Midlands Collection Agency, also known as Midland Credit Management is a major collection agency in the US, and is based in San Diego, CA. This article looks at Midlands Collection Agency, their role in debt recovery, and what to expect should you happen to be contacted by them.
With bases in Phoenix, AZ and St. Cloud, MN, as well as their headquarters in San Diego, Midlands Collection agency is of considerable size and stature to command respect within the industry. They operate by purchasing delinquent accounts from creditors, then perusing the debt from the person that owes it through methods such as mail, phone and legal action.
When you take out a credit card, personal loan or other credit product, you are agreeing to the terms and conditions of the bank, credit card company or whoever else is extending you the line of credit. These terms and conditions will require that you meet your minimum or set monthly payment, on or before its due date. If you fail to do this you will almost certainly receive telephone calls and letters from the credit company asking you to rectify your account, and you will also receive a black mark on your credit report. If you fail to rectify your account, or continue to fail to meet your repayments, the credit company may eventually write-off the debt and suspend or close your account.
Once the debt becomes written off it is not forgotten about. In the vast majority of cases the credit company will then sell it on to a credit management company - such as Midlands Collection Agency. The collections agency will usually only pay a small amount for the debt, perhaps a few cents for every dollar that you owe.
Once they have purchased the debt, Midlands Collection Agency will then contact you by telephone and/or mail, attempting to come to a settlement with you over the amount. Bear in mind that by this point the original debt will have been swelled by an array of late payment fees, interest and over-limit charges, and can be considerably more than you expected.
If you receive contact from Midlands Collection Agency, it is recommended that you attempt to come to an agreement over the debt. Not paying it will see your already damaged credit score decrease even further, as well as putting you at risk of being taken to court and having a court judgment made against your name.
On the flip side, do not over-stretch yourself and get yourself into further financial problems. A good starting point is to offer 40% of the original debt, and negotiate from there. Perhaps offer to set up a monthly payment plan, or show some commitment by paying a lump sum. Keep written records of all correspondence, should you require it at a later date.
Whatever arrangement you come to with Midlands Collection Agency, make sure that the debt will be removed from your credit report, or at the very least changed to a paid debt. An unpaid debt left on your credit history will have a hugely adverse affect on your future credit applications, and could stop you being accepted for a mortgage, loan or credit card for up to seven years.
With bases in Phoenix, AZ and St. Cloud, MN, as well as their headquarters in San Diego, Midlands Collection agency is of considerable size and stature to command respect within the industry. They operate by purchasing delinquent accounts from creditors, then perusing the debt from the person that owes it through methods such as mail, phone and legal action.
When you take out a credit card, personal loan or other credit product, you are agreeing to the terms and conditions of the bank, credit card company or whoever else is extending you the line of credit. These terms and conditions will require that you meet your minimum or set monthly payment, on or before its due date. If you fail to do this you will almost certainly receive telephone calls and letters from the credit company asking you to rectify your account, and you will also receive a black mark on your credit report. If you fail to rectify your account, or continue to fail to meet your repayments, the credit company may eventually write-off the debt and suspend or close your account.
Once the debt becomes written off it is not forgotten about. In the vast majority of cases the credit company will then sell it on to a credit management company - such as Midlands Collection Agency. The collections agency will usually only pay a small amount for the debt, perhaps a few cents for every dollar that you owe.
Once they have purchased the debt, Midlands Collection Agency will then contact you by telephone and/or mail, attempting to come to a settlement with you over the amount. Bear in mind that by this point the original debt will have been swelled by an array of late payment fees, interest and over-limit charges, and can be considerably more than you expected.
If you receive contact from Midlands Collection Agency, it is recommended that you attempt to come to an agreement over the debt. Not paying it will see your already damaged credit score decrease even further, as well as putting you at risk of being taken to court and having a court judgment made against your name.
On the flip side, do not over-stretch yourself and get yourself into further financial problems. A good starting point is to offer 40% of the original debt, and negotiate from there. Perhaps offer to set up a monthly payment plan, or show some commitment by paying a lump sum. Keep written records of all correspondence, should you require it at a later date.
Whatever arrangement you come to with Midlands Collection Agency, make sure that the debt will be removed from your credit report, or at the very least changed to a paid debt. An unpaid debt left on your credit history will have a hugely adverse affect on your future credit applications, and could stop you being accepted for a mortgage, loan or credit card for up to seven years.