Portfolio Recovery Question

[Anonymous]

I'm in the latest steps of rebuilding my credit and now it looks like my Capital One CO has sold to Portfolio Recovery. I recieved the letter about two weeks ago and I checked the website where it gives me the option of payment plans which in my situation is my only option. If I set up a 6 month plan of paying off this debt, will it still report on my credit? It's of course not reflected on my report yet but i'm afraid by not paying in full I give them the chance to report on my credit therefore bringing my score down all over again.

[Anonymous]

What's your SOL?  Also what state are you in?  As of right now, if it it is not listed on your credit report, then it's best to contact directly and request to have it in writing that you are willing to accept their six months payment option only with a condition that it will not be reported to any credit reporting agency.  I think, logically, that they would agree to it since it has not been posted so they're not violating any of the CRA rules, plus they're getting paid.  

I currently have a collection with PRA too, but mine is out of the SOL so my approach in dealing with them is different.

Good luck!  

[Anonymous]

I believe that the statue of limitations in my state is five years? I'm located in Arkansas. I'll definitely give them a call after work to see if setting up a payment plan will offset reporting.

[Adkins]

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@Anonymous wrote:
I believe that the statue of limitations in my state is five years? I'm located in Arkansas. I'll definitely give them a call after work to see if setting up a payment plan will offset reporting.

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Ask for this in writing, before you send them any money. 

[RobertEG]

If they have offered a payment plan that you are willing to agree to, you can first counter-offer your agreement if they additionally accept your term that they not report their collection to any CRA as long as you continue to make any payments under the terms of your agreement.

[Anonymous]

I'll make sure to do that.

[Anonymous]

I did not know that counter-offering is even an option! I've heard how bad this CRA can be and I really don't want this on my report so I'm a bit stressed over this. I checked my account online and there are payment options ranging from a 1-time payment to payments that spread out over 12 months. When you say counter offer you mean offer to pay less than what's owed, right? If I pay less wouldn't that result in them reporting that I settled and then this account will somehow end up on my credit report?