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How to Handle Midland Funding LLC – E-Book Guide Only $29.95

How to Handle a Collection Agency: A Comprehensive Guide to Settling Debt with Midland Funding LLC

Dealing with debt collection can be incredibly stressful, especially when you’re faced with persistent communications from a collection agency like Midland Funding LLC. If you’re in this situation, you are not alone. Midland Funding is one of the largest debt buyers in the United States, purchasing old debt accounts at a discount and then attempting to collect the full amount. This blog will guide you through the steps to settle your debt with Midland Funding LLC and offer insights from my e-book, “How to Handle a Collection Agency.” As the founder of MyDebtRep.com and a former debt collector, I bring you this comprehensive guide to help you navigate these challenging waters.

Understanding Midland Funding LLC

Midland Funding LLC is owned by Encore Capital Group, a major player in the debt-buying industry. Encore Capital Group, along with Midland Funding, Midland Credit Management, and Asset Acceptance Capital Corp, has been involved in significant legal actions with the Consumer Financial Protection Bureau (CFPB). This means they are a well-known entity in the realm of debt collection, often pursuing consumers for various debts including credit cards, personal loans, and medical bills.

BBB Customer Complaints Summary

910 total complaints in the last 3 years.

663 complaints closed in the last 12 months.

Why Settle Your Debt with Midland Funding LLC?

Receiving a debt collection notice from Midland Funding LLC can be intimidating. The debt amount they seek to collect often includes accumulated interest and late fees, making it seem much larger than you might expect. Ignoring these communications can lead to serious consequences, such as lawsuits, wage garnishments, or bank account seizures. Instead, proactive communication can lead to a settlement, helping you focus on rebuilding your credit.

Steps to Settle Your Debt with Midland Funding LLC

1. Respond to Communication

The first and most crucial step is to respond to any communication from Midland Funding LLC. Ignoring their letters and calls will only escalate the situation. Start by sending a Debt Validation Letter. This formal request compels the agency to verify the debt, giving you time to assess your finances and plan your next steps.

2. Evaluate Your Finances

Once you receive validation of the debt, take a close look at your financial situation. Determine how much you can reasonably save to make a settlement offer. Cutting unnecessary expenses can help you build up a lump sum payment faster.

3. Prepare for Negotiation

Midland Funding LLC may prefer to settle debts out of court to avoid the costs and time associated with litigation. Even if a lawsuit has been filed, you can still negotiate a settlement before a court decision is made.

Craft a debt settlement letter to Midland Funding LLC, proposing a reasonable offer. Ensure that all communications are in writing to maintain a clear record. Start with a sensible but not necessarily the highest offer you can afford, leaving room for negotiation.

Making an Effective Settlement Offer

Initial Offer: Start with a lower offer to provide room for negotiation. Ensure it is reasonable enough for the agency to consider seriously.

Explain Your Situation: In your letter, explain why you cannot pay the full amount and express your willingness to settle. This can evoke empathy and increase your chances of reaching an agreement.

Negotiate Upward: If your first offer is rejected, be prepared to negotiate. Only promise what you can realistically pay to avoid defaulting on the settlement.

4. Get the Agreement in Writing

Once you and Midland Funding LLC reach an agreement, ensure it is documented in a written Debt Settlement Agreement. This protects both parties and provides a clear record of the terms.

5. Make Timely Payments

Adhere strictly to the payment schedule outlined in your settlement agreement. Missing a payment could nullify the agreement, reverting you to the original debt amount.

Essential Forms for Handling Debt Collection for Purchase

To aid in your debt settlement journey, MyDebtRep.com offers a comprehensive set of forms designed to streamline the process:

Cease and Desist-Verification of Debt Form

Verification of Credit Card Debt Form

Verification of Debt Form

Payment Plan Form

Debt Settlement Offer Form

Debt Settlement Payment Plan Offer Form

Verification of Medical Debt Form

Cease and Desist-Dispute Debt Form

These forms can help you handle various aspects of debt collection, from verifying the debt to negotiating and finalizing a settlement.

COMMON QUESTIONS

WHAT IS A UNFAIR COLLECTION ACT?

CAN MIDLAND FUNDING LLC USE PROFANITY OR OBSCENE LANGUAGE?

Answer: No. A Debt Collector cannot use obscene vulgar language at any time. The Federal Fair Debt Collection Act Prohibits Profane and Threatening Language to get you to pay the debt. They cannot abuse the hearer as to call you a “Deadbeat” or “Flake” . This is also illegal.

CAN MIDLAND FUNDING LLC CONTACT YOU REPEATEDLY BY TELEPHONE?

Answer: No. The Law does not limit the number of calls a Debt Collector can make. However , repeated or continuous calls over a short period of time , in an effort to harass or annoy you are prohibited.

CAN MIDLAND FUNDING LLC LEAVE MESSAGES WITH NEIGHBORS OR FRIENDS AND DISCUSS THE DEBT WITH THEM?

Answer: No. If a Debt Collector is talking to a person not Directly involved with the account. They cannot give or discuss any information other than their name and number. Only if asked , where they are calling from. The Debt cannot be discussed. While the content of the message is limited they cannot confuse the nature of the call by using terms “emergency” or “Urgent” this is an Unfair collection practice act.

CAN A MIDLAND FUNDING LLC THREATEN LEGAL ACTION IF THEY DON’T INTEND TO SUE YOU?

If legal action is threatened, they must intend to sue you if payment is note made. Normally Junk debt Buyers or Collection Agencies want to sue under a certain amount not worth their time. However they can sue you at any time, it’s a debt, and also if the client Authorizes the Law Suit.

CAN A DEBT COLLECTOR MISREPRESENT THEMSELVES?

Answer: No. A Debt Collector cannot pass themself off as being anyone other than a Debt Collector including any of the following:

An Attorney

A Law Enforcement Official

Being affiliated with a federal, state, or local government agency.

Being an employer of credit reporting agency unless the agency provides credit reports

CAN MIDLAND FUNDING LLC BUYER THREATEN TO REPORT TO THE CREDIT BUREAUS AND NOT DO SO?

Answer: No. A debt collector cannot threaten to provide information that is false to the credit bureaus. They also cannot threaten they are going to report it if there is no intent to report the information. A Junk Debt Buyer or Collection Agency can report to the Credit Bureaus if that is a standard practice of their business. If this information is provided to the 3 credit bureaus they have to update the status of any changes.

CAN A DEBT COLLECTOR THREATEN YOU WITH ARREST, IMPRISONMENT, BODILY HARM OR SEIZURE , GARNISHMENT, ATTACHMENT, OR SALE OF PERSONAL PROPERTY OR MY WAGES?

Answer: No. A debt collector cannot arrest you for non payment of a debt.They cannot threaten bodily harm to you or damage to your property or reputation. Seizure, garnishment, attachment and sale. Are the legal means available to them to enforce payment. Only after you have been served with a summons, and after a court of law has awarded them a judgement.

CAN A NOTICE THEY SEND ME CONTAIN FALSE MISLEADING STATEMENTS OR SIMULATE LEGAL OR GOVERNMENT DOCUMENTS?

Answer: No. Notices cannot threaten any action that the Junk debt Buyer or Collection Agency doesn’t intend to take. The notice cannot look like Government or Legal documents to intimidate you. Examples of statements which are false and misleading. “Notice to Appear” or “Office of Cashier” on the envelope.

WHAT EXTRA CHARGES CAN BE ADDED TO MY ACCOUNT?

Answer: Junk Debt Buyers and Collection Agencies usually charge between 7% and 10% interest per year on your unpaid balance. The original contract you signed could call for a larger amount. Court costs and attorney fees may be added on a judgement if awarded against you in a court of law.

CAN A DEBT COLLECTOR DEMAND POST DATED CHECK OR DEBIT CARD ON FILE FOR PAYMENT?

Answer” Yes. There is no Law preventing a debt collector asking you for post dated checks or a debit card on file if a payment arrangement is offered to you. Most of the time this is the only way a payment arrangement is made with a debt collector a requirement by them. They Must send you a notice 3 to 10 days prior to the date of your payment.

CAN I MAKE DEBT COLLECTORS STOP CALLING OR WRITING ME?

Answer: Yes. If you want them to stop contacting you. Write them a letter and tell them so. This is easier said than done. Once they receive your letter, they have one final time to advise you of what action they plan to take. After that , communications must cease. Should the Balance be a Large amount, with no payment agreement in effect. Once they are told not to contact you again, a large balance account legal action can result.

Conclusion

Dealing with Midland Funding LLC can be daunting, but with the right approach, you can navigate this process effectively. By responding promptly, evaluating your finances, preparing for negotiation, and making timely payments, you can settle your debt and move forward with your financial life.

For a more detailed guide and access to essential forms, purchase our e-book “How to Handle a Collection Agency” at MyDebtRep.com. With insights from a former debt collector, this resource will empower you to take control of your financial situation and handle debt collection with confidence.

Remember, proactive communication and a well-planned strategy are your best tools in dealing with any collection agency, including Midland Funding LLC. Start your journey to financial freedom today

Purchase the E-book here: https://tinyurl.com/bdsadm5t

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