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Senior Contributor
Posts: 3,448
Registered: ‎11-30-2007
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Experience with Portfolio may help others.....

I got Portfolio to accept a 60% settlement for a current and validated debt. 

 

I set up the payment for April ($1100).  Three days before the ACH date, I contacted them and said, Oh Gee, I only have about $600, can you help me out?  Sure, no problem.  Paid the $600, set up additional for May.  In May I called and went throught the same spiel.  Again, they said no probem.

 

It's July and I finally have them paid to $175 on a 'settlement' that was only good for the month of April.  LOL.

 

 

Moderator
Posts: 13,249
Registered: ‎04-15-2011
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Re: Experience with Portfolio may help others.....

     But they're paid and gone.  Congrats!  



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
Posts: 78
Registered: ‎10-12-2012
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Re: Experience with Portfolio may help others.....

Not that good. Glad its settled but I closed a Portfolio case 4 months ago, $4700 for $1000. about 20%. I would never go higher than 30% with a CA. They paid pennys on the dollar for your account 50% is a huge profit for them. 25% they most likey still make money on.

Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
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Re: Experience with Portfolio may help others.....


dzemboc77 wrote:

Not that good. Glad its settled but I closed a Portfolio case 4 months ago, $4700 for $1000. about 20%. I would never go higher than 30% with a CA. They paid pennys on the dollar for your account 50% is a huge profit for them. 25% they most likey still make money on.


All situations are different. Depends on the age of the debt, the collectability of the debt, how much they paid for the debt. Every debt is different, and PRA aquires all kinds of debt. Assigned debt, purchased debt. You cannot possibly know if that was a good deal or not in OPs situation.

 

Your settlement was great. But your situation is uniquely yours. Glad it worked out for you.

 

But to say "I would never go higher that 30 percent with a CA" is also a YMMV situaiton, because many debt is not sold but assigned and the CA may not have the ability to take lower percentages. 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Senior Contributor
Posts: 3,448
Registered: ‎11-30-2007
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Re: Experience with Portfolio may help others.....

It's a fairly recent debt and I didn't want a 1099, so I paid just under the threshold. 

 

 

Senior Contributor
Posts: 3,448
Registered: ‎11-30-2007
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Re: Experience with Portfolio may help others.....

Plus, they held all the paper....had my signature, copies of everything.  They just didn't have my dh's signature on anything and the bill never came jointly. 

 

Morally, I felt good about it!

Valued Contributor
Posts: 2,660
Registered: ‎04-25-2011
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Re: Experience with Portfolio may help others.....


fishbjc wrote:

Plus, they held all the paper....had my signature, copies of everything.  They just didn't have my dh's signature on anything and the bill never came jointly. 

 

Morally, I felt good about it!


If you felt good about it, it was a good deal. Period! Good job!

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Moderator
Posts: 13,249
Registered: ‎04-15-2011
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Re: Experience with Portfolio may help others.....


rckstrscott wrote:

fishbjc wrote:

Plus, they held all the paper....had my signature, copies of everything.  They just didn't have my dh's signature on anything and the bill never came jointly. 

 

Morally, I felt good about it!


If you felt good about it, it was a good deal. Period! Good job!

 

-scott


Very well put!



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Contributor
Posts: 59
Registered: ‎08-30-2008
0

Re: Experience with Portfolio may help others.....

I am currently dealing with them now. Where you able to get them to delete for the payment? I am really lost about paying them. Not sure if it's going to make my credit better or not?????

Senior Contributor
Posts: 3,448
Registered: ‎11-30-2007
0

Re: Experience with Portfolio may help others.....

I prefer not to be chased for debt that I owe. No matter what your score is, unpaid collections
Look very bad. Even after sol, it may be collectible. I am even paying an uncollectible of $50.

For me, i simply want to avoid phone calls, letters.....i am in a sound financial spot now, so I am paying up.
Just feels good!
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