Jump to content

Sign in to follow this  
hurdlesnouted

Just got notified my debt is being sold to a collector (More in post)

Recommended Posts

Okay, I have quiet a long story. But first a few things about myself, I am still in college in my last semester currently. This credit line is from PayPal Bill Me Later and they put me in the negative from a random charge back a year ago or so and ever since I was in the negative and had "bad standing" I was NOT allowed to transfer money to my account so I wouldn't be able to pay on that credit line. (I know this really doesn't matter but it's still good to know I feel.) So I just haven't been paying on this debt for about a year plus now. It's at 1.6k. This amount does NOT show up on my credit report at all and has never since I've been delinquent on my account. My student loans show up and my other line of credit that I actually pay off does show up as well. 

 

So the company that now owns my account is Portfolio Recovery Associates. But they haven't reached out to me yet. The only correspondence I have gotten is just Synchrony (old) letting me know that PRA (new) has bought my account. 

What should my next plan of attack be? I know I will at some point have to pay off this debt in some fashion but that will absolutely not be able to happen until I graduate from college next year or have some extra money after my financial aid comes in the fall. 

I'm just looking for some hands on advice, I can supply any info y'all need.

Thank you!

Share this post


Link to post
Share on other sites

Welcome to Creditboards!

We hope that you find what you're looking for here.

Some helpful tips:

  • Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  • If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  • If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  • Off -topic posts should go in the General Forum.

 

Again, welcome to the CreditBoards family!

CB Admin: LKH, Pam, radi8, :angel:breeze:angel: & MarvBear

 

Share this post


Link to post
Share on other sites

Tell them via letter that you intend to exercise the private arbitration clause in the Synchrony agreement. Go to AAA and open a case. It will cost you $200, which you can later get back from PRA when they refuse to arbitrate because of the cost. Read the arbitration pinned topic, and study up onthe  federal Motion to Compel Arbitration. Do this right, and PRA will be paying you, not the other way around.

Share this post


Link to post
Share on other sites
On 7/10/2019 at 5:31 AM, legaleagle2012 said:

Tell them via letter that you intend to exercise the private arbitration clause in the Synchrony agreement. Go to AAA and open a case. It will cost you $200, which you can later get back from PRA when they refuse to arbitrate because of the cost. Read the arbitration pinned topic, and study up onthe  federal Motion to Compel Arbitration. Do this right, and PRA will be paying you, not the other way around.

 They (PRA) still haven't sent me a letter of anything. Should I wait for that to come then proceed with this?

Share this post


Link to post
Share on other sites
9 hours ago, legaleagle2012 said:

Nope. You were notified by the OC, that's all you need. Do it pronto.

Sorry for double replying. Just want to be super sure about all of this. I should send the letter of arbitration you posted in the pin and then wait for a response from PRA. AND then file with AAA? It will take me about a week to have the 200 dollars to file which is why I'm asking. 

Share this post


Link to post
Share on other sites

Actually you don't need the letter, just file the case. When you do, print out a copy and mail it to them. AAA will do the rest. It usually takes 60-90 days for them to close the case for non-payment by PRA.

Share this post


Link to post
Share on other sites
6 hours ago, legaleagle2012 said:

Actually you don't need the letter, just file the case. When you do, print out a copy and mail it to them. AAA will do the rest. It usually takes 60-90 days for them to close the case for non-payment by PRA.

Amazing. Thank you!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      176,873
    • Most Online
      1,528

    Newest Member
    wandasoto
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines