If you’re among the millions of people who have received a letter or lawsuit about a debt owed to the debt buyer Midland Funding, LLC, you’ve probably got a few questions.
What is Midland Funding, LLC?
Who does Midland Funding, LLC collect for?
Can I sue Midland Funding, LLC for debt collection harassment?
Can I settle a lawsuit with Midland Funding, LLC?
This article will be answering all those questions and more. We’ll explore the relationship between the various companies involved with this debt collection conglomerate, and review options for dealing with debt collectors. So, read on for all you need to know about settling debt with Midland Funding, LLC.
What Is Midland Funding, LLC?
Midland Funding, LLC is a debt buyer. They purchase unpaid debts from other companies for a fraction of the amount owed. They then try to collect on those debts to earn a profit. Naturally, their goal is to buy old debt for as little as possible and collect as much as they can to maximize profitability.
Midland Funding, LLC is among the largest debt buyers in the United States, along with other debt buyers like LVNV Funding, LLC and Portfolio Recovery Associates, LLC. Given their large presence in the debt collection industry, theirs is a common name to see when you have debt fall behind and go to collections.
After Midland Funding, LLC acquires someone’s debt, they have a few options that they can exercise right away or in the future. To name a few, they may:
- Collect on the debt directly
- Hire a third-party collection agency to pursue collections
- Place the account with a law firm for collection and/or litigation
- Do nothing
- Resell the account to a different debt buyer
One thing to keep in mind is that Midland Funding, LLC is not a lender, nor do they directly collect debts they purchase. Because of this, you are more likely to see collection activity coming from their consumer facing debt collection entity- Midland Credit Management, Inc. Because Midland Credit Management, Inc is a collection agency, they are subject to the Fair Debt Collection Practices Act. The FDCPA is a series of laws that protect consumers from unfair tactics by debt collectors.
Is Midland Funding, LLC a legitimate company?
Yes, Midland Funding, LLC is a legitimate company. In fact, they’re one of the largest debt buyers in America.
Just because they are a legitimate organization doesn’t mean you should let your guard down. We are a consumer rights law firm, and we encourage you to treat any call or letter asking you for money with a healthy amount of skepticism. The scammers of the world are known to piggyback off of other companies. Double and triple-check to be sure you are truly communicating with the real Midland Funding, LLC before providing any personal information and falling prey to a scam. If it truly is a call, letter, or lawsuit from Midland Funding, LLC, they are indeed a legitimate debt buyer.
What Is the relationship between Midland Funding, LLC, Midland Credit Management, Inc., and Encore Capital Group?
You’re probably seeing that several entities are at work within the Midland Funding debt collection ecosystem. When you have a debt that has been purchased by Midland Funding, LLC, you may also see Midland Credit Management, Encore Capital Group, or Atlantic Credit and Finance.
With all these companies intertwined, it definitely gets a bit tricky.
Rather than untangle the corporate web behind Midland Funding, LLC, it can be summed up like this: Midland Credit Management is the front-line collection agency, Midland Funding tends to be the name on most credit reports and debt collection lawsuits, and Encore Capital Group tends to stay behind the scenes.
Who does Midland Funding, LLC, collect for?
Midland Funding, LLC purchases unpaid debt from major financial institutions and retailers like Capital One, and Synchrony Bank. Though their primary focus seems to be on revolving lines of credit like credit cards, they may also collect on other debt types such as auto deficiency balances, unpaid second mortgages, or home equity loans and lines of credit.
Once a debt has been purchased by Midland Funding, LLC, it is their right (or that of their collecting arm, Midland Credit Management, Inc) to try to collect on that debt. The original creditor no longer owns the debt, and all communication regarding the account will take place between you (or your debt settlement attorney) and the new owner of the debt or their collector.
Why is Midland Funding, LLC on My Credit Report?
When Midland Funding, LLC becomes the new owner of your debt, their name will often appear on your credit report alongside the account they’ve purchased. Their remarks may include contact information for Midland Funding, LLC (see below), how long the account will remain on your credit report, and the account status, such as unpaid, paid in full, or settled.
Under the Fair Credit Reporting Act, they are able and expected to report accurate and verifiable information. If it is not accurate, or they cannot verify the information, you may be able to remove Midland Funding, LLC from your credit report by disputing the remark.
What should I do if I receive a letter or call from Midland Funding, LLC?
If you’re receiving calls or letters from a debt collector at Midland Funding, LLC or Midland Credit Management, there are actions you can take and rights that protect you as a consumer in debt.
First, read the Attorney’s Guide to Reading a Collection Letter for clarity of the letter you received and the laws that collection agencies need to follow when sending letters about collection accounts.
Then, determine your next steps.
Are you sure you owe the alleged debt to Midland Funding, LLC? If not, you might consider sending a debt validation letter. With a bit of research and legwork, you can attempt to do this on your own. If you’d like a free consultation with a law firm familiar with disputing debts, contact our team here at National Legal Center.
If you are sure the debt is valid, can you afford payments to resolve or settle the account? Make sure any arrangement is affordable and doesn’t leave you falling behind on other obligations.
National Legal Center negotiates with companies like Midland Funding, LLC, and Midland Credit Management, Inc every day. Complete this short form to discover options to resolve debt with Midland Funding, LLC, and any other creditors you may have on your credit reports.
Can Midland Funding, LLC sue me?
Yes, Midland Funding, LLC may be able to sue you for the debt you owe. A debt collection lawsuit is a scary situation to face, but it does need to be taken seriously. If Midland Funding, LLC sues you, seek legal assistance as soon as possible. National Legal Center offers a unique consultation specific to individuals facing lawsuits to discuss your case and determine the best course of action for you.
Can I sue Midland Funding, LLC for debt collection harassment?
Yes! If you believe your consumer rights have been violated, you have the right to take action. Numerous laws exist to protect consumers from unfair business practices, and this is especially true of the debt collection industry.
The Fair Debt Collection Practices Act (FDCPA) is a federal law that prohibits debt collectors from using abusive, unfair, or deceptive practices when they collect debts.
Collection agents walk a very fine line when trying to get a consumer to repay a collection account. Most collection agencies are cautious about following the laws that oversee debt collection industry. However, untrained or uncaring debt collectors can violate your rights.
Among many other things, a debt collector may not:
- Share inaccurate information during phone calls
- Provide legal advice
- Lie about what type of legal action they can take
- Misrepresent the debt
- Pursue time-barred debt without proper notification
- Disclose your debt to third parties
Protecting you Beyond the FDCPA
While many consumer protection attorneys focus solely on the FDCPA, National Legal Center will always do our best to fully protect our clients. In addition to the FDCPA, NLC will evaluate your case to see if other consumer protection laws may apply to your situation. Your case will also be reviewed for violations of other consumer protection laws such as the:
- Telephone Consumer Protection Act (TCPA)
- Fair Credit Reporting Act (FCRA)
- Electronic Funds Transfer Act (EFTA)
- Truth in Lending Act (TILA)
- State-specific laws, and more.
If you’ve been harmed or harassed by a debt collector, #standuptodebt with National Legal Center. You may have the debt dropped entirely or be entitled to money compensation, among a number of other resolutions.
Filing a Counterclaim to a Debt Collection Lawsuit
If a representative of a debt collection agency has violated your rights and then files a debt collection lawsuit, you may be able to file a counterclaim against them. A successful counterclaim on a debt collection lawsuit can lead to many outcomes. For example, it may result in dismissal of the lawsuit brought against you, a waiver of the debt owed, removal of the account from your credit reports, money damages to you, and more.
Should You Negotiate a Settlement with Midland Funding, LLC?
When Midland Funding, LLC is contacting you about a debt, one option to resolve the debt is negotiating a settlement.
A settlement is where you pay less than the total amount owed on the debt, either in a lump sum or over several monthly payments. Once you’ve paid the settlement, the account is reported to the credit bureaus as settled in full (or similar), and Midland Funding, LLC should not take further action.
If Midland Funding, LLC has filed a debt collection lawsuit and you’re considering settlement, things change a bit. Of specific importance is the timing of the settlement.
For example, if the settlement occurs after Midland Funding, LLC issued a summons, you’ll want to make sure you know whether the court hearing was canceled. If not, you may still be expected to appear in court, even if only to share the details of the settlement. If you settle a Midland Funding, LLC lawsuit after a judgment was entered, you’ll want to have documentation confirming they will file a satisfaction of judgment with the court.
While you can ask the representative at whatever law firm is handling the matter for Midland Funding, LLC, it’s crucial to remember that they are not your attorneys! They represent the other party, so it’s a good idea to be skeptical and confirm anything they tell you, because their job is to collect the most funds possible on the accounts they handle.
Negotiating a settlement is an excellent way to resolve a debt. Just make sure to cross your t’s and dot your i’s.
Tips for Negotiating a Settlement with Midland Funding, LLC.
Here are some tips for negotiating a settlement with Midland Funding, LLC. These suggestions apply to any other debt collector, too!
- Make a deal you can keep– Don’t over commit yourself and fail to complete the terms of the arrangement. Only negotiate a settlement you know you can afford.
- Get it in writing- Request a letter outlining the terms of the agreement, including the amount to be paid and the payment due date. This should be a non-negotiable as it is the only way to protect yourself from continued collections.
- Follow the letter’s instructions- If the settlement agreement is $4,089.98, pay that, don’t pay $4,089! If it is due by the 28th, paying on the 30th doesn’t cut it —if you need an extension on a settlement, you also need a new letter.
- Keep those documents-. If the account surfaces in the future, you’ll be glad to have a copy of your settlement letter and proof that you paid it as agreed.
How Can a Debt Settlement Attorney Help?
Receiving a summons on a debt you owe to Midland Funding, LLC is a serious legal matter. It can lead to a judgment, wage garnishment, a lien against your home, and more. Your best move is to consider hiring a consumer protection lawyer familiar with debt settlement to protect your rights and ensure you aren’t taken advantage and to prevent mistakes during the legal proceedings.
If you decide to work with an attorney with National Legal Center, they’ll review your entire financial situation to develop a plan that is affordable for you and minimizes your legal risks. They may also identify alternate legal strategies to deal with the debt.
Did you know a debt settlement attorney can help even if you’re not facing a lawsuit?
You don’t have to wait until you receive a debt collection summons to begin working on a solution. Working with a lawyer familiar with debt matters can minimize the chances of a debt collection lawsuit happening in the first place.
Contact Information for Midland Funding, LLC
If you have an account that is owned by Midland Funding, LLC, it helps to know how to contact them. To obtain confident contact information, you may want to go to the company’s website, your credit report, or the Better Business Bureau.
Below is the contact information for Midland Funding, LLC as well as Midland Credit Management.
**Important**
At the time of this article’s publication, Midland Funding, LC appears to be directing all inquiries and communication to Midland Credit Management. Be sure to verify payment instructions directly with any debt collection agency before making any payments.
Midland Funding, LLC
Phone: (800)296-2657
Midland Credit Management, Inc.
Correspondence Information
Phone: (877) 653-5193
P.O. Box 939069
San Diego, California 92193
Payment Information
Phone: (877)420-0039
320 East Big Beaver, Suite 300
Troy, Michigan 48083
Dispute and Complaint Information
Phone: (877)420-0039
Attn: Chief Compliance Officer
P.O. Box 939069
San Diego, CA 92193
National Legal Center solves debt. Complete this short form to discover options to deal with a summons from Midland Funding, LLC and any other collections account you may have. Call today and let National Legal help you #standuptodebt once and for all.
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