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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.
But they're paid and gone. Congrats!
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.
@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
It's a fairly recent debt and I didn't want a 1099, so I paid just under the threshold.
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!
@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
@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!
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?????