The bank or credit card company that you borrowed from decided they no longer wanted to try to collect the debt. They made a lawful and legitimate business decision to have us "take over" your debt. The contractual agreement you had with your original lender has been transferred to us. Mjollnir Group Inc. is legally the company to whom you owe the money.
According to the law, you certainly can send MGI a Cease and Desist letter. At that point, MGI will instruct its agent to cease communications to you. However, that Cease and Desist letter does not affect a person's legal or moral obligation to pay the debt. If the debt is legally owed, MGI may, under certain circumstances, have its agent file a lawsuit against you.
Take the advice of the Federal Trade Commission (FTC): "If a debt collector files a lawsuit against you to collect a debt, respond to the lawsuit, either personally or through your lawyer, by the date specified in the court papers to preserve your rights."
The 1099-C is sent to you because the IRS requires that they be issued under the circumstances prescribed in their regulations. We have no other reason to send them except that we are compelled by law to do so. If anything, issuing 1099-Cs is an added financial and administrative burden on us, which we must undertake in order to comply with federal regulations.
IRS regulations mandate that debt buyers issue 1099-C's on debt that meets certain conditions outlined in the regulations. These regulations are at 26 C.F.R., Sections 6050P-1 and 6050P-2.
MGI uses attorneys and collection agencies around the USA and UK to collect its debt. These are professionals that understand the rules and regulations of collections and litigation. MGI does not contact consumers to collect.
First do not give out any payment information until the loan is verified. Many unscrupulous criminals are attempting to collect on non-existent accounts. These calls are being placed from overseas and there will be no way to retrieve your funds once taken.
You can use mgibot.com to locate which agency has your account. This will eliminate the possibility of paying the wrong agent.
MGI is here to help solve your account problems.
Please fill out the form to resolve an issue with your account
To locate your account please visit mgibot.com for your account information.
We have compiled a small list of sites to help you on your journey
* "Please understand that this is a communication from a debt collector. This is an attempt to collect a debt. Any information obtained will be used for that purpose."