CA Opening Account in My Name?
Date: Mon, 07/19/2010 - 05:07
Hi Everyone,
Midland Credit Management has purchased an account from GE Money Bank. They called me and sent a "Pre-Legal" notification, stating that unless I make arrangements they will send the account to an attorney. Then I notice an alert from Equifax, which says:
A new account at MIDLAND CREDIT MANAGEMENT has been opened in your name.
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What's up with that? Is that just a function of them purchasing the account? Seems like that sort of re-ages the original debt. And how do you determine when the timeframe for SOL countdown begins? As an aside, once it gets to these guys, how much have they actually paid for the debt? Is it really pennies on the dollar? This one's for around $1,600. What percentage will these guys settle for? It just seems crazy to agree to pay someone $1,600 for a account they only paid a couple hundred for.
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Thanks,
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Kevin
Midland Credit Management has purchased an account from GE Money Bank. They called me and sent a "Pre-Legal" notification, stating that unless I make arrangements they will send the account to an attorney. Then I notice an alert from Equifax, which says:
A new account at MIDLAND CREDIT MANAGEMENT has been opened in your name.
[FONT=Calibri][/FONT]
What's up with that? Is that just a function of them purchasing the account? Seems like that sort of re-ages the original debt. And how do you determine when the timeframe for SOL countdown begins? As an aside, once it gets to these guys, how much have they actually paid for the debt? Is it really pennies on the dollar? This one's for around $1,600. What percentage will these guys settle for? It just seems crazy to agree to pay someone $1,600 for a account they only paid a couple hundred for.
[FONT=Calibri][/FONT]
Thanks,
[FONT=Calibri][/FONT]
Kevin
The SOL is still based off the DOLA....the date of your last pay
The SOL is still based off the DOLA....the date of your last payment. That is the law.
Do a search of the forum to see how much or how little they are settling for .
