Midland Funding LLC is one of the largest buyers of outstanding debt. Midland Funding LLC generally buys debt after it has become over 180 days past due. Once a debt goes that long without payment, the original creditor may charge off the debt and sell the account to a debt buyer, such as Midland Funding. If you notice that a debt has been charged off on your credit report, it does not mean that you no longer owe the debt. Generally, that account is sold to a different creditor which will resume collection activity.
After a debt has been sold to a debt collector, you will begin being contacted by the new owner of the debt. This may initially start out with you receiving phone calls and letters from the new collector. If the account remains unpaid, the creditor may file a lawsuit against you for the outstanding debt. Many times, people are served with a lawsuit and do not recognize the name of the plaintiff as one of their creditors. If you have been sued by Midland Funding LLC and do not know who they are, they likely purchased the account on your outstanding debt.
Once you have been sued, you have multiple options available. If you choose to do nothing, or fail to answer the lawsuit, the judge may enter a default judgment in favor of the creditor. Once a judgment has been obtained, the creditor has additional collection avenues available, such as garnishing a bank account or clouding the title on your house. You can choose to respond to the lawsuit by filing an answer with the court. If filed properly and on time, this will prevent the judge from entering a default judgment and will allow the case to be set for trial.
If you have been sued by Midland Funding LLC or any other creditor and are unsure where to turn, contact us today for your free initial consultation.
During your consultation, we will review the petition and answer any questions you may have about the lawsuit. With our experience representing clients in Bankruptcy, we can also advise the benefits of filing Bankruptcy if it makes sense in your particular situation. Whether you choose to fight the lawsuit, negotiate a settlement with your creditors, or file for bankruptcy, we are ready to represent you today.
Midland Funding LLC is often associated with Midland Credit Management (MCM), Encore Capital Group, and Propel Financial Services.