Posted: Fri Sep 27, 2013 12:27 am
This is almost the opposite of this forum since it involves not debt elimination, but the rehashing of old debt, or non-existent debt. I ran across an article earlier about a company called Midland Funding LLC. Apparently they are a "debt collector". The only problem is they don't necessarily collect valid debts. They buy whole books of debtors names from companies and then go collect on them, whether the debt was previously paid or not.
But of course, as a business owner, Eulberg spends money too. In 2006, he bought two Dell computers for the office for about $1,700.
The debt was paid shortly thereafter, and he didn’t think about it again for six years.
“All of a sudden, there’s this company called Midland Funding saying they bought debt from Dell,” Eulberg said.
Midland Funding bills itself as “one of the nation’s biggest buyers of unpaid debt.” It’s a so-called junk debt collector — trying to get money owed years ago, or in some cases, debt that has already been paid or disposed of — like Eulberg’s computer debt.