cancel
Showing results for 
Search instead for 
Did you mean: 

Portfolio Recovery DV

tag
lee09
Established Member

Portfolio Recovery DV

I have received a letter from Portfolio Recovery for a credit card from Capital One that was charged off. I am wondering if I should send a DV to them. I do plan on paying it but don't have the money to pay at this time. Should I just wait and contact them once I am able to pay? It is not quite past the SOL for my state.

Message 1 of 4
3 REPLIES 3
mnosal9
Regular Contributor

Re: Portfolio Recovery DV

if you contact them they will want a payment within the month that or otherwise they want something down then you can spread out the payments throughtout the year depending how much you owe, they want something down by the end of the month though.

Starting: 6/2012 : EX: 485(FAKO) EQ: 490(FICO) Trans: 482(FAKO)
Current : 4/2014: EX: 650(FICO) EQ: 664 (FICO) Trans: 681 (FICO)

Cards: NPSL Amex Green (AU), $11500 Discover IT, $4000 Quicksilver One, $3500 Bank of America Travel Rewards,$3000 Amex BCE,$3000 Quicksilver One, $3000 AA, $2500 Sallie Mae MC, $5000 Citibank AA, $1500 Barclay, $1200 Macys
~Back to the Garden~

Goal Score: 700 Across!

Gardening til 8/2014!!
Message 2 of 4
RobertEG
Legendary Contributor

Re: Portfolio Recovery DV

If you send your DV within 30 days of their collection (dunning) notice, you will impose a cease collection bar on them until such time as they provide the requested debt verification.  I presume they have already reported their collection, so a DV at this time would not affect their prior reporting.

 

If you either want their statement of debt verification or want them to cease collection activiities until they verify, then send a DV. 

A DV might result in review of their next step that  otherwise may have remainded dormant, such as initiating legal action, so it has potential drawbacks.

Additionally, if they choose not to respond to your DV, and simply defer further collection activity, the continued cease collection bar will also preclude any PFD negotiations should you later decide to offer payment and they have not yet verified.

 

What is your primary purpose for sending a DV?

Message 3 of 4
lee09
Established Member

Re: Portfolio Recovery DV

Well I just thought that was the first thing I should do since some have had luck with creditors not validating.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.