Start My Answer

How to Settle Debt with Midland Funding

Sarah Edwards | November 09, 2023

Edited by Hannah Locklear

Summary: Settling a debt can help you leave your financial struggles in the past and move on with life. If you’ve been sued by Midland Funding, you can reach a debt settlement agreement at any stage of the debt lawsuit process. Just be sure to follow these three steps: respond to the case with a written Answer, determine how much you can afford to pay and send an offer, and get the settlement agreeement in writing. SoloSettle takes care of the settlement negotiation process for you.

Summary: Settling a debt can help you leave your financial struggles in the past and move on with life. If you’ve been sued by Midland Funding, you can reach a debt settlement agreement at any stage of the debt lawsuit process. Just be sure to follow these three steps: respond to the case with a written Answer, determine how much you can afford to pay and send an offer, and get the settlement agreeement in writing. SoloSettle takes care of the settlement negotiation process for you.

Midland Funding, LLC is one of the nation’s most prominent debt collectors. The company frequently purchases charged-off accounts from creditors like JP Morgan Chase, Synchrony, and Capital One. Creditors typically charge off accounts when the consumer stops making payments for six months or longer.

If your old credit card account is with Midland Funding, you’ll want to take action quickly to avoid a potential debt lawsuit. Midland Funding is known for raising the stakes on debt collection fast, and the company won’t hesitate to file a claim if you fail to respond to its efforts.

How can I stop collection efforts from Midland Funding?

Midland Funding sometimes purchases accounts from creditors but doesn’t have enough information about the debt to validate it.

The first time you receive any written communication from Midland Funding, it will include a statement that indicates you have 30 days to force them to validate the debt. Take advantage of their offer to validate your debt. It’s part of the rights the Consumer Financial Protection Bureau gives you against debt collectors like Midland Funding.

In your request to validate the debt, feel free to ask Midland Funding to confirm and provide any information concerning the debt. You can ask them for the following:

  • A copy of the original loan agreement
  • The license number for Midland Funding in your state
  • The last time you made any transactions on the account
  • A calculation of the obligation you owe, including interest and fees
  • Verification that the debt is not past the statute of limitations in your state
  • Confirmation Midland Funding purchased the debt and now owns your account

You can request a formal debt validation by sending a Debt Validation Letter to Midland Funding.

Send your message promptly and wait for a response. If Midland Funding fails to respond, it should cease all collections activity. If the company continues to contact you without validating the debt, it’s violating FDCPA rules, and you can file a complaint.

Check out the video below to learn more about how a Debt Validation Letter can help you:

What should I do if Midland Funding validates my debt?

If Midland Funding can fully validate your debt, you’ll want to negotiate a payment arrangement with them. If you have some savings you can rely on to pay back the majority of the debt, try to make a settlement agreement with them.

Start your settlement offer low, at 50%-60% of the total value of the debt. Midland Funding will likely have a proposal of its own, so you may go through several negotiation rounds before you can come to an agreement.

Midland Funding will offer you a few options if you don’t have any savings and want to make monthly payments toward your balance. Consider your monthly budget and decide which payment arrangement you can afford. Keep in mind that the longer your repayment lasts, the longer you’ll have to deal with the company.

You can start with an initial monthly payment agreement then work on building your savings to settle the debt with Midland Funding when you have more money. That way, you’ll be able to eliminate the debt faster.

Midland Funding is suing me for an old debt. Can I settle the debt before my court date?

Midland Funding typically doesn’t wait too long to pursue a debt lawsuit once it purchases an account. Company representatives know the statute of limitations is winding down, and the longer they wait, the less time they have to pursue a lawsuit.

If you’re on the unlucky end of a lawsuit from Midland Funding, you’ll want to try to settle with them before your court date.

Keep in mind that debt collectors, like Midland Funding, purchase debts from creditors at an average of 4% the original debt amount. This means that, if they can get you to pay off the full debt, they make a huge profit.

Because of this, there is a good chance Midland Funding will settle for less. Let’s take a look at an example.

Example: Justin is being sued by Midland Funding for a $1,000 debt. He uses SoloSuit to draft and file an Answer into the case to avoid losing by a default judgment. After reviewing his finances, Justin decides he can afford to pay off $800. He uses SoloSettle to send an offer. He starts low with a 50% offer at $500. After a few rounds of negotiations, Midland Funding accepts an offer of $700 (or 70% of the origina debt amount). Justin saves money and gets Midland off his back, and Midland makes a big profit since they purchased the debt for just pennies on the dollar.

