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Portfolio Recovery Associates

The last post in this topic was posted 3536 days ago. 

 

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Hi everyone. I'm a newbie from PA. I got a letter in the mail today from Portfolio Recovery Associates concerning a credit card debt that is extremely old. It's basically giving me 3 options for paying back a balance of $1,965.47. My issue is this. While I don't know exactly how old the debt is, I recently browsed my credit reports with all 3 bureaus and nothing shows up as a negative. There is nothing referring to this debt or any debt in this amount on my CR. After having researched what I could on Portfolio Recovery Associates, it seems they have a bad reputation for pulling crap like this. I know the SOL for my state (PA) is 4 years and without a doubt I haven't paid them or anyone towards this account within that time. While, moralistically, I would like to pay this off, I don't know if I can trust them. I now know that nothing of this is showing up on my credit report which means that it's at least 7 years old, correct? Also, if I do pay off what they're offering, won't it STILL reappear on my report as a paid off collections? I know it sounds awful to say, but at that point what sense does it make to pay it? I want to do the right thing, but it seems they set it up to get their money AND screw you over as well. What type of letter(s), if any, should I send them? Cease and desist? Validation of debt? Anything else? Just looking for suggestions on how to go about handling this. I just received it in the mail today and haven't heard from or received anything from them prior.

Also,

Ok, so the received correspondence from Portfolio Recovery Associates not so much in the form of a letter, but basically 3 payment options for a very old debt that isn't even showing up on my credit report. I've been researching this and have discovered that they have to tell me that I have 30 days to dispute the validity of the debt. Is this correct as far as anyone knows? There is no verbiage whatsoever about what my rights are concerning this debt and no other letter came with it. It's telling me that "your first payment is due no later than 12/30/2010" and "This letter is from a debt collector and is an attempt to collect a debt. Any information obtained will be used for that purpose." Yet, nothing about my 30 days to dispute OR the assumption of it being a valid debt if I don't respond within 30 days. Does this sound legit to anyone? I know, I know...PRA are vicious and notorious. I'd rather not contact them at all, trust me. I'm just wondering if that can somehow make this worse? I really don't like the wording of this option plan they sent me and don't know if it qualifies as a debt validation notice or not. I really need advice people. How would you handle it? Leave it go or ask for validation of debt? What are the best forms to use for this situation...could someone please suggest??

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Does this letter state who the OC is and if they have purchased this?

 

Do you remember when the last payment was made on this?

SOL needs to be determined if at all possible.

Do you know who the OC might be?

 

Yes they very well could report this as paid collection if you were to just pay them.

However if you don't DV them you run the risk of them reporting it as a collection.

 

By sending the DV you would put them on notice that you want validation.

Once they receive the DV they are required to mark their TL in dispute and cannot continue collection until they do validate.

 

As to their initial contact letter not having the required verbiage: that is a violation and can be brought up in either your initial response to their letter or follow up letters after they attempt validation.

 

How to play this will depend on some variables the most important being the SOL.

 

If you were to pay this *I* would do so only if they would be agreeable to certain terms regarding the reporting and future collection of any remaining balance. Any settlement negotiation is to be IN WRITING and terms signed by both parties BEFORE any money changes hands.

Edited by Niteraven

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Tell them to go pound sand, this debt is beyond the statute of limitations in your state.

 

Oops - just saw niteraven's post. She knows her stuff. :)

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Tell them to go pound sand, this debt is beyond the statute of limitations in your state.

 

Oops - just saw niteraven's post. She knows her stuff. :)

 

 

Thanks breeze :D

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Thanks for the responses people.

 

The correspondence they sent me doesn't really say specifically "original creditor", yet it does mention a group by the name of "Associates Financial Services" which sounds to me like another CA. They don't give any information about that group or the original account # involved. Just the amount of the balance and the group name as given above. And, again, NO mention at all of my 30 day right to dispute the debt.

 

I honestly do not remember the date of last payment, but if it's not showing up on my credit report at all then it's gotta be over 7.5 years since the date of first delinquent payment, correct? That would put it way over the Pennsylvania SOL.

 

I've basically read horrible things about this company and how they basically buy junk debt well beyond the SOL and try to scare people into paying for it. I've also read of people who have tried to negotiate with them and they end up getting screwed over in the end.

 

Anybody else got experience with this agency? Suggestions?

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Send them the FOAD letter. I'm serious. That's the only thing you need to do. Send the letter. If they sue you they cannot win. They can't legally put this on your credit report. If you tell them to go away and leave you alone,they have to do it.

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Looking over the letters, use the two step process developed by Why Chat - this one http://whychat.5u.com/initdispltrsol.html - it is a general dispute letter. If they don't send you anything, or stop trying to collect from you, you don't have to do anything. Since you aren't sure what the debt is, it's good to make them tell you what they think they have.

 

If they do respond, you send the second (FOAD) letter, based on the info they send you.

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