Midland Funding, LLC is a name that might ring a bell if you’ve been receiving relentless calls about an old debt. Understanding who this company is and the kinds of debts they collect can help you deal with them more effectively, should they come calling.
Midland Funding is well-known in the debt-buying industry. They purchase large portfolios of consumer debt from major banks and financial institutions, often for pennies on the dollar. If you’re on one of the lists they acquire, you can expect letters and calls from Midland Credit Management seeking to collect the debt. The types of debt they collect on are generally unsecured, meaning there’s no collateral backing them up. But who exactly do they collect for?
Debts Midland Funding, LLC Collects On
Understanding the type of debt being collected on can help you when negotiating with Midland, disputing a debt claim or defending a debt collection lawsuit. Midland Funding focuses on debt that can typically be categorized as follows:
- Consumer Credit Cards: One of the most common types of debt Midland purchases is from credit card companies.
- Personal Lines of Credit: Loans extended without collateral fall into this category.
- Student Loans: Particularly private student loans that do not have government backing, with or without co-borrowers.
Debts Midland Doesn’t Usually Collect
There likely have been exceptions in the past and every company may shift it’s focus, but Midland Funding, LLC does not generally involve itself with:
- Commercial Debt: Business-related debts are not typically within their realm of collection.
- Mortgage, Auto or Secured Debt: Debts tied to a tangible asset, like a house or a car, usually fall outside of their interest.
- Medical Debt: Unlike other debt collectors, Midland isn’t known for pursuing medical-related debts.
- Government Debt: Debts owed to government agencies are not targeted by Midland Funding.
What to do when Midland Calls
When you get a call from Midland Funding, it’s essential first to verify the debt. Make sure it truly belongs to you- you can dispute debt with MCM if you don’t believe it is valid. You should also make sure the debt isn’t within the statute of limitations for collections. Not sure if your debt is past the statute of limitations?
Wondering if the law limits how Midland Funding can collect on your debt.
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Establishing a plan of action is your next step. If the debt is indeed yours, plan how you will resolve it, whether through a payment plan, a settlement, or another debt resolution method. If you find this task daunting or are uncertain about your next move, consider reaching out to the National Legal Center for guidance on a plan customized to your situation.
If Midland Funding Has Filed A Lawsuit
If you’re on the receiving end of a debt collection lawsuit or have been threatened with one by Midland Funding, take it seriously. Midland Funding is an aggressive player in the debt collection industry, and they often follow through on their threats of legal action. In such cases, it is advisable to speak with a professional. Our law office is well-versed in handling such situations and can form and implement a robust defense strategy or work to negotiate a settlement to resolve the debt.
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Conclusion
In summary, Midland Funding, LLC collects mainly for major credit companies and financial institutions, focusing on consumer debts like credit cards and personal lines of credit. They tend not to collect on commercial debts, mortgages, medical bills, or debts resulting from auto loans and government loans. Knowing what kind of debt Midland collects can prepare you for dealing with collections calls or even lawsuits. Most importantly, having a plan of action and, when appropriate, professional assistance at your side is invaluable in resolving debt in collections. Remember, the correct information and preparation can make all the difference when tackling debt in collections.
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