You can start the process by filing an Answer to Midland Funding’s Complaint. The company’s Complaint will list the allegations made against you, including the debt you owe and why the company believes it needs a default judgment to further collections against you.

An Answer protects you from a potential default judgment. If you don’t respond to the Complaint, the judge will assume that Midland Funding’s grievances are accurate. By responding with an Answer, you’ll be able to defend yourself in court.

Chances are that you won’t need to go to court if you successfully settle the claim with Midland Funding. However, your Answer serves as backup if your efforts to resolve the situation fail.

Follow these steps to settle a debt with Midland Funding

Debt settlement is a great way to leave your financial struggles in the past and move forward.

Follow these three steps to settle your credit card debt with Midland Funding:

  1. Answer the debt lawsuit against Midland Funding.
  2. Send your first settlement offer to start negotiations.
  3. Get the debt settlement agreement in writing.

Let’s break down each step a little further, or you can watch this video to learn more:

First, respond to your Midland Funding lawsuit.

Filing an Answer into your case will help you avoid a default judgment, giving you time to negotiate a settlement agreement. Once you’ve filed your Answer with the court and Midland Funding, you’re in an excellent position to begin the settlement negotiation process.

Second, get ready to send a settlement offer.

Determine how much you can afford to pay in a lump-sum settlement. At a minimum, you should offer Midland Funding at least 60% of the value of your debt through settlement. If you can’t afford the 60%, list what you can pay and explain your situation in the letter to Midland Funding.

Send the following email to the company, making sure to insert the relevant information concerning your case:

“I, [your full name], am offering you a lump-sum payment of $__________ to settle the case with case number ____________. You can accept or counteroffer. If you accept, respond to this email with only ‘Accept.’ If you want to counteroffer, respond to this email with only ‘Counteroffer: $__________.’ Please do not contact me in any other way than by replying to this email. I’m prepared to litigate this matter and win in court. I’m also prepared to file an FDCPA complaint. This offer expires in 6 days on [MM/DD/YY]. I will pay the agreed amount within 90 days of the settlement date.”

Extending the settlement agreement by 90 days gives you some extra time to build up your savings to pay off your account.

Once you send the letter to Midland Funding, give them a few days to consider your offer. They will likely send a counteroffer, and you may go through several rounds of negotiation before reaching an agreement.

Finally, when you have an agreement that you can fulfill and that Midland Funding accepts, make sure to get the agreement in writing. Typically, Midland Funding will draft the debt settlement agreement document and file it into the court case. Getting everything in writing will protect you if Midland Funding attempts to further its collection actions against you on the same debt.

Sometimes, the prospect of negotiating with a debt collector like Midland Funding can seem intimidating. If you’re not comfortable handling the process yourself, reach out to the professionals for guidance. That way, you won’t have to face the debt collectors alone.

SoloSettle handles the settlement negotiation process for you.

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

Respond with SoloSuit

Get Started

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to answer a summons for debt collection in your state

Here's a list of guides for other states.

All 50 states.

Guides on how to beat every debt collector

Being sued by a different debt collector? Were making guides on how to beat each one.

We have answers

Join our community of over 40,000 people.

You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now are are just look for support, we're here for you.

Get Started

Win against credit card companies

Is your credit card company suing you? Learn how you can beat each one.

Going to Court for Credit Card Debt — Key Tips

How to Negotiate Credit Card Debts

How to Settle a Credit Card Debt Lawsuit — Ultimate Guide

Get answers to these FAQs

Need more info on statutes of limitations? Read our 50-state guide.

Why do debt collectors block their phone numbers?

How long do debt collectors take to respond to debt validation letters?

What are the biggest debt collector companies in the US?

Is Zombie Debt Still a Problem in 2019?

SoloSuit FAQ

If a car is repossessed, do I still owe the debt?

Is Portfolio Recovery Associates Legit?

Is There a Judgment Against Me Without my Knowledge?

Should I File Bankruptcy Before or After a Judgment?

What is a default judgment?— What do I do?

Summoned to Court for Medical Bills — What Do I Do?

What Happens If Someone Sues You and You Have No Money?

What Happens If You Never Answer Debt Collectors?

