Poked Portfolio Recovery Associates, found out my account is with their Legal Recovery Department...

[RichieRich2]

I went into their chat, I was hoping to use their chat to get presented a low settlement amount on ~$2500.

 

They unfortunately informed me:

 

So now I'm just asking myself what to do.

 

I've been doing nothing, they have been my only derogatory on my report since about 2021.

 

I am reluctant to contact them; given the department they are in, why would they want to cut a deal? They sound like they are ready to do Pressler and Pressler stuff. 

 

Should I continue to just ignore them? I got out of that chat pretty fast, all they have is my name and email...

 

What advice do you all have?

[Flyingifr]

My questions for you:

 

1: Have you moved since 2021? If yes, have you applied for any other credit? Reason: If they don't have your current address it is highly unlikely they will be able to serve you with a summons.

 

2: How long has it been since you last made a payment, any payment, on this account? Reason: All States have a Statute of L:imitations. Most are 6 years but it can go from 3 (like here in PA) to 20. Check the SOL of the State you live in. ANY payment (or in some States even a promise of payment) re-sets the SOL.

 

3: How much are they claiming you owe them? Reason: It costs money to sue. If the costs of collection are higher than the amount owed, it is highly unlikely they will sue. Emails are cheap. Lawyers are not.

 

4: What is your current source of income? If it is solely Social Security, IRA/401K or Pension then it is safe.  Reason: If so, the chances are even a Judgement creditor can not touch it.

 

5: Do you own any assets where ownership is recorded with any Governmental agency, such as Real Estate, Airplanes, Boats, or Cars? If no, see #4 above for the reason.

 

6: There is a BIG difference between between a Law Firm with Lawyers and a "Legal Recovery Department" of a Junk Debt Buyer staffed by Debt Collectors who are anything but Lawyers,  which is what PRA is.