Midland Funding, LLC

You would have received a1099 to file with your taxes if the original creditor wrote it off on their taxes. They can't when they sell to a junk debt buyer.

Sorry . . . rather than posting this inside another thread, and having to sift through possible answers to other questions, etc . . . I really need to find out some information dealing with this CA and the FDCPA.

I read on a different blog posting, that a CA (Collection Agency) like Midland Funding CAN NOT legally collect monies for a debt if the original company has either filed that debt off on taxes as a loss, or filed a claim against their insurance as a business loss, can someone confirm that for me? I did a cursory search on the FDCPA site and did not see anything about it.

I also saw where each state has a SOL (Statute of Limitations) on debt relief, and that Midland is pretty notorious for digging up old debt and trying to collect on it, even though the SOL may have passed.

Any help is great apprecaite
GIJoe

Please do not start new threads on the same topic.

Sorry for posting twice, I did not think the first post went through since I didn't get anything in my email or any confirmation that it had . . .

. . . and thank you for your answer . . . so in my case, because I did not get anything from the original creditor, such as a 1099, Midland is not in violation of any FDCPA code/regulation and CAN legally collect on the debt?

You might be confusing a charge off with a tax write off. Soaplady is absolutely correct...if they had written it off in such a fashion, you would have gotten a 1099 because the IRS looks at it like money you received.

As far as an insurance claim, I am honestly not sure. I do not know how these kinds of claims work. But usually these companies will bundle their charged off accounts and sell them to junk debt buyers to at least recoup some of their lost revenue (remember these buyers buy these accounts for pennies on the dollar depending on how old they are). Perhaps they claim the loss on their insurance forms? I have not seen any laws regarding insurance claims however.

These accounts are still valid accounts and as such they can be collected upon legally. The SOL only means they can't win a lawsuit because the defendant could use the SOL as a defense. BUT even if the SOL is up and an account is dozens of years old, it does not make them uncollectable. ( I think a state or two has laws for this..but off hand I can't think of which states.)

THIS company goes by several different names. Midland Funding, Midland Credit they are all the same. They just try to dodge a bullet. Yes they will try to go after old accounts where the SOL has run out or the company has written it off.
The key to the SOL is NEVER, NEVER PAY THEM. That will start the SOL all over and that what they want you to do.
I don't know why Calif allows this company to do this, They can never produce a signed contract and they need to do this. But they catch people unaware of there rights. I have been down this road with them thats why I know. I fought them in court and they could never produce a contract.
DON'T PAY THEM. WRITE THEM A CEASE & DESIST LETTER. IF THEY DON'T STOP REPORT THEM TO THE FEDERAL TRADE COMMISSION THIS COMPANY NEEDS TO BE PUT OUT OF BUSINESS. :mad: