Remember that a credit report is a history of your financial affairs with your creditors. If something is accurate when placed on your credit report, it can remain on your consumer credit report for 7 years. However, perhaps if you make the payment of the $1400 conditioned upon the collection agency / attorney, or the creditor (whoever reports on this debt) removing the negative notations on your report, well then maybe there is a chance. I am not hopeful that they will remove the notation. Still, it is important to get this matter resolved. Remember too that a settlement on an account for less than the total amount owed can result in a further negative notation on your credit report. Good Luck!
You should hire an attorney to handle this for you. It could be done, but Midland is holding all the cards right now.
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I certainly would. And Midland should be open to it. Another thing i'd ask is for Midland to delete the item from your credit report. They like to report as if you actually borrowed money from them. This is wrong, in my opinion, but they do. So as long as you are paying them, ask for what you want. if you can't get it, fnid a LA lawyer to attack the judgment. There are good consumer lawyers there. And Midland judgments are vulnerable for a lot of reasons.
I agree with attorney Pietrofesa and the others. Midland generates a lot of its revenue from purchasing old debt for pennies on the dollar.
Its likely you can get them to agree to do a lot of things. If they obtained the judgment by default in Louisiana, especially while you're living in Texas, and because they are not the original creditor, they are subject to the limitations of the Fair Debt Collection Practices Act. Under this law, most unsecured credit card debts must be filed in the jurisdiction where you reside. So if you live i Tarrant County, TX they cannot sue you in Louisiana, they must go to Tarrant County and sue you in that county.
Then here's the next problem, because Midland is not the original creditor, they will have a harder time proving that you owe the debt and the amount you owe. This is because most of what they know they learned from someone else, perhaps 2 or three notches above them on the food chain. So it would be hearsay.
In other words, as Mr. Pietrofesa pointed out, there are legitimate defenses which, if Midland has something to fear, they would do anything you want to get what amounts to a mega profit.
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