topic Re: Portfolio Recovery Associates PFD Success in Rebuilding Your Credit

Portfolio Recovery Associates PFD Success

Anonymous — Mon, 17 Sep 2012 17:40:34 GMT

I've been lurking on this forum for about a month now and finally decided to sign up. I am in the process of trying to rebuild my credit and have been learning as much as I can from everyone's experiences on here. The very first thing I did was send out a PFD letter to Portfolio Recovery Associates for a CO on a HSBC CC that I owed $580 and is 6 years old. I offered to settle for 30% of the $580 owed.

10 days later I receive a letter from "PRA" saying

"PRA" has concluded it's investigation of your dispute and is closing your account. "PRA" filed a Universal Data Form electronically requesting that the three major credit reporting agencies delete PRA's trade line for this account on your credit reports.

Please allow up to 60 days for each of the three major credit reporting agencies to update their records accordingly.

Sincerely

Disputes Department

So THANKS for everyone's input on here, Especially "llecs"

Re: Portfolio Recovery Associates PFD Success

madmann26 — Mon, 17 Sep 2012 17:43:59 GMT

Gratz!!!

Re: Portfolio Recovery Associates PFD Success

Anonymous — Mon, 17 Sep 2012 17:49:46 GMT

Thanks!

My question is why didn't they settle for the 30%? Why did they just decide to close the account?

Re: Portfolio Recovery Associates PFD Success

madmann26 — Mon, 17 Sep 2012 17:55:55 GMT

Is it outside the SOL? Or they sold it to someone else and just didn't tell you?

Re: Portfolio Recovery Associates PFD Success

llecs — Mon, 17 Sep 2012 17:57:07 GMT

@Anonymous wrote:
So THANKS for everyone's input on here, Especially "llecs"

What did I do?! Sounds like you did the work. Congrats!

@Anonymous wrote:
Thanks!

My question is why didn't they settle for the 30%? Why did they just decide to close the account?

Maybe they weren't authorized to collect? Maybe they found a mistake in the balance, legitimacy of the debt, etc., and pre-emptively closed it? I dunno.

Re: Portfolio Recovery Associates PFD Success

Anonymous — Mon, 17 Sep 2012 18:03:50 GMT

Yes it's well past the SOL and I forgot to mention that PRA sent me a letter a week before that offering to settle for certain percentage of the debt and marking it as "paid" so I sent them the PFD letter the following week.

Re: Portfolio Recovery Associates PFD Success

Anonymous — Mon, 17 Sep 2012 18:06:20 GMT

I used a PFD letter that you had in one of your post's.