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Midland, Maryland, and how much they pay for debts


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Quick question, I know Midland has been sued in the state of Maryland. In the major case, does anyone know if they ever disclosed how much they typically pay for debt (ie what the discount is versus the face amount of the debt).


My friend is going to court today, and although Midland has submitted their purchase agreement with Credit One, it says that because his debt was purchased as part of a package, they do not know how much they spent to acquire his specific debt.


I feel that his argument is that if they don't know how much they spent, they have no idea what he actually owes them, so he owes them nothing (or some alternate, lower dollar amount).



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Midland knows exactly how much they pay for the accounts they buy. The problem is extracting the information from the attorneys they hire to represent them. Some don't know and others would rather fall on a sword than divulge that information.


Depending on the amount of the debt, Midland starts out with local rent-a-lawyers that only show up to get a easy default judgment or the defendant fails to present a valid argument.


If the defendant shows up and starts asking for a chain of custody on the debt; questioning the bill of sale and forward flow agreement, the attorney representing Midland may fold and or another attorney may be substituted depending on the amount of the alleged debt.


Phony affidavits and affiants who know nothing about how Midland keeps records are de rigor for junk debt buyers.


The best thing to do is object to every piece of paper the attorney presents as hearsay. Ask for the forward flow agreement that shows what Midland payed for the account . Attack the chain of custody, junk debt buyers cannot prove the link between the original creditor and them.


For a quick primer see 'How to Defend Debt Buyer Lawsuits' by Peter A. Holland.

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