Midland Credit Management calling, but debt is 7 years old and SOL is 5...Please help?
Date: Mon, 01/10/2011 - 12:28
I'm reading that once the SOL passes in your state (I'm in IL which is SUPPOSEDLY 5 years although I've seen 10), then you are no longer bound to the debt, and even if these collection agencies call, you don't need to pay 'em even if they threaten with whatever they can. All of this taken into account, I still have the following questions:
1. I read that you shouldn't even acknowledge the debt for risk of "re-aging" it. I haven't made a payment to this account (obviously) in a very long time but when the collection agent called me and woke me up, I might have acknowledged it. So, has the SOL been "re-aged" even though I haven't made a payment or signed off on anything? I think I might have even said that I'd look and consider settlement offers...again, it was really early for me on a day off so I kinda slept in, which is why they got me when they did in the morning. (Yeah, I get it, I shouldn't have even answered, but how coherent are you on Sunday mornings?)
2. They also sent me a letter, to which I haven't sent anything back. I've also spoken to an agent once on the phone about other settlements. He tried to get a one-time settlement for half the remaining debt, to which I said no. So I'm wondering if I should try to negotiate it myself or just let it sit. Again, since I haven't made any payments or any other kinds of activity, should I just leave it well enough alone?
3. Since the debt is over $2000, should I worry that they may take me to court, even if the SOL has expired and it's about to come off my credit report? (Estimation to come off is around 1/11)
4. I also saw somewhere that in IL, the SOL is 10 years and not 5, but it's a debatable topic. Debatable does me no good since I just need to know if I should bother with this or not.
5. The agent I spoke with on the phone SAID that if I make payments and we come to a settlement agreement, then it would be marked on my credit as "Paid". Should I trust him? (I was going to ask for it in writing once we settle. Oh, and should I settle for more than 40% off? I feel like I should be able to get a HUGELY better deal than this.
Sorry for the lengthy questions...but I figure if I get some solid advice here, then perhaps others who are in similar situations can benefit as well? :confused::rolleyes:
first off what kind of debt?being in illinois myself i can say c
first off what kind of debt?being in illinois myself i can say certain types like credit cards are a 5yr SOL.please answer my questions as that will help us help you.i can say that midland is a dirty bottomfeeder that does this often.either attempting collections,or suing on time-barred debts.this doesn't suprise me at all,but it dependes on the debt as well.
Credit Card account that was closed in '04. I called a credit co
Credit Card account that was closed in '04. I called a credit counseling company and they said that I shouldn't just leave it alone and that I should try to get it paid off (preferably through them...which isn't exactly a surprise). I also spoke with another credit counseling service who told me that since it's coming off my credit report anyway, just to leave it be. As you can see, that's why I'm so confused.
I'm concerned because they've been leaving me messages everywhere (cell phone, elderly parent's home [which they're really not liking]). I didn't think they'd call on Sunday, but lo and behold...I got a message from them yesterday.
I'm also worried that it might have re-aged since I did acknowledge the debt, but I never agreed on any of their terms nor did I sign or send anything to them.
if its out of SOL, then let it go. Send a DV letter, or even a F
if its out of SOL, then let it go. Send a DV letter, or even a FOAD letter stating thats its SOL and time barred for law suit and a cease and desist letter to stop phone calls. If you make any payments it WILL restart the SOL and it will stay on your credit report for 7 more years, if its fixing to drop off the report personally I would ignore it seeing that they can not sue you for it, being its SOL.
yes the SOL is 5yrs and it is past.as long as you know this they
yes the SOL is 5yrs and it is past.as long as you know this they can't get a dime even if they sue.use the SOL as your defense and the suit will be thrown out.however you can get an FOAD letter to midland sent certified mail return receipt.make it a point to inform them this is past SOL for IL.to address the guest above me.midland does try to sue on time-barred debts hoping either the person won't show,or they are unaware that the debt is time-barred.so at least this bottomfeeder tries to get money from time-barred debts.
While you are at it, be sure to let them know in that letter tha
While you are at it, be sure to let them know in that letter that they are calling your parents' home when they have legitimate contact information for you. Tell them that since they are already aware of how to reach you--since you already talked to them on the phone that Sunday they clearly know where to find you--that the law absolutely does not allow them to call ANY third party for ANY REASON in connection with this matter. Therefore, if they choose to continue calling other people when they clearly know where to contact you, tell them that you will not hesitate to file a lawsuit against them for violating the FDCPA. They know better than to pull that crap.
Thank you all so much for your incredible advice! I'm sorry to b
Thank you all so much for your incredible advice! I'm sorry to be such a pest about this, but I really want to make absolutely sure as far as what I need to do. As such, just a few questions that I'm wondering about:
1. I heard that the topic of whether a CC is considered 5 yrs or 10 yrs does kind of concern me. I've heard that it's a topic that's under argument and that it can swing either way. 735 ILCS 5/13‑205 says that it's 5 years while 735 ILCS 5/13‑206 says that it's 10 (all this is on the ilga.gov website). I hate reading these things.
2. What's an FOAD, DV, etc? I'm no good at writing these things so is there a way I can get these things written (or at least see some good templates that I can base my own letter off of?).
3. I know we've covered this, but I was told that even if the account comes off of my credit report (which it's scheduled to do this month anyway), I can still be sued for the total amount? Really?
I probably have more questions about this, but I'm almost feeling kind of sick to my stomach having to deal with this garbage. The account is SOL (from what you all are saying) so it just pisses me off that they're still trying to reach me in this way. I also have a letter from them when I told them to send me some settlement offers, and after reading the back part, there's a section that says: "No credit reporting will occur if the federal reporting period has expired." I'm wondering if this is the SOL that they're talking about, and if it is, then aren't they basically shooting themselves in the foot?
well i saw that too,and all i know is that theere might be excep
well i saw that too,and all i know is that theere might be exceptions to the 5yr SOL,but i doubt this is the case so go with the 5yr SOL.btw that last part did shoot themselves in the foot as the debt is about to come off your CR,and they know it.they are just trying to make a buck,but again since it is past SOL,it is entirely your option at this point.btw the reporting period on your cr is 7.5 from last payment.