Portfolio Recovery Associates-Help please!

[Anonymous]

Hi,newbie to the forum. I have an old Citibank account ($7600) that was turned over to Portfolio Rec Assoc last year. I need to resolve this as I am going to be applying for college loans for my son and can't have derogatory marks still active. What percentage of the total is best to try to start negotiating? And does it just go back and forth until they accept? I know it is not recommended to call, would doing correspondence via fax be acceptable as I think letters would take too long to go back and forth? TIA, I'm clueless!

[BeautifulBlueBoy]

Good ol Portfolio.  

Do you know if the debt is collectible?  What are the circumstances of the default?

[bourgogne]

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@Anonymous wrote:
Hi,newbie to the forum. I have an old Citibank account ($7600) that was turned over to Portfolio Rec Assoc last year. I need to resolve this as I am going to be applying for college loans for my son and can't have derogatory marks still active. What percentage of the total is best to try to start negotiating? And does it just go back and forth until they accept? I know it is not recommended to call, would doing correspondence via fax be acceptable as I think letters would take too long to go back and forth? TIA, I'm clueless!

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@Anonymous.  do you have a real 3b credit report and is this collection a result of a charge-off?  if no report go to creditchecktotal.com, get a $1 trial and call them on the spot and cancel.  look @ the report, do you see an entry from both pra and citi?  if so that is called double jeopardy.  if this is true you have 3 seperate issues; being sued for the debt, it will be nearly impossible to get citi to remove the entry and pra in general will not do a pfd.  you are in a tough spot

[RobertEG]

There is nothing improper in both the creditor reporting delinquencies on your account with them, and then adding a collection reporting continued efforts by a third party to collect on the debt.  Both can report and simultaneously appear in your credit report.

Yes, if you make any offer that is for less than the full debt, it is simply a oontract offer that they can choose not to accept.

One form of non-accpetance is to simply not reply to the offer.

Thus, settlement for less can become a protracted process for which you have no control over when or if they will accept.

Is the debt collector already reporting their collection?

[RobertEG]

There is nothing improper in both the creditor reporting delinquencies on your account with them, and then adding a collection reporting continued efforts by a third party to collect on the debt.  Both can report and simultaneously appear in your credit report.

Yes, if you make any offer that is for less than the full debt, it is simply a oontract offer that they can choose not to accept.

One form of non-accpetance is to simply not reply to the offer.

Thus, settlement for less can become a protracted process for which you have no control over when or if they will accept.

Is the debt collector already reporting their collection?