workingonit2

Capital One/Sherman LLC before I Panic!

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Hi all, 

So forgive me; it's been awhile since I've had credit problems, but last year was a rough one... 

SO

 

I had two cards with capital one that both charged off about 6 months ago...... I just got a letter dated 1/18 that says "My account was acquired by Sherman Originators III, LLC on 1/17." And that they own my account and may contact me yata yata.... 

 

a) trying to not panic that I will receive a summons 😱😱

b ) I am totally wanting to pay these off. One is for 733.00 and the other for about 1200.00 

My finances are kind of tight as I've been paying quite a few things off, but my income is steady and I could slowly but surely pay both. If this is my plan, do I need to freak out that they won't work with me? Unfamiliar with this company; have no idea what to expect. Any help or insight would help. I will try not to react unrealistically in the meantime! Thanks! 

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5 minutes ago, workingonit2 said:

Unfamiliar with this company; have no idea what to expect.

The Sherman Group owns Midland Funding LLC one of the five biggest (and worst) junk debt buyers on the planet.  Most likely they will eventually sue but being in CA it will take a couple years or more to get into court for an actual trial.  They can be defeated so I would not settle until they actually did file suit.  I would wait as long as possible to get the best settlement terms.  Save up a lump sum of about 25-35% of each debt and if the time comes offer the lowest amount to settle and keep negotiating until you reach a number you both agree with.  

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When did the Sherman group which owns LVNV and Credit One buy or merge with Midland? I know LVNV and Credit One are part of the Sherman dysfunctional Family but, Midland?

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13 hours ago, Clydesmom said:

The Sherman Group owns Midland Funding LLC one of the five biggest (and worst) junk debt buyers on the planet.  Most likely they will eventually sue but being in CA it will take a couple years or more to get into court for an actual trial.  They can be defeated so I would not settle until they actually did file suit.  I would wait as long as possible to get the best settlement terms.  Save up a lump sum of about 25-35% of each debt and if the time comes offer the lowest amount to settle and keep negotiating until you reach a number you both agree with.  

Midland is owned by the Encore Capital Group.

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