Complaint / Review
MCM - Midland Credit Management, Collecting For Beneficial Or Household
Collecting 1999 Wisconsin Beneficial Loan Now Over $10,000

Please, if there is anyone with information on if MCM (Midland Credit Management) is even licensed to collect debt in Florida that would help. Actually any help is greatly appreciated.

Here are the facts surrounding my situation:

MCM is trying to collect a debt that originated in Wisconsin in 1999.

The debt was originally on a $2000 personal loan with Beneficial in Wisconsin.

MCM recently purchased this account.

I made payments to Beneficial for several years at the amount of $175 per month.

This was what I call a "scam loan" because the balance never ever went down.

In 2005 I moved to Florida. I was not able to keep up the payments and Beneficial charged it off.

Now MCM is stating that I owe over $ 10,000 including interest. Yet they are
willing to settle for $ 6000. I don't know how this can even be possible.

I know I should not have even spoken with them, but I told them I would never pay $ 6000 on a $ 2000 loan for which I made $175 a month payments for a few years!

I am not even sure how they found me because I have an unlisted #. But that is beside the point.

My questions are as follows: If I live in Florida - can MCM try to collect on a debt that originated in Wisconsin? And are they licensed to collect in Florida?

And

Is there a Statute of Limitations on personal loans? Is that SOL from when MCM bought the account? Or from 1999 when I originated it?

I don't know if they will try to sue me or not. Or if they even can due to the above.

What is the best course of action to get them off my back?

I do have some of the original paperwork for the loan, as well as some of the information on my payments - but not all of it.

PLEASE HELP - Thank you all in advance