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Portfolio Recovery responded to my letter with account statements, time to pay?


jessarox
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I wrote a letter to Portfolio Recovery way back in December telling them that I did not recognize the debt and wanted proof that it was actually mine and that they had the authority to collect on it if it was. A few days ago, they finally responded with 2 credit card statements including one showing a payment made in mid-2011. It showed my address at that time.

 

Is this enough proof that I need to go ahead and work out a payment arrangement? The debt is just under $600. I was thinking about offering $300. FWIW, they also sent a letter a few days after that offering a settlement of $409 if I paid in full.

 

Any thoughts or suggestions on what to do now? This is the last unpaid debt showing on my credit report aside from a collection that went to court and I settled for $2400 (balance was $3300) and am paying $100/month until it's paid off.

 

I know that paying off these debts won't help my scores but they should fall off in about 2 years so I will get a fresh start then.

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for her other post she believes the SOL is 6 years.

 

however, OP should read the borrowing statute topic in the State Law Forum to see if her state has one.

 

 

borrowing statutes - where the State uses the Choice of law of the card agreement or the home state of the lender if it's shorter.

 

example - NY SOL is 6 years. but for accounts where the lender is incorporated in DE or VA, NY applies that State SOL which is 3 years.

 

Cailfornia, PA, Florida all have borrowing statutes

 

Some states like OK, have borrowing statutes that use the lenders if it's longer too. so OK is 5 years, but if it's a debt from Ohio, they would use 6

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What's the statute of limitations in your state? Will they offer a Pay for Deletion on that $409?

 

To everyone else, how long do they have to respond to that letter? Isn't it too late?

 

I live in Indiana and I believe that the SOL is 6 years. I may be wrong, though. Also, I am fairly certain that they will NOT do a pay for delete even if I paid the whole thing. I've read tons of information about PRA and I've seen exactly one PFD.

 

That was not my first communication with PRA, just the most recent one. I don't know if that makes a difference.

Edited by jessarox
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for her other post she believes the SOL is 6 years.

 

however, OP should read the borrowing statute topic in the State Law Forum to see if her state has one.

 

 

borrowing statutes - where the State uses the Choice of law of the card agreement or the home state of the lender if it's shorter.

 

example - NY SOL is 6 years. but for accounts where the lender is incorporated in DE or VA, NY applies that State SOL which is 3 years.

 

Cailfornia, PA, Florida all have borrowing statutes

 

Some states like OK, have borrowing statutes that use the lenders if it's longer too. so OK is 5 years, but if it's a debt from Ohio, they would use 6

Thanks for the info! I looked it over and don't see a borrowing statute for Indiana that applies to me. I've lived here my whole life. :\

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You might have to wait it out then. Unless you are getting intent to sue letters in the mail... I doubt they will do a PFD...... even with a PIF.

 

They did send a letter that suggested they were going to sue but I doubt they are (isn't that what they got in trouble for last year?)...

 

So just keep stalling then? I mean, even if it gets to the SOL, it will stay on my credit report for another year after that, right? Would it be advantageous to wait until after the SOL runs out, point out that it's past SOL, and try to get a PFD then?

 

Like say "I know this debt is past the statute of limitations but I would like to make amends. If I pay 50%, would you remove from my credit report?" At that point, it's worth a shot, right?

 

Or would I be able to dispute with CRAs directly and get it removed that way?

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