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Guest · Posted: Mon Apr 03, 2006 9:21 pm Subject:

Yes,it is appearing on my credit report as "charged off" but it shows it with Capitol One and not with a collection agency.

indebt. · Posted: Mon Apr 03, 2006 9:58 pm Subject:

Sorry, I looked again at my report and it actually says Account Status: Closed; and under Account Type it says Credit Card - Revolving Terms. Under Payment Status it reads: Charge-off and Credit line closed - grantor request - reported by subscriber. It is all still listed under Capitol One, though. Should I contact them or see if they will settle?

Posted: Tue Apr 04, 2006 11:01 am Subject:

Indebt,

I assume the account is still 2 or more years behind the 7 year reporting act. So it will be there on your credit report for more days. Chances are the collection agency has not reported your account yet. It might appear on your report any day.

Now, if the original creditor has sold the account, they won't accept payment from you. There is no harm in contacting your creditor; however, it could give you a better result if you pay the amount in full. BTW, which state do you belong to? Have you checked the SOL for debt collection?

indebt... · Posted: Tue Apr 04, 2006 12:43 pm Subject:

I live in Minnesota and I have not checked the SOL here. The credit report states the account was opened in April of 2000, although I could swear it was opened much longer ago. This may have been the last time I made a payment, so I'm wondering if the clock got restarted in April '00.

Posted: Tue Apr 04, 2006 3:04 pm Subject:

You can consult a lawyer with this, however, I think your account is very closed to SOL. It is 6 years from the date of last activity in Minnesota. In that case, after April '06, no legal action is enforceable for this account. You should consult a lawyer for this.

Sometimes creditors use state laws of their state also, if they are from a different county. Still if the account is past SOL in your state, you can deny paying it. But it will be there on your credit report for 7 years from the date of reporting.

Adelaide · Posted: Fri Apr 07, 2006 8:00 am Subject: need phone number

just need phone number for midland credit management

Posted: Fri Apr 07, 2006 10:03 am Subject:

Adelaide, you can reach MCM at 800-282-2644

BS · Posted: Wed Apr 12, 2006 1:01 pm Subject: not knowing?

I received a letter from MCM recently stating that I owed a certain amount from a credit card debt. I know where the debt originated, but I did not know until I got the letter that MCM is the current owner. I had been making payments to the original credit card company, Chase Bank, through a debt management program. I was told by the Chase that yes, they received the payments and that the payments were being forwarded to MCM. However, the amount that MCM says I owe is the original amount of the debt - it does not reflect the payments that I have made through the debt management program. I do not know what to do at this point. The debt management program is encouraging me to call Chase and find my payment history with them, but Chase is quick to brush me off when I call with questions because they don't own the account any longer. They said the payments were being forwarded, but it doesn't seem true. Can someone give me advice on how to deal with this? I have made payments that have gone toward nothing! I need help!Thanks!!

Posted: Wed Apr 12, 2006 1:17 pm Subject:

Get copies of all of your payments, checks, etc..And stuff from your management program to make sure they are really sending stuff to Chase.

D.B. · Posted: Thu Apr 27, 2006 4:44 pm Subject: Settlement Offer

Greetings,

I am enertaining a settlement offer with a collection agency. The only poblem is, they are not willing to put the settlement offer in writing. I am planning to write settlement offer for account number on the check. Is this a good idea???

Posted: Thu Apr 27, 2006 5:01 pm Subject:

If it is midland credit management, beware of them! They have a lot of consumer complaints against them. First you must know that they legally authorized to collect the debt from you. Don't send any money until you are sure that they have your accounts.

Send a debt validation letter and know the details of your accounts in writing. After they have received your request, the details must be given to you otherwise, you can involve the credit bureau to get the straight facts.

D.L.B. · Posted: Sun May 14, 2006 6:55 pm Subject: Settlement offer...

A credit collection agency offered me a settlement for half of the original amount. Once the payment is received, they will notify the creditor the account is settled in full. I was informed by the representative that my credit report will read paid in full. I concerned about the charge off status. Will settling this account take it out of charge off status and read "paid in full".

The SOL ran out and the collection agency is unwilling to put in writing that my credit reports will read "paid in full". Is it a good idea to settle this account or should i use the court system to try and get what I want? Truthfully, I want this account deleted or at best, marked paid in full.

Any information is greatly appreciated...

D.L.B. in Pennsylvania

Posted: Mon May 15, 2006 1:32 pm Subject:

D.L.B.

Are you sure that the account is past the SOL period in your state? If it is, you are under no legal obligation to pay the debt. No agency can force you to pay on the account and no actions can be brought against you. But, the negative information will still stay in your file for seven years unless you wish to pay it off. If you make a payment towards the account, the SOL will be renewed and the company will enforce all actions in case of a default. Be sure of paying the account in one time if you intend to do so. The account will be reported as "paid charged off" by the creditors in your file. It can't be reported as 'paid in full" Though it is still negative information, but it's still better than an unpaid account. There will be a slight increase in the credit scores from the present scores.

D.L.B. · Posted: Tue May 16, 2006 3:25 pm Subject:

David,

Thanks for the reply. I did check the SOL in Pennsylvania and it's 4 years. This debt came via a marriage approximately 6 years ago. The name of the collection company is National Action Financial Services, Inc (NAFS).

I sent a validation letter and they sent me a settlement offer. The letter contained the original creditor's name, account number, and the balance owed. I also have NAFS's debtor Id number; but how can I find out if they are allow to collect on this account?

As well, if I decide not to pay this account, how will it affect me obtaining a morgage or credit in the future?

Thanks for your time and assistance,

D.L.B.

Posted: Tue May 16, 2006 4:07 pm Subject:

D.L.B. if the company has proof of your account, you can send your payments to them and they will transfer it towards the account. However, be sure that a single payment will renew the expired SOL and you will come under legal obligations to pay it. Have everything in writing for records and that the company is making legitimate collections here.

If you decide not to pay the account, it will be reported as an unpaid account in your file. The possibility of your credit scores increasing wouldn't happen. Your future lenders will see that you have left this account unpaid and will decide if they wish to extend new credit to you.

conniemack · Posted: Thu May 18, 2006 7:37 pm Subject: MIDLAND CREDIT

I received a call about a debt that i owe and midland credit purchased it. They asked me to settle and i agreed. They were suppose to send me a letter stating our agreement but they have not sent it as of today. I'm afraid that if i pay them they will not remove the debt from my credit report as paid in full as they agreed to do. I do not know how to contact them i have lost the phone number. Please help.

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