topic Re: Paying judgment - Question about Portfolio in Rebuilding Your Credit

Paying judgment - Question about Portfolio

sharriel — Wed, 18 Sep 2013 13:37:25 GMT

Portfolio brought a judgment against me from an old Amex card. It was originally $1000 but after interest, it jumped to $2400. I got the attorney to agree to $1200 to satisfy this. I have been paying monthly and have about $950 left to pay.

My first question is this...it is showing as a judgment with a $1738 balance. Was it ok for them to tell me that it was up to $2400 even though the judgment only shows $1738?

My second question is this...Portfolio is still showing up on my CR and updating it everytime I make a payment but not lowering the amount...and they are showing as a factoring company. I'm so confused!

PORTFOLIO RECOVERY ASSOC

Account Number: Status: COLLECTION ACCOUNT

Account Owner: Individual Account.

High Credit: $1,739

Type of Account : Open

Credit Limit:

Term Duration: T

erms Frequency:

Date Opened: 05/26/2009

Balance: $1,707

Date Reported: 09/11/2013

Amount Past Due: $1,707

Date of Last Payment: 08/2013

Actual Payment Amount: $150

Scheduled Payment Amount:

Date of Last Activity: N/A

Date Major Delinquency First Reported: 08/2009

Months Reviewed: 45

Creditor Classification:

Activity Designator: N/A

Charge Off Amount:

Deferred Payment Start Date: Balloon Payment Amount:

Balloon Payment Date:

Date Closed:

Type of Loan: Factoring Company Account (debt buyer)

Date of First Delinquency: 03/2007

Re: Paying judgment - Question about Portfolio

Anonymous — Wed, 18 Sep 2013 14:35:00 GMT

They are probably still adding interest even as they take payments so the balance will not go down quickly.

Being a factoring company is not a big deal.

Re: Paying judgment - Question about Portfolio

sharriel — Wed, 18 Sep 2013 14:36:15 GMT

But once I pay the $1200 judgment and the attorney says it is satisfied, will Portfolio also say it is satisfied??

Re: Paying judgment - Question about Portfolio

Anonymous — Wed, 18 Sep 2013 14:47:07 GMT

Not if they continued to add interest. You may satisfy the judgment but they are allowed to add interest to that and you could end up still owing.

I would get an itemization of the debt.

Re: Paying judgment - Question about Portfolio

sharriel — Wed, 18 Sep 2013 14:57:03 GMT

That confuses me! Could you explain in Kindergarten terms?

It is set to fall off next year from Portfolio but the judgment was just put against me in 2010

Re: Paying judgment - Question about Portfolio

sharriel — Wed, 18 Sep 2013 15:06:58 GMT

OK, I read it again and it makes more sense. You are saying that they can continue to add interest but why haven't they been raising the High Credit of $1739 (which is the same as the judgment amount) SHouldn't I have been notified in some way of this interest?

Re: Paying judgment - Question about Portfolio

Anonymous — Wed, 18 Sep 2013 15:10:00 GMT

I've seen it go both ways. The interest will be added to the TL or they wait till you think it is paid and say, oh, you still owe us fees and interest.

That's why I suggest getting an itemization of the debt. It will show any interest, fees and payments.

Re: Paying judgment - Question about Portfolio

tonyjones — Tue, 24 Sep 2013 03:08:14 GMT

Never go on any payment plan, settle for like 25%, one time payment.

Re: Paying judgment - Question about Portfolio

sharriel — Fri, 27 Sep 2013 12:54:53 GMT

I had to do the payment plan. It was a judgment and I was lucky that they would take 50%. Half way paid now

Re: Paying judgment - Question about Portfolio

madmann26 — Sun, 29 Sep 2013 12:00:42 GMT

How in the hell can they purchase a judgement?

Re: Paying judgment - Question about Portfolio

Anonymous — Sun, 29 Sep 2013 12:13:35 GMT

A judgment is like any other debt. They get sent out to collections and then sold to another CA, etc.