Midland is only the servicer not the owner !!

[tmac01]

I recently DV'd Midland Credit Management for two TLs they have and they sent me a letter back verifying everything. I thought I was at the end until I read the letter a little closer and this is what it said. MRC Receivables Corp purchased all rights title and interest to my two TLS which are both Providian Accounts. Midland C.M. INC. is the SERVICER on behalf of MRC Receivables Corp. People I am DVing the wrong people.
1. I am going after MRC Receivables Corp. since they own the TLs ( if I can only get an address on them )
2. I am also going to DV the original OC Providian.

If this doesnt work then what will ?

[codename_fortyseven]

That is surprising. What did they send back exactly?

[Poorboy]

From Nasdaq's company description:

"Encore Capital Group, Inc. (“Encore”) is a systems-driven purchaser and manager of charged-off consumer receivables portfolios. Encore acquires these portfolios at deep discounts from their face values using its proprietary valuation process that is based on the consumer attributes of the underlying accounts. Based upon the ongoing analysis of these accounts, Encore employs a dynamic mix of collection strategies to maximize its return on investment. Encore is a Delaware holding company whose principal assets are its investments in its wholly-owned subsidiaries, Midland Credit Management, Inc. (“Midland Credit”), Midland Funding 98-A Corporation (“98-A”), Midland Receivables 99-1 Corporation (“99-1”), Midland Acquisition Corporation, MRC Receivables Corporation (“MRC”), Midland Funding NCC-1 Corporation (“NCC-1”), and Midland Funding NCC-2 Corporation (“NCC-2”) (collectively referred to herein as the “Company,” “we,” “us,” or “our”). "

In other words, they are all owned by the same parent company a la Sherman companies. The question is, is it legal for them to say that they are not the owner, only the servicer??

[tmac01]

Poorboy,
that is the exact question I am wanting to know. What do you think Codename 47 ? What they sent me was e letter that stated, and I'm sorry because I don't have it with me right now but it pretty much went like this. MRC Receivables Co. purchased your account on (DATE). The owner is ( My Name) with S.S. #( 123-456-789). Midland Credit Management is only the servicer for this account. MRC owns the rights and titles to this account. This has to be a violation !!!

[c m chase]

I think the only way that would be a violation is if they said you can request validation from them because of this. The way they state it in their letters (I have one, too), it just sounds like information.

I dunno.

Unless maybe you could squeeze some §1692e(6) into it?

(6) The false representation or implication that a sale, referral, or other transfer of any interest in a debt shall cause a consumer to -

(A) lose any claim or defense to payment of the debt; or
(B) become subject to any practice prohibited by this title.

:?:

[velvetdesertskye]

I recently DV'd Midland Credit Management for two TLs they have and they sent me a letter back verifying everything. I thought I was at the end until I read the letter a little closer and this is what it said. MRC Receivables Corp purchased all rights title and interest to my two TLS which are both Providian Accounts. Midland C.M. INC. is the SERVICER on behalf of MRC Receivables Corp. People I am DVing the wrong people.
1. I am going after MRC Receivables Corp. since they own the TLs ( if I can only get an address on them )
2. I am also going to DV the original OC Providian.

If this doesnt work then what will ?


I found this on the CA Sec of State Website for MRC Receivables:

MRC RECEIVABLES CORPORATION
Number: C2324777 Date Filed: 12/26/2000 Status: active
Jurisdiction: DELAWARE
Address
8875 AERO DR
SAN DIEGO, CA 92123
Agent for Service of Process
CARL C GREGORY III
8875 AERO DR
SAN DIEGO, CA 92123

:)

[codename_fortyseven]

Understand, you could be a JDB and a CA at the same time. Asset buys old debts and they are assigned to collect current debts. Any idiot with a few grand could buy an old portfolio of debts to make themselves the owners of it, and then farm it out to a CA to collect on it.

It is entirely possible. I was thinking they were saying "we are only the servicer, we don't have to validate"