u/employeeshakedown

Back in 2019-2021, I was making insane money (relative obviously.) Long story short, I racked up what looks to be $20-30k in debt.

I spiraled after losing my job and stopped paying on the four cards between June-August 2024.

This includes three accounts now with Midland Credit Management (MCM), for a total of over $20k. I have a third account with WF charged off but totals like $9-10k. Accounts were with Capitol One (2), Chase (1), and the WF card.

The three MCM accounts report, the WF account shows as charged off.

Finances:

• I am now in a healthier financial situation. I make over $100k now for the last 2+ years, have no debt other than what I'm on the hook for. Cars paid off.
• My partner (not married yet) just started her business and is making $70-80k this year. If all goes well may be 80-100k in the next few years.
• We have a healthy amount saved up for a down payment (over $50k), have family money coming in for that down payment too, but likely targeting an FHA loan in the next 2-3 years once her business income matures and my credit recovers.

Legal:

• WF threatened legal action in 2025 but nothing came of it. No court record of the procedure.
• MCM has threatened legal action a number of times but has yet to begin proceedings. I perhaps naively think this is maybe just too low of them to go after considering legal fees but probably wrong on that.
• (EDIT: on a whim i searched my name on court records. WF did in fact file to sue for collections in court in early 2025 but did not serve me. They have about 6 months until the next hearing to serve me and apparently they get fined if not. Strange it's a two year gap there)

My questions (I'm in California for reference):

1. Should I negotiate with MCM? I'm over 2 years out from no payment. I understand in California they have four years to sue me. Debt should fall off by 2030 if no action is taken.
2. If yes to negotiating, should I use any tactics like referencing the age of debt? Do I threaten to go BK? Should I start negotiations at 20%?
3. When negotiating, is it feasible or advised to negotiate with MCM as a bundle with all three accounts?
4. I have debt validation letters prepared for all three accounts addressed to MCM. I have not sent them. Is it even worth doing so 2+ years later?
5. Any other tips? I have some secured cards with max 10% usage I'm putting toward small recurring bills and paying off every month.

Really appreciate any pointers anyone is able to offer

Back in 2019-2021, I was making insane money (relative obviously.) Long story short, I racked up what looks to be $20-30k in debt.

I spiraled after losing my job and stopped paying on the four cards between June-August 2024.

This includes three accounts now with Midland Credit Management (MCM), for a total of over $20k. I have a third account with WF charged off but totals like $9-10k. Accounts were with Capitol One (2), Chase (1), and the WF card.

The three MCM accounts report, the WF account shows as charged off.

Finances:

• I am now in a healthier financial situation. I make over $100k now for the last 2+ years, have no debt other than what I'm on the hook for. Cars paid off.
• My partner (not married yet) just started her business and is making $70-80k this year. If all goes well may be 80-100k in the next few years.
• We have a healthy amount saved up for a down payment (over $50k), have family money coming in for that down payment too, but likely targeting an FHA loan in the next 2-3 years once her business income matures and my credit recovers.

Legal:

• WF threatened legal action in 2025 but nothing came of it. No court record of the procedure.
• MCM has threatened legal action a number of times but has yet to begin proceedings. I perhaps naively think this is maybe just too low of them to go after considering legal fees but probably wrong on that.
• (EDIT: on a whim i searched my name on court records. WF did in fact file to sue for collections in court in early 2025 but did not serve me. They have about 6 months until the next hearing to serve me and apparently they get fined if not. Strange it's a two year gap there)

My questions (I'm in California for reference):

1. Should I negotiate with MCM? I'm over 2 years out from no payment. I understand in California they have four years to sue me. Debt should fall off by 2030 if no action is taken.
2. If yes to negotiating, should I use any tactics like referencing the age of debt? Do I threaten to go BK? Should I start negotiations at 20%?
3. When negotiating, is it feasible or advised to negotiate with MCM as a bundle with all three accounts?
4. I have debt validation letters prepared for all three accounts addressed to MCM. I have not sent them. Is it even worth doing so 2+ years later?
5. Any other tips? I have some secured cards with max 10% usage I'm putting toward small recurring bills and paying off every month.

Really appreciate any pointers anyone is able to offer