents on the dollar for an out of SOL debt. That means that even if they get 10 - 20 cents on the dollar, they have made a handsome profit. It also does reset the SOL. Finally, there are some people that feel morally obligated to pay the debt, even if not legally obligated.

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If you are correct that it has been over 7 years since the date of default on your account and Midland told you they can continue to report, then that might have been an FDCPA violation.

 

I would wait to see what happens with the CRA disputes.  If they remove Midland, then I would send a C&D letter.  That should rid your life of them, although I wouldn't put it past them to try to contact you again anyway down the road.

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