I want to settle with Portfolio Recovery

[bubbalou]

I have a large ($20,000) chargeoff that ended up with Portfolio. It is within the Statute of Limitations, I owe the money, and the original creditor has notified me that they sold the account to Portfolio. My last payment to the OC was in July. I can get the money together to pay if I can get a deal.

 

I want to settle for a percentage of what is owed; have it deleted from my credit report by Portfolio; and get an agreement that they will not sell the remainder of the debt to someone else.

 

The reason for settling is that my employment would be jepardized by a judgement. I need to get this resolved.

 

Because I was paying on the account up until the time it was charged off, I am sure it was not sold for pennies on the dollar. But I have no clue as to how much Portfolio paid for it. Before it was charged off, I had an agreement with the OC to settle for 50% but it fell through. They will not take it back from Portfolio.

 

What kind of settlement can I reasonably expect? Any comments would be appreciated but I would especially like to hear from others who have had similar circumstances with Portfolio. So far, their offers have been for 100% of the amount owed, and they want $4,000 up front and the rest over 12 months.

 

I did DV them. Their response was that they are getting the paperwork from the OC and needed more time. I called the OC to see if they would take it back from Portfolio, and was told no. And, they said they were putting all of my statements together to send to the CA.

 

I can do a 50% settlement in 12 equal payments. Is there any hope? And, where do I start?

[JunkBuyersWorstNightmare]

Before you do anything else, DV them CMRRR. Odds are, they can't validate. So you can settle for $0.

 

Otherwise, there's no percentage in settling with a JDB. A paid collection doesn't improve your credit score one iota over an unpaid one.

 

It simply fertilizes the noxious weed that is a JDB.

[bubbalou]

I did DV them. They said that the OC is sending them the documentation. And, as I said above, I have been in contact with the OC and they verified they are putting the paperwork together for the CA.

 

This is not a JDB in this case. They bought a recent chargeoff with the last payment made in late July. So I am sure they paid more than a few cents on the dollar.

 

I am not planning to settle until they do validate, but assuming they do validate, I want to settle. I know that they sue a lot in my area and I cannot afford to have a judgement against me. I will lose my job.

 

That's why I needed the input.

 

Can anyone give me any help, especially on what I can expect to settle for? And on what terms? Someone here must have dealt with Portfolio on similar circumstances in the past.

[pryan67]

they "say" that the OC is sending data...doubt they will...

 

however...if they DO validate...50% is a decent amount for them (seeing as they DID likely pay pennies on the dollar)

[JunkBuyersWorstNightmare]

I did DV them. They said that the OC is sending them the documentation. And, as I said above, I have been in contact with the OC and they verified they are putting the paperwork together for the CA.

 

This is not a JDB in this case. They bought a recent chargeoff with the last payment made in late July. So I am sure they paid more than a few cents on the dollar.

 

I am not planning to settle until they do validate, but assuming they do validate, I want to settle. I know that they sue a lot in my area and I cannot afford to have a judgement against me. I will lose my job.

 

That's why I needed the input.

 

Can anyone give me any help, especially on what I can expect to settle for? And on what terms? Someone here must have dealt with Portfolio on similar circumstances in the past.

 

 

They buy charged-off debt. They're a JDB. Doesn't matter how new or old said paper is or is not.

[bubbalou]

I know they bought the debt and it was not assigned. But they bought it within days of chargeoff. Just for the sake of argument, lets assume they are a JDB. What would they have paid for something this recent that I had been making payments on right up to the time of chargeoff? And what can I get them to settle for?

 

If I can get a reasonable idea what they might have paid for it, and perhaps get some input from others with a similar experience on a debt that is recent and not old garbage that has been passed around, maybe I can get an idea as to what I can settle for.

 

Like I said, my job depends on it. I cannot take a chance on a lawsuit.

 

So I have one person saying 50% Any other opinions? Or better yet, any actual real life experiences, especially with Portfolio?

 

Thanks. I will log in later. Have to take my son to the doctor.

[bbjdb]

Wonder if OC was MBNA?

[JunkBuyersWorstNightmare]

I know they bought the debt and it was not assigned. But they bought it within days of chargeoff. Just for the sake of argument, lets assume they are a JDB. What would they have paid for something this recent that I had been making payments on right up to the time of chargeoff? And what can I get them to settle for?

 

If I can get a reasonable idea what they might have paid for it, and perhaps get some input from others with a similar experience on a debt that is recent and not old garbage that has been passed around, maybe I can get an idea as to what I can settle for.

 

Like I said, my job depends on it. I cannot take a chance on a lawsuit.

 

So I have one person saying 50% Any other opinions? Or better yet, any actual real life experiences, especially with Portfolio?

 

Thanks. I will log in later. Have to take my son to the doctor.

 

 

Anyone who buys charged-off debt is, by definition, a JDB. They buy distressed merchandise at a substantial discount on the speculation that they can turn right around and sell it back to you for full price, or even much more. It's gambling, pure and simple.

 

In my experience, Portfolio never validates.

 

Why haven't you DVed them yet?

[wvufan788893]

I wouldn't go above 30%. As far as what you can expect, it depends on who you talk to.

 

I wouldn't expect any validation soon forthcoming from them either.

[blackberry74]

A CO of mine was placed with them last year. It's now been about 16 months since I requested DV and so far nothing but 1 other demand for payment. I'm just laying low on this one 'cuz it's well within SOL...but they don't seem inclined to provide any documentation.

Edited November 8, 2006 by blackberry74

[uncg_girl]

I wouldn't go above 30%. As far as what you can expect, it depends on who you talk to.

 

I wouldn't expect any validation soon forthcoming from them either.

 

I too have a medical bill from 2002 that I am interested in settling. It says OC (Dentist) Amount $467 and Balance $597.

 

I am interested in getting rid of the TL completely. I tried a Pre-Hippa with it and it came back verified. I don't have the $597 to PIF w/ the OC. I was hoping that I could try to settle and get a PFD. What do you think. How much should I offer in a settlement. Are there any sample letters around. I just want this gone.

 

Should I also not go above 30%?

 

Thanks

[JunkBuyersWorstNightmare]

A CO of mine was placed with them last year. It's now been about 16 months since I requested DV and so far nothing but 1 other demand for payment. I'm just laying low on this one 'cuz it's well within SOL...but they don't seem inclined to provide any documentation.

 

Don't hold your breath. They never do.

 

If you DVed them within 30 days of first contact, you have them on a violation for that second dun letter.

[blackberry74]

I'm keeping good records, believe me. As long as they don't escalate, neither will I. If they do...well, I'll be prepared.