Portfolio Recovery advice

[Anonymous]

The wife and I are being transferred and need to buy a different house.  I have been told by the bank that we need to use that Portfolio Recovery cannot show a past due balance for them to approve a different VA home loan. We have been paying on these two debts faithfully for the last 2 1/2 years, but they always show the full balance is past due.  One account on is listed on Experian and the other listed on Equifax.  I only have 2 and a half months to get this done.  Any suggestions that you can give would be appreciated, Thanks.

[RobertEG]

Actually, any collection reflects past due debt by definition.

The past due status was reflected by the OC referral for collection. 

I think what they are probably saying is that you cannot have unpaid, delinquent debt.  That is only overcome by satisfying the debt, either by way of a PIF or their agreement to consider the debt satisfied by less than the full debt.

The only way I know of, other than disputing the accuracy of the debt, is to satisfy it.

[Anonymous]

OK Thanks Richard EG for the advice.  Since I'm working with a debt consolidation company, and risk getting booted from the program I will PIF.

[LIGHTNIN]

I would suggest asking the CA to delete. once the balance is paid.

FICO scoring sees a Paid collection the same as an Unpaid collection, no score change.

But if the CA is deleted, you may or may not see a score change, it depends on how old the debt is.

You may want to look at what we call a PFD Letter. The CA wants to be paid and you want a delete.

A win win situation.

Oh , by the way, Welcome to the forums! !