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Midland Collecting for ArtVan

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Of course right before I get approved for a new home loan here comes Midland putting a collection on my report.  Its like they have spidey sense....
Anyway, MCM is collecting $3938.25 on a $5307.99 Orig. Balance.  I was paying Atlantic Credit bi-weekly until I had fraud on my debit card and needed to cancel it and re-issue a new card number.  I kept forgetting to contact them back.... I  know I screwed that up.  So now I owe $3.9k and wanted to do a PFD with them.  Im in Michigan and from what I can tell on my reports last payment was 6/2015.  They havent sued yet, so I'm trying to avoid that.  
Anyone had any success with MCM in PFD?  If so, what percentage?

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7 hours ago, msfdisk said:

Of course right before I get approved for a new home loan here comes Midland putting a collection on my report.  Its like they have spidey sense....
Anyway, MCM is collecting $3938.25 on a $5307.99 Orig. Balance.  I was paying Atlantic Credit bi-weekly until I had fraud on my debit card and needed to cancel it and re-issue a new card number.  I kept forgetting to contact them back.... I  know I screwed that up.  So now I owe $3.9k and wanted to do a PFD with them.  Im in Michigan and from what I can tell on my reports last payment was 6/2015.  They havent sued yet, so I'm trying to avoid that.  
Anyone had any success with MCM in PFD?  If so, what percentage?

 

Midland has a policy in place where if you pay or settle with them, they will delete their tradeline. No need to PDF with them.

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2 hours ago, legaleagle2012 said:

Who was the original lender? What type of debt?

Original Lender was ArtVan.

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17 hours ago, dvd said:

 

Midland has a policy in place where if you pay or settle with them, they will delete their tradeline. No need to PDF with them.

Do they entertain settlement offers then?

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Posted (edited)
5 hours ago, msfdisk said:

Do they entertain settlement offers then?

You can negotiate a settlement with Midland. 

Note: The removal of tradeline after settlement with Midland is only removing Midland's collection, not the original creditor, ArtVan.

Edited by dvd

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1 hour ago, dvd said:

You can negotiate a settlement with Midland. 

Note: The removal of tradeline after settlement with Midland is only removing Midland's collection, not the original creditor, ArtVan.

Should I start out at 25%?

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On 5/29/2019 at 12:12 PM, msfdisk said:

Should I start out at 25%?

 

I'm hoping others, with more experience than I, can chime in on negotiation advice.
 

One thing to note is that I think you are within your states SOL, so you don't have a lot of room to negotiate. Also, are you able to settle for more than 25%?

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20 minutes ago, dvd said:

 

I'm hoping others, with more experience than I, can chime in on negotiation advice.
 

One thing to note is that I think you are within your states SOL, so you don't have a lot of room to negotiate. Also, are you able to settle for more than 25%?

Yes I am within SOL.  and Yes I can settle for more than 25%, I just wanted a negotiating starting point.

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The Artvan card is issued by Synchrony, which has private arbitration. Open a case with whatever forum it names. (AAA or JAMS) Midland has to pay initial startup fees of $4700-$5000, which 99% of the time they refuse to do. You pay either $200 (AAA) or $250 (JAMS) and that is all you pay. They pay the rest of the arb fees, which runs $1500 per day. It is not financially worth it for them to arbitrate small amounts.  It usually takes 30-60 days for the forum to close the case; then you can have some fun with Midland which usually results in cancellation of the debt and some go away money for you.

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6 hours ago, legaleagle2012 said:

The Artvan card is issued by Synchrony, which has private arbitration. Open a case with whatever forum it names. (AAA or JAMS) Midland has to pay initial startup fees of $4700-$5000, which 99% of the time they refuse to do. You pay either $200 (AAA) or $250 (JAMS) and that is all you pay. They pay the rest of the arb fees, which runs $1500 per day. It is not financially worth it for them to arbitrate small amounts.  It usually takes 30-60 days for the forum to close the case; then you can have some fun with Midland which usually results in cancellation of the debt and some go away money for you.

What is AAA or JAMS?
Open a case?  What type of case?

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On 6/1/2019 at 7:31 AM, legaleagle2012 said:

Read the credit card agreement, then read the pinned topic on arbitration.

I do not  have a copy of the CC agreement. 
I only have a copy of what the CA sent.

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On 6/1/2019 at 7:31 AM, legaleagle2012 said:

Read the credit card agreement, then read the pinned topic on arbitration.

I did however find a CC Agreement for Art Van and SYNCHRONY BANK:

Governing Law for Arbitration This Arbitration section of your Agreement is governed by the Federal Arbitration Act (FAA). Utah law shall apply to the extent state law is relevant under the FAA. The arbitrator’s decision will be final and binding, except for any appeal right under the FAA. Any court with jurisdiction may enter judgment upon the arbitrator’s award.

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There is more than that in the agreement. Both AAA and JAMS are on line and one of them, if not both, will be named in the agreement. Pick one, go to their site, and open a case. Takes about ten minutes.

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On 6/5/2019 at 6:45 AM, legaleagle2012 said:

There is more than that in the agreement. Both AAA and JAMS are on line and one of them, if not both, will be named in the agreement. Pick one, go to their site, and open a case. Takes about ten minutes.

Of course I get a letter in the mail today dated 5/24 stating I have until 6/18 to respond or they will file with an attorney.

I found: https://www.jamsadr.com/about/submit-a-case
And I would have to mail in an arb form.  Is this accurate?

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Yes. JAMS will notify the other party. I would suggest printing out a couple of extra copies and send them one just to be on the safe side. There's a 98% chance they will not arbitrate, then you can threaten to take them to federal court. Usually that's when they pay you to leave them alone.

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1 hour ago, legaleagle2012 said:

Yes. JAMS will notify the other party. I would suggest printing out a couple of extra copies and send them one just to be on the safe side. There's a 98% chance they will not arbitrate, then you can threaten to take them to federal court. Usually that's when they pay you to leave them alone.

SWEET THANKS !!!

If they dont arb. do they remove from CR?

Will this work for other accounts that are charged off?  Amazon and BofA.  Neither are in active collection, however.

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CR is a separate issue. "A friend of  mine" did this to Midland; they do NOT want to have to got to federal court and explain to a judge why they refuse to honor their own contract. When they make you an offer to leave them alone, make CR deletion a condition since they refuse to prove the debt is owed to them. 3-4K is about right for go-away money.

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On 6/14/2019 at 6:52 AM, legaleagle2012 said:

CR is a separate issue. "A friend of  mine" did this to Midland; they do NOT want to have to got to federal court and explain to a judge why they refuse to honor their own contract. When they make you an offer to leave them alone, make CR deletion a condition since they refuse to prove the debt is owed to them. 3-4K is about right for go-away money.

They did provide a  copy of my last Art Van Statement.  I also called Art Van and they said Midland is collecting for them.

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Check your CR, Midland is a debt buyer, not a collection agency. This will not work with BofA, they do not have arbitration, they removed it in 2010. Just read the agreement for whoever you have after you.

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