I just settled a case with these guys. This is how it works. Pressler and and Pressler owns a few collection agencies which operate under Midland Funding, LLC and New Century Financial.
They buy old junk debt for pennies on the dollar and then file lawsuits against consumers for the principal to accrued interest. In my case the principal amount was about $3000 and they tacked on an additional $3000 for lawyers fees and interest.
They count on people not answering the judgment and getting a default judgment where they legally have the right to garnish your wages and take over your bank account. You don't want this to happen and need to answer the complaint right away and ask them to provide validity of the debt. Generally they cannot provide this. They need to prove in court that they own the debt. They should have the original credit card contract you signed as well as statements.
My advice is to hire a lawyer to help you with the process if you have some money. These guys know the law and take advantage of people that cannot afford to pay their debts or are in a financial hardship.
I settled mine for a fraction of what they tried to sue me for. Do you self a favor and answer the compliant. Unfortunately they will not go away and a judgment wont either....these guys are scumbags that take advantage of the system. When your credit card account goes into default the credit card company has already written it off. These guy are waiting to grab it and get a judgment. Good luck.
Review about: Pressler And Pressler Debt Collection.
Monetary Loss: $3000.