Need Some Advice
Date: Mon, 11/16/2009 - 09:34
I am in a pinch, obviously, wouldn't be here if I wasn't. When I was in undergrad school, I had a credit card with Citibank. The limit on it was $2500. I maxed it out in Canada on a trip, missed a few payments, and slid down the slippery slope. This was in 2004. I moved a million times since then, and I recently got caught up with this debt in the form of a letter ("Pre-Legal Notification) offering a deal to avoid the account going to an attorney. I would love to pay this off, but I won't lie, it's going to take me a little while--maybe a year. I have young three kids, just had back surgery, and work as an online tutor so my income isn't reported (I do file it) or gigantic in scope. The letter says if I don't contact them by the 28th, they "may" forward to an attorney. They request for me to send them $500 and then call to set up the remaining payments. Christmas is next month! I can't take this money to pay this chunk off of this debt until after Christmas. I just don't know what to do. I know this isn't a huge debt, but for me it is enough. I've been told by other people not to accept anything without having it in printed form first, but there's obviously not enough time to contact them via snail mail. Anyways, the creditor in question is Midland Credit management, Inc. I live in Ohio. Any advice would be super duper!
You may call them up to get their address to send a DV. Don't pa
You may call them up to get their address to send a DV. Don't pay a collector without validation. Yes, there is sufficient time for you to send a mail via snail mail. If you are interested to learn more about the collector, please click on the following link. I'm sure it would act as a stronger reason for you to not to pay them without knowing the details.
http://www.debtconsolidationcare.com/forums/midlandcredit.html
Is the address on the page you've provided the correct address f
Is the address on the page you've provided the correct address for them? Also, while I'm thinking about it, do you think this debt is small enough for me to handle on my own? I shouldn't have to go through a consolidation company should I? I know some people are able to get the final amount lowered significantly if the debt is relatively small, and with interest, this $2500 card turned into almost $3800. Thanks for the help, by the way!
deep breath first! ok now first you must be sure the debt is val
deep breath first! ok now first you must be sure the debt is validated this is most mportant. and you have time time this letter is just to catch your attention which it clearly has. now considering the amount of time depending on the state you lived in the statue of limitations may have expired for them to take you to court. so check into that first. If this is the case and you cant afford to pay it i wouldnt worry about it but it will be reflected on your report for sometime.
second if the debt is validated and they do own the debt honestly and you want to pay it you should be able to reach a settlement agreement on it for pennies on the dollar by negotiation. read up on settlement to find out how it works and you should be rid of this debt before you know it. there is no need for you to go through a consolidation or anything over this 1 debt. you should be able to take care of it on your own without a problem by making a few phone calls, and demanding a few letters. just hang in there they most likely will not be nice.
read up about how to go about settlement so you know were to go from there if the debt is validated.
good luck!
Thanks a bunch! I live in Ohio so I'm confident that SOL hasn't
Thanks a bunch! I live in Ohio so I'm confident that SOL hasn't let up yet. It's 6 years, though this is super close! I'll send the letter first thing in the morning and take things from there. Hopefully they won't claim they didn't receive said letter. That is my number 1 fear.
well if it makes you feel better you could send it registered or
well if it makes you feel better you could send it registered or apply a tracking number at the post office that proves they recieved it. keep it safe so you can reference it later in the event that it could happen
It sounds like Citibank is no longer in the picture. If the "cr
It sounds like Citibank is no longer in the picture. If the "creditor" now is Midland, they are a junk debt buyer. They bought this debt for pennies on the dollar and try to collect the full amount plus interest. I would never pay a JDB unless ordered to by a court. And, JDBs are easier to defeat in court than an original creditor. If you do want to settle with them, aim super low, remember they paid peanuts for this.
Oh yeah, another thought. It is highly likely that Midland the
Oh yeah, another thought. It is highly likely that Midland the JDB will violate the FDCPA in trying to collect from you. Which means they will owe you some money.
Read this site and others like it on the web, and fight back. Midland can be defeated.
Ohioan, Would you go about this the same way others have mention
Ohioan,
Would you go about this the same way others have mentioned as far as sending a DV first to establish that they own the debt, and then negotiating down? I'm not sure I totally understand what you're saying about them owing me money. How could I get them to allow me to pay this down for super low? I'm completely new to all of this, and when I start searching for things, you can imagine. It's all over the place. I was planning on sending the letter out in the morning with a DC attached to it for my own comfort.
Yes, you should send a DV letter by certified mail. Then sit ba
Yes, you should send a DV letter by certified mail. Then sit back and see how they respond. If they do not respond, then under the law they cannot continue collection activities. Don't pay them anything or even negotiate if they can't validate - and my definition of adequate validation is evidence that they could win in court, such as a signed contract and account statements.
What I meant by them owing you money, is if they violate the FDCPA, which they probably will. There's $1000 in statutory damages for violations.