Dealing with Midland Funding, not sure what to do
Date: Mon, 02/14/2011 - 08:19
I recently received a letter from a law firm saying I owed them money. The letter was very short, just 3 sentences long, just saying the amount I owed and to make any payments to them. In the heading, it mentioned a company, Midland Funding, which I had never heard of, so I looked them up and saw that the company buys charged off accounts from credit card companies and then attempts to collect the money themselves. After reading this, I have a feeling this had to do with a credit card I had years ago that was charged off. The last activity on the card would have been in 2004, that is the last time I used the card in any way or made a payment. I have read that the statute of limitations for debt collection in KY is 5 years and have been told that I have nothing to worry about and if the firm does pursue legal action, I should appear in court and simply state that the debt is past the SOL or I should writer a letter to the law firm and possibly Midland as well explaining the debt is past the SOL and request debt validation from them.
I also have read a lot more about Midland and their shady dealings, so I want to nip this in the bud. I'm trying to collect as much info as I can here and want to make sure what I have been previously told is correct/incorrect. I was told that law firms/collection agencies will commonly send letters like this around tax return season in hopes that people will give them money regardless if they are still legally bound to pay.
So I guess what it boils down to, will I have to pay this amount or not? I have gotten a copy of my credit report and do not see anything from the law firm on there, but there is something from Midland, but the amount owed is different from what the law firm said(legal fees added?). This item is set to drop off my report later this year, so I'm not too worried about it affecting my credit for years down the road. I have long forgotten about this and the amount they are asking for is almost $5,000 more than the original debt. Any info will be greatly appreciated. Thanks
I also have read a lot more about Midland and their shady dealings, so I want to nip this in the bud. I'm trying to collect as much info as I can here and want to make sure what I have been previously told is correct/incorrect. I was told that law firms/collection agencies will commonly send letters like this around tax return season in hopes that people will give them money regardless if they are still legally bound to pay.
So I guess what it boils down to, will I have to pay this amount or not? I have gotten a copy of my credit report and do not see anything from the law firm on there, but there is something from Midland, but the amount owed is different from what the law firm said(legal fees added?). This item is set to drop off my report later this year, so I'm not too worried about it affecting my credit for years down the road. I have long forgotten about this and the amount they are asking for is almost $5,000 more than the original debt. Any info will be greatly appreciated. Thanks
Send a DV letter immediately! If they pursue after that send the
Send a DV letter immediately! If they pursue after that send them a SOL letter