What Happens When a Debt Is Sold to a Collection Agency

What is a Stipulated Judgment?

What is the Deadline for a Defendants Answer to Avoid a Default Judgment?

Can a Judgement Creditor Take my Car?

Can I Settle a Debt After Being Served?

Can I Stop Wage Garnishment?

Can You Appeal a Default Judgement?

Do I Need a Debt Collection Defense Attorney?

Do I Need a Payday Loans Lawyer?

Do student loans go away after 7 years? — Student Loan Debt Guide

Am I Responsible for My Spouses Medical Debt?

Should I Marry Someone With Debt?

Can a Debt Collector Leave a Voicemail?

How Does Debt Assignment Work?

What Happens If a Defendant Does Not Pay a Judgment?

How Does Debt Assignment Work?

Can You Serve Someone with a Collections Lawsuit at Their Work?

What Is a Warrant in Debt?

How Many Times Can a Judgment be Renewed in Oklahoma?

Can an Eviction Be Reversed?

Does Debt Consolidation Have Risks?

What Happens If You Avoid Getting Served Court Papers?

Does Student Debt Die With You?

Can Debt Collectors Call You at Work in Texas?

How Much Do You Have to Be in Debt to File for Chapter 7?

What Is the Statute of Limitations on Debt in Washington?

How Long Does a Judgment Last?

Can Private Disability Payments Be Garnished?

Can Debt Collectors Call From Local Numbers?

Does the Fair Credit Reporting Act Work in Florida?

The Truth: Should You Never Pay a Debt Collection Agency?

Should You Communicate with a Debt Collector in Writing or by Telephone?

Do I Need a Debt Negotiator?

What Happens After a Motion for Default Is Filed?

Can a Process Server Leave a Summons Taped to My Door?

Learn More With These Additional Resources:

Need help managing your finances? Check out these resources.

How to Make a Debt Validation Letter - The Ultimate Guide

How to Make a Motion to Compel Arbitration Without an Attorney

How to Stop Wage Garnishment — Everything You Need to Know

How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)

Defending Yourself in Court Against a Debt Collector

Tips on you can to file an FDCPA lawsuit against a debt collection agency

Advice on how to answer a summons for debt collection.

Effective strategies for how to get back on track after a debt lawsuit

New Hampshire Statute of Limitations on Debt

Sample Cease and Desist Letter Against Debt Collectors

The Ultimate Guide to Responding to a Debt Collection Lawsuit in Utah

West Virginia Statute of Limitations on Debt

What debt collectors cannot do — FDCPA explained

Defending Yourself in Court Against Debt Collector

How to Liquidate Debt

Arkansas Statute of Limitations on Debt

Youre Drowning in Debt — Heres How to Swim

Help! Im Being Sued by My Debt Collector

How to Make a Motion to Vacate Judgment

How to Answer Summons for Debt Collection in Vermont

North Dakota Statute of Limitations on Debt

ClearPoint Debt Management Review

Indiana Statute of Limitations on Debt

Oregon Eviction Laws - What They Say

CuraDebt Debt Settlement Review

How to Write a Re-Aging Debt Letter

How to Appear in Court by Phone

How to Use the Doctrine of Unclean Hands

Debt Consolidation in Eugene, Oregon

Summoned to Court for Medical Bills? What to Do Next

How to Make a Debt Settlement Agreement

Received a 3-Day Eviction Notice? Heres What to Do

How to Answer a Lawsuit for Debt Collection

Tips for Leaving the Country With Unpaid Credit Card Debt

Kansas Statute of Limitations on Debt Collection

How to File in Small Claims Court in Iowa

How to File a Civil Answer in Kings County Supreme Court

Roseland Associates Debt Consolidation Review

How to Stop a Garnishment

Debt Eraser Review

Do Debt Collectors Ever Give Up?

Can They Garnish Your Wages for Credit Card Debt?

How Often Do Credit Card Companies Sue for Non-Payment?

How Long Does a Judgement Last?

​​How Long Before a Creditor Can Garnish Wages?

How to Beat a Bill Collector in Court

Not sued yet?

Use our Debt Validation Letter.

Out Debt Validation Letter is the best way to respond to a collection letter. Many debt collectors will simply give up after receiving it.

Let's Do It

It only takes 15 minutes.

And 50% of our customers' cases have been dismissed in the past.

"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather

Get Started