timbuck2 Posted November 18, 2021 Report Share Posted November 18, 2021 I'm being sued by Midland Credit Management for a Capital One account in the amount of $3100. This case has been waiting on a court date to be issued by the county court Judge since MAY 3, 2021. I know there is no arbitration clause that I can use as defense; and I really don't have any options, but my question is do you think offering $2000 would be a good settlement offering, and who should I contact about my settlement offering: MCM's attorney or MCM? Many thanks in advance!!! Quote Link to comment Share on other sites More sharing options...
timbuck2 Posted November 18, 2021 Author Report Share Posted November 18, 2021 MODS: can you adjust the title. My question is about settlement for a Capital One account. thank you. Quote Link to comment Share on other sites More sharing options...
shadow99 Posted November 18, 2021 Report Share Posted November 18, 2021 I was recently sued by Midland for a different creditor. I took the arbitration route, but the attorney told me I could discuss settlement with either him or Midland. It didn't matter. I've heard to start your settlement offer at 30% of the debt, so you have room to go up. I don't know about Midland, but I had an attorney for Velocity start their negotiations with me at 55% - but, that was after going to court with arbitration. My gut feeling is that they'd be satisfied with $2000 on a $3100 debt, but it wouldn't hurt you to offer less and let them counter. Quote Link to comment Share on other sites More sharing options...
timbuck2 Posted November 18, 2021 Author Report Share Posted November 18, 2021 8 minutes ago, shadow99 said: I was recently sued by Midland for a different creditor. I took the arbitration route, but the attorney told me I could discuss settlement with either him or Midland. It didn't matter. I've heard to start your settlement offer at 30% of the debt, so you have room to go up. I don't know about Midland, but I had an attorney for Velocity start their negotiations with me at 55% - but, that was after going to court with arbitration. My gut feeling is that they'd be satisfied with $2000 on a $3100 debt, but it wouldn't hurt you to offer less and let them counter. The problem is I don’t have an arbitration clause to work with; Capital One took that out of their agreements a few years ago. So, I’m stuck between a rock and a hard place, and I will lose if this goes to court. The only thing I have going for me is that this has been sitting in pre-trial and waiting on a court date for eight months now. I’m just wondering if anyone has found themselves in my predicament and have negotiated a settlement. And my question is, would it be better to contact the attorney representing MCM? I think I’ll send the attorney the offer first. Unless others in this forum have differing opinions? Many thanks, y’all. Quote Link to comment Share on other sites More sharing options...
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