The calls and letters and coming are in at a steady clip now, and you’re close to pulling out your hair. Exactly who is MRS Associates, and what can I do about them? We’ve got answers.
Many of us will find ourselves in an unfavorable financial situation at some point in our lives. Be it a medical bill from healthcare, a personal loan that you couldn’t repay, or a credit card that got out of hand, you found yourself in a pickle.
What is MRS Associates?
If you’re getting calls from MRS, know that it is a debt collector. While it bills itself as an account receivables management company, make no mistake: it’s out to collect repayment.
In fact, MRS Associates is one of the nation’s largest collectors. The privately held company has between 500 and 1,000 employees spread out among three locations.
If you’d like to see what others think about the firm, check out MRS Associates reviews. There’s looking like hearing a diversity of opinions from people who would know.
What Does MRS Associates Do?
The company handles accounts it buys from banks, credit union, retailers, finance companies and auto finance firms. In addition, MRS tracks down past-due student loans.
Here’s What You Can Do When MRS Calls:
Find Out About the Statue of Limitations on Your Debt
If the statute of limitations has run out against your account, you are likely protected from lawsuits. To see what the statute of limitation is on your debt, find out when it became delinquent, or the date of your last payment. No records? See if the original creditor knows what your last payment was. You can also pull your credit report to learn what the original creditor and collectors reported. Check your report for the delinquency date; it may not be accurate.
After that you must discover the statute of limitations in your state for your kind of debt, then calculate whether the state of limitations expired. The statute becomes effective when the balance becomes overdue. To find out if the statute has expired, add 30 days to your most recent payment due date in addition to the number of years in your state’s statute.
What Happens if the Statue of Limitations Expired?
Well, that’d be good news for you, since, as we say, you can’t be sued by a collector. While a collector can seek payment what it can’t do is sue or use any aggressive measure against you. Your task will be to shoot a missive to MRS directing it to immediately cease those annoying phone calls.
What if the Statute of Limitations Has Not Expired?
Okay, so you’ve got more moves to make, the next one being debt validation. Whether you feel like you owe this debt or not, you should take this step if you hear from MRS Associates about it. The fact is that the debt industry can only validate about half of all accounts. And if MRS Associates can’t validate your account, it can’t legally collect.
The rub is that you only have 30 days to get the debt validated, so act with a quickness.
What if MRS Associates Can Validate the Debt?
Well, you still have an option, and that’s to work out a deal with MRS, which has a great deal of latitude in terms of what it can offer. Such offers typically run 40 to 60 cents on the dollar.
How Can I Get it Done?
If it’s not your cup of tea, you don’t just have to handle a settlement on your own. You can hire a legitimate, established relief company to help you. Who is MRS Associates? Now you know. You also know how to deal with them. Don’t let debt collection keep you from the road to a debt-free life.