Carlos28

Midland Credit Management placed account with Pressler, Felt, & Warshaw

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I had a Synchrony Bank account that was purchased by Midland Credit Management in September 2018. I just received a letter from Pressler, Felt, & Warshaw that the account has been placed with them for collection. I don't have the $4700 that they are asking for because I haven't been working for almost 2 years. What can I do?

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This is what you can do:

 

Synchrony has an excellent arbitration clause.  Start studying the arbitration strategy now, so you will be prepared when they file suit.

 

You can also send the law firm a DV/dispute letter.  That might slow them down some, and maybe create some opportunity for violations.

 

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16 hours ago, nobk4me said:

You can also send the law firm a DV/dispute letter. 

In the dispute letter can i request that they provide me with a copy of the credit card agreement?

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6 minutes ago, Carlos28 said:

In the dispute letter can i request that they provide me with a copy of the credit card agreement?

You can ask for whatever you want, but they don't have to do anything other than verify that the debt is legit. 

Get the card agreement from here. There is an archive section if you scroll down the page. 

https://www.consumerfinance.gov/credit-cards/agreements/

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17 minutes ago, Harry Seaward said:

You can ask for whatever you want, but they don't have to do anything other than verify that the debt is legit. 

Get the card agreement from here. There is an archive section if you scroll down the page. 

https://www.consumerfinance.gov/credit-cards/agreements/

Will they send their response to the dispute letter via certified mail?

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23 minutes ago, Carlos28 said:

Will they send their response to the dispute letter via certified mail?

No.

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2 minutes ago, Carlos28 said:

How do they have proof that I ever received their response?

All they have to do is confirm they mailed it to your correct address.  Look up “mailbox rule”.

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59 minutes ago, BV80 said:

All they have to do is confirm they mailed it to your correct address.  Look up “mailbox rule”.

Do I send the dispute letter via certified or regular mail?

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1 hour ago, Carlos28 said:

Do I send the dispute letter via certified or regular mail?

I would send it by certified mail, return receipt requested (CMRRR).  It’s best to have proof that your letter was sent within 30 days of the collection letter as described in the validation notice.   
 

The letter did contain the 30-day validation notice, right?

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2 hours ago, BV80 said:

I would send it by certified mail, return receipt requested (CMRRR).  It’s best to have proof that your letter was sent within 30 days of the collection letter as described in the validation notice.   
 

The letter did contain the 30-day validation notice, right?

The letter includes the 30-day validation notice. Are the 30 days from the date on the letter or from the date that I received it?

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I wouldn't sweat the validation stuff. I'm of the school that believes all it does is tell them that they found the right person. Usually if something has been picked up by a law firm they will sue, regardless. Spend your time reading the arbitration thread and that is the best way to win, in the end.

 

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59 minutes ago, Carlos28 said:

The letter includes the 30-day validation notice. Are the 30 days from the date on the letter or from the date that I received it?

It starts the day you received it.

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On 11/4/2019 at 6:07 PM, nobk4me said:

Synchrony has an excellent arbitration clause.  Start studying the arbitration strategy now, so you will be prepared when they file suit.

 

What happens if arbitration isn't approved by the judge? 

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37 minutes ago, Carlos28 said:

What happens if arbitration isn't approved by the judge? 

Then, it means the judge would be making an error, and going against a ruling by the Supreme Court.  

If that happens, make sure you are familiar with the appeals process in your state.

Unless you want to do preemptive arbitration, which is usually only recommended in certain special situations, such as avoiding small claims exemptions (DOES NOT APPLY HERE) or cases in which you have a good reason to avoid the case every getting to court.  For example, I now work in banking, so getting sued would be bad for my career.  

I have done preemptive arbitration twice, but those were special cases.  In one case, the SOL for Delaware had passed, but not for my state. So I went into JAMS saying their contract said to use Delaware law.  In the other case, it was my wife's account.  I could represent her in arbitration, but not court.  She filed in JAMS so I could handle the case for her.  

If you meet one of these unusual situations, or have some reason to believe that any judge in your county would have a high probability of ignoring a Supreme Court ruling, then file for preemptive arbitration as soon as the case gets to an attorney.  Otherwise, the best course of action is to sit back and wait for them to sue.  

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On 11/7/2019 at 10:01 AM, BackFromTheDebt said:

Then, it means the judge would be making an error, and going against a ruling by the Supreme Court.

The judge has to approve arbitration?

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12 minutes ago, Carlos28 said:

The judge has to approve arbitration?

Yes. But if he/she doesn't it would be an error of law that you would have to appeal to get corrected. 

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Having a game plan, including what to do if something goes unexpectedly wrong, is not a bad idea.  

However, steps such as an appeal are a bit down the road.  It is fine to consider the possibility, but pointless to worry too much about it.  You will lose enough sleep as it is.  

Focus on your immediate steps first.  Just be careful not to over worry about things that could go wrong, but probably won't.  

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4 hours ago, Carlos28 said:

Should I call the law firm at all?

@Harry Seaward has she right idea.  There is probably no reason to call them. 

The problem with calling is you might accidentally admit to the debt or make some other mistake to shoot yourself in the foot.  These are professionals   You are not   
 

Any and all correspondence should be in writing  

If you contact them at all, it should be a DV letter.  After they have validated, you can sit and wait for them to file, or you could possibly write and tell them you demand the case be settled in JAMS.  If you are feeling generous, you could offer to settle the case for $250, which is the most you could pay in JAMS.  However, they probably wouldn’t accept the offer, so you would probably just be wasting your time. 

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21 hours ago, BackFromTheDebt said:

After they have validated, you can sit and wait for them to file, or you could possibly write and tell them you demand the case be settled in JAMS.

If I demand the case be settled in JAMS they won't sue?

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1 hour ago, Carlos28 said:

If I demand the case be settled in JAMS they won't sue?

They might sue you anyway.  

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1 hour ago, Carlos28 said:

If I demand the case be settled in JAMS they won't sue?

If you demand the case be settled in JAMS, one of the three following things will happen.

 

1.  They will drop the case, and let some other law firm deal with it.  It is not likely this will happen.  if this happens, some other law firm will eventually do #2 or #3.  At best this will buy you some time.

2. They either demand you file in JAMS to prevent them from suing, or else they will send you forms for you to fill out to file in JAMS, with a note that if you don't file in JAMS they will sue you.  At that point, if you do NOT file in JAMS, they will use that against you when they sue if you file an MTC.  This often happens.

3. They will completely ignore you and sue.  This often happens.  

 

Always keep copies of everything you send to them, and send everything CMRRR.  If #3 happens and they sue anyway, and then claim you waived your rights to arbitrate, you can show the judge you demanded arbitration, and they blew you off.  

 

 

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1 hour ago, BackFromTheDebt said:

g CMRRR.  If #3 happens and

 

1 hour ago, BackFromTheDebt said:

2. They either demand you file in JAMS to prevent them from suing, or else they will send you forms for you to fill out to file in JAMS, with a note that if you don't file in JAMS they will sue you.  At that point, if you do NOT file in JAMS, they will use that against you when they sue if you file an MTC.  This often happens.

If they demand that I file in JAMS do I have to pay JAMS?

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