Got a debt settlement offer from Midland..should I take it?

Midland has given their toll free number. You should put this number to better use for your accounts. Get confirmed in writing from the company for which account they have offered this settlement deal. Request them to send the account details in writing so that you can review this offer.

Inquire about the status they will be using to update in your credit report. Your file will show the best view if the accounts are marked as 'Paid'. Negotiate with them for this remark. Do not agree for a 'settled' in your credit report. This will hurt your credit negatively.

Do not use your bank account to pay this debt. Use a certified mail for making the payment and make sure that it reaches before 02.20.06

I will try to come up with some more suggestions when it will strike in my mind.

thanks david...I actually left a message for them to send me a fax with all the info and I will then send a payment...will see what happens

So I spoke to Midland today and they told me that they cannot send a letter to me with the account info on it. But they did say that they would upon receiving the check notify the credit bureaus that my account has been paid in full as agreed. they would also notify the original creditor and have a letter sent to the bureaus with my account number that states the account has/is paid as agreed. She told me that they would do this.

So, now I was going to go ahead and send a letter to them in regards to our phone conversation agreement and send a cashiers check and to state on the check the agreement if they cash the check.

Is this the right way to go?

If Midland genuinely has hold on your account, they must update the creditor as well as the credit bureau. Pay them and get this account settled.

But consider a thought; do you have any proof about them making the agreement? What if they back off from their words later??? Get something in writing first surely before your check is cashed. If your state allows, you can record the phone calls secretly without notifying Midland about your actions. This will serve a very important proof of their commitment. Check the state laws before recording the conversation. Some states require consent of both the parties before taking this action.

I am in cali. and was going to send the letter in regards to our phone conversation with the agreement...

In California, you need to acquire permission of both the parties. My suggestion is that after you have attached a recording device in the phone, have a statement that will tell the collector in the beginning that you are recording this phone call for records, if he continues to speak after hearing the notification, he approves and gives his consent to the recording done.

Doing this, you will have proof of the commitment made by him. Besides, a written proof will also be as helpful.

unfortunately it is a little late for that. Is there something else that I may be able to do to get this taken care of quickly...Like send the santa cruz letter with the shotty furniture and then to send the regular letter?...
Also, I wanted to do this before the 25th of Feb so that if it is latter that they cannot say oh it is after the fact!