Midland Just Sued Me: What to Do When Sued By a Debt Collector
Midland Credit Management (MCM) and Midland Funding lawsuits can be intimidating and financially devastating. You need a Debt Defense Attorney, Chicago Consumer Law Center, an experienced debt lawsuit defense law firm on your side.
Being sued by a debt collector is an unwelcome experience. However, you do have rights as a consumer and you need to know both how to respond and when you can fight back with the support of a Chicago Illinois debt collection lawyer that focuses on debt-collection lawsuits.
Many people’s first realization that Midland Funding or Midland Credit Management owns their debt is when they’re served with a lawsuit by them. We’ve noticed that in the past 2 years, Midland Credit Management and Midland Funding have both decreased their collection activity and gone straight to a lawsuit, preferring to use the courts to do their collection work for them.
Midland buys the debts for an average of 4 cents on the dollar and then sue for the full amount. That a whopping 2,500% profit to them…from you!! They know that 90% of people won’t show up in court and 8% of people enter into a payment plan (usually with terrible terms), their business model depends on it. 2% of people hire an attorney and most of these attorneys don’t know how to litigate a collection case.
Midland Funding and MCM also report on people’s credit reports to force them to pay. If you spot this on your credit report, don’t wait to take action — some consumers claim that Midland has not legally notified them of the debt in the first place. When you wonder, “Why is Midland Credit on my credit report?” you need the Chicago Consumer Law Center to help you fight back and have a fair chance in court.
What is Midland Credit Management and Midland Funding?
Plenty of consumers might be asking the question, “Is Midland Credit Management or Midland Funding legitimate?” We can assure you, both Midland companies are legitimate. Midland Credit Management is the largest debt collector (a collection agency) in the United States, with approximately 8,000 employees and reported revenue of over $1 billion in 2017. Midland Credit Management is also the largest buyer of debt from major banks, credit unions, and telecommunications companies. You may see them listed on your credit report as “Midland Credit,” “Midland Management,” “Midland Fund,” “Midland Credit Mgmt Inc,” or “MCM Midland Credit Management.”
If you were sued for a debt, it’s natural to investigate your options, especially if you’re headed to Cook County Court against Midland, a formidable opponent. Have you already received a Midland funding lawsuit and court summons? It’s imperative to hire an experienced consumer law attorney to help guide you through the process.
Why Is My Debt Being Sold?
When you open a credit card, take out a loan, line of credit, or even generate a balance somewhere like a doctor’s office or hospital, usually that company will attempt to collect the debt from you in the short term. However, many of these companies have limited collection departments and sell the debts to debt buyers and collection agencies. These collection agencies are much more aggressive in their efforts to get the debt paid because their only purpose is to collect the debts they bought for pennies on the dollar.
Debt collection agencies purchase these debts for pennies on the dollar and then begin a campaign to try to get you to pay it. This can include letters, phone calls, and even behavior that’s illegal and harassing. For example, many consumers don’t realize that a debt collection agency will sometimes sue someone for a debt after the statute of limitations, the time they’re allowed to sue for a debt, has expired. Since the agency stands to make enormous profits if they can even get you, or force you through a lawsuit, to pay, their methods are ruthless.
Debt Collectors also often use threats and claims of legal action to try to get a consumer to pay up or settle the debt, relying on the fact that most consumers might not be aware of their rights and will either ignore the collector or pay the debt just to get the collection efforts to stop.
Debtors have rights, and they can take legal action against debt collection agencies who cross the line, such as those telling you they are with the police department, calling you at work after you’ve asked them to stop, or lying about the amount of money you owe or its current status regarding the statute of limitations.
These are all serious issues that should be handled by a lawyer at the Chicago Consumer Law Center.
Can Midland Credit Management Garnish Wages?
If you’ve been sued by Midland Funding or Midland Credit Management and don’t show up and defend yourself in court, they’ll get what’s called a default judgment against you. That means they win automatically. This default judgment entitles them to take further actions in an effort to collect the debt.
A default judgment gives Midland, or the debt collector that sued you, the ability to garnish your wages, freeze your bank accounts and take money out, and put liens on your property. On top of that, in Illinois, a judgment can last for 27 years and accrue 9% interest annually. So the amount they can collect from you keeps going up and can follow you around for a long time.
Don’t Deal with Midland Credit Management Alone: Hire An Experienced Consumer Law Attorney That Has Never Lost A Case to Midland
Midland Credit Management may contact you multiple times to encourage you to settle with them directly. However, this is not always in your best interests. Midland representatives might try to convince you that this is your only avenue for resolution, but you deserve to know your rights and have a lawyer advise you about your options. Hiring an attorney in Chicago, Illinois to fight back against Midland Credit Management can provide the legal support and experience you need to take on this powerful debt collection agency and increase your chances of winning a lawsuit. The Chicago Consumer Law Center knows how debt collection agencies like Midland Credit Management and Midland Funding operate — and how it feels when a debt or credit dispute threatens you and your family’s future. In fact, we have never lost a case to Midland Credit Management or Midland Funding. We’re here to help you fight back against harassing, inaccurate, or aggressive debt collection efforts from the Midland companies.
Contact Chicago Consumer Law Center, P.C.
Our law firm has a track record of protecting consumer rights and explaining your options to you when a company like Midland Funding or Midland Credit Management (MCM) takes you to court and before they get a default judgment against you. Although the earlier you contact us the better, no matter where you’re at in the process, you deserve to know your rights and what to expect. Give us a call at 312-858-3240 or complete the form on our website to schedule your free strategy session.
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