Reply
New Member
Randi1009
Posts: 4
Registered: ‎10-09-2012

Portfolio Recovery

Just wondering if anyone has any suggestions on how to handle this company? They have been harrassing me for years about an old Sears account that was closed in 2000. I know I'm not obligated to pay them for something that old and I'm not sending them money to make them go away. The debt doesn't appear on any of my credit reports, it's too old for them to report but they still pull my credit reports every so often and get my updated info and then I get the letters in the mail, phone calls on my cell phone, phone calls at work. I ignore them and they go away for awhile and then I see they've pulled my credit report again and it starts again. I've been blocking all of their numbers from calling my cell phone (they have so many phone numbers they call from). I hang up on them when they call my work because I'm afraid of talking to them. I don't want to say anything that would restart the clock on the debt. Anyone have any luck making these people go away? I changed my phone number in 2010 because of them and it took them awhile but they have my new cell number now. I hate having them pulling my credit report too.

Valued Contributor
madmann26
Posts: 1,402
Registered: ‎08-30-2012

Re: Portfolio Recovery

These people are the bottom feeders of the JDB gene pool.

 

If it's a 12 year old debt, tell them to go pound sand.

 

/end rant

 

On a more serious note, you can respond to them by way of CMRRR and remind them of the SOL in your state and that if they continue contacting you, that you will be inclined to file a complaint with your local AG, the AG in their state and the FTC.

 

Someone may have a different opinion and probably will but I hate these mofo's.

 

:smileyhappy:


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $1.5k; NFCU Cash Rewards $22K; AMEX BCE $6k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Portfolio Recovery


madmann26 wrote:

On a more serious note, you can respond to them by way of CMRRR and remind them of the SOL in your state and that if they continue contacting you, that you will be inclined to file a complaint with your local AG, the AG in their state and the FTC.



SOL does not stop them from trying to collect on a debt that is valid. They are more than welcome to try to collect on a debt for 50, 100, 1 million years as long as they want and that you are alive.

 

SOL just means they can not sue you and get a judgement against you.

 

IF it was me - I would offer to settle the amount for 5 or 10% just to stop the calls IF I knew it was valid.

 

If it wasn't valid, I would send them a cease and decit for all communications. They will be forced to stop contacting you and will either give up, or will sell the debt to someone else.

 

Again as long as it goes unsettled they can keep calling and sending letters for as long as you live.

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011

Re: Portfolio Recovery

Hello Randi and welcome to the forums.

 

Basically I see 2 ways to deal with your situation with Portfolio and will explain below.

 

1.  Settle the account.  You could settle it for whatever you want.  10%, whatever.  Just don't acknowledge it was actually yours and don't sign any agreements with them.

 

2.  Send them a Cease and Desist letter.  This will stop all contact with you.  The debt will not be satisfied.  They could sell it and another CA could start and you'd have to send them a letter then.  They can't post to your CR if it's past the CRTP.  

 

Those are your 2 choices.  This type of debt is referred to as Zombie debt.  It tends to come up from the ground every now and then.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
Randi1009
Posts: 4
Registered: ‎10-09-2012

Re: Portfolio Recovery

Maybe I will try a cease and desist letter. If it were Sears contacting me for the money, I would pay them but from what I've read online about Portfolio I would never settle with them or pay them a dime to make the phone calls stop. I can deal with the calls to my cell phone because I just block all the numbers they call from, it's the calls to my work that bother me and the fact that they continue to pull my credit report on this old debt.

Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012

Re: Portfolio Recovery


Randi1009 wrote:

Maybe I will try a cease and desist letter. If it were Sears contacting me for the money, I would pay them but from what I've read online about Portfolio I would never settle with them or pay them a dime to make the phone calls stop. I can deal with the calls to my cell phone because I just block all the numbers they call from, it's the calls to my work that bother me and the fact that they continue to pull my credit report on this old debt.


If it bothers you then offer to settle.

 

Offer a low ball amount then you won't have to worry about them giving it to someone esle who will start the whole chain all over again....Thats what i would do at least.

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Portfolio Recovery

+1

FDCPA 805(c) permits a consumer to send a debt collector notice that they are to cease communication with the consumer.

However, calling it a "cease and desist" requirement is a bit overstated. It only applies to communications with you.

It wont prevent their statutory right to pull your credit report in their continued collection activities, and wont bar them from contacting third parties to keep abreast of your current location. 

 

Only a DV can shut down all collection activities on their part, and I presume they sent dunning notice more than 30 days ago, making any DV at this point untimely.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+