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Midland Funding Settlement or no


Flirtykumquat
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So I received a "Pre-legal" Notification from Midland Funding about my Old Navy visa card through synchrony bank that closed in Feb of this year. I have heard everything from sending a debt validation letter, to prepare for arbitration, to not pay for it. Since this is account is not even a year old should I see where it goes with Midland, should I just settle, what is the best outcome for this?

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17 hours ago, Harry Seaward said:

Midland can't resell the debt so assume they will be suing if you don't settle with them before that. 

If you do get sued, arbitration is the SOP for dealing with debts that were originally owned by Synchrony. If the court orders arbitration, the only outcome is Midland dismisses and walks away. 

That is why I am wondering since the debt is so new should I just setup a payment plan?

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4 hours ago, Flirtykumquat said:

That is why I am wondering since the debt is so new should I just setup a payment plan?

The age of the debt is irrelevant. Debts are either in SOL or out of SOL - either you can be sued or you can't. The good 'ol days of debt buyers not having access to records are virtually non-existent. Rest assured Midland can get the paper on this debt 5 days from now,  5 months from now and 5 years from now. Debt buying is a massive and legitimate industry, and has a lot of 3rd party support.

If you want to 'do the right thing' then, sure, set up a payment plan. If you don't want to pay it, arbitration is your free ticket. 

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