topic Re: Best Way to Contact Portfolio Recovery for a PFD in Rebuilding Your Credit

Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Mon, 26 Nov 2018 11:54:35 GMT

I dropped a Capital One CC account in 2014 for $300. I had it removed for years and then it arose from the dead three months ago with a balance of $449.

I disputed with CRs and BBB but Portfolio had all the paperwork and mailed me a copy.

The damange is back to a 675 FICO from a 720. I would like to make an offer to settle and have emailed Portfolio twice with no response after ten days. What is the best way to make an offer to settle and how much would you offer?

Re: Best Way to Contact Portfolio Recovery for a PFD

Caardvark — Mon, 26 Nov 2018 13:49:58 GMT

What is the statute of limitations in your state? If you do not know, that would be the first thing to find out. If the SOL has passed, you'll be in a far better position to negotiate an amount less than the full balance (and still get PFD). I recently negotiated a PFD with Portfolio Recovery for 40% of the balance this way.

That said, if the SOL has not passed or you simply want to pay in full, you should be able to call them at 1-800-772-1413 or pay via their website. Their policy is now to PFD so, you should not have to jumpy through any hoops for it to be removed

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Mon, 26 Nov 2018 14:00:12 GMT

I am past SOL.

I have read many threads stating that call them will not get you any kind of an offer to settle as the people at that level don't have permission.

Does anyone know the best way to contact Portfolio Recovery for a PFD?

Re: Best Way to Contact Portfolio Recovery for a PFD

Caardvark — Mon, 26 Nov 2018 15:21:09 GMT

Did you try the number in my last post? That's the number I called. And, again, I negotiated a settlement of 40%. While it is true that the person who answers the phone can't approve the settlement, they are perfectly capable of escalating to someone who can. In my case, I spoke to a rep who then escalated to an "Operations Manager." I negotiated with her but she needed to get approval from her VP which she did while I was on hold.

If you are calling to pay, whether settlement or PIF, they are ABSOLUTELY, POSITIVELY going to figure out a way to get the appropriate person to negotiate.

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Mon, 26 Nov 2018 15:56:28 GMT

I did call after seeing your reply. Other posts said calling was a waste of time.

I offered $150 and the manager got on the phone and said $232 was best they could do.

I asked for them to put a note in my file that I would settle for $150 for one time payment.

He was polite but firm so call ended.

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Mon, 26 Nov 2018 16:10:09 GMT

You are doing more harm than good to your scores by letting that fester, IMHO. If it was me I would pay the $232, knowing that once it is paid they will delete it from my CRs, per their policy. You have to weigh whether the $80 is worth having it off your CRs, or letting it continue to affect your scores. GL.

Re: Best Way to Contact Portfolio Recovery for a PFD

Caardvark — Mon, 26 Nov 2018 16:47:43 GMT

At some point you'll need to decide if the $80 is worth waiting and haggling over. I went through a similar experience when I first called (more $$ though). I stuck to my guns because I have no near-term or medium-term needs for more credit. So, I simply let the rep know I was willing to settle on-the-spot but not budging from my offer. I reiterated the following:

the SOL had passed, therefore they have no recourse
I was prepared to wait it out
$400 was >$0
I'm not hiding, you have my phone number
Give me a call if and when you are prepared to accept my offer
If you are not going to accept, don't waste your and my time by calling again

She went to her VP and came back with an acceptance.

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Mon, 26 Nov 2018 16:59:54 GMT

I am offering almost 50% for a debt that is past SOL and will be five years old shortly.

From what I have read on offer for debt that old I am being generous. So let's see what Portfolio does over the next month with my offer.

Re: Best Way to Contact Portfolio Recovery for a PFD

Caardvark — Mon, 26 Nov 2018 17:01:08 GMT

Additional comments:

No solution will be immediate. When you do eventually pay, it will take 30-45 days before the account is deleted from the CRAs. So, factor that into your thinking on when you may need to pay if you need your score up soon
Now that you've reached out to them, I assume you left a current phone number for you. If so, they should call you again within a couple of weeks because their internal score of you just went up (they score accounts for "likelihood to pay"). the call will be from a low-level rep again but you can go through the same process/explanation you did today and may have better results because they'll see the notes from today in their system
All of that said, I suspect you could get down to $200 but I doubt you'll get much better than $200 unless you are willing to wait 2-3 months.

Re: Best Way to Contact Portfolio Recovery for a PFD

mmmagique — Tue, 27 Nov 2018 14:30:53 GMT

I contacted PRS about 2 weeks ago regarding a few accounts I had totalling around 1200. These accounts show that they are from around 2014, but I suspect that if I checked with the original creditor, they are older than that. I offered them about 500, and they offered me around 750. I was willing to stay on the line and keep negotiating, but I was using my cell phone (something I rarely do) and I think I accidentally muted them, so the conversation ended at that point.

I made a note to call them back about four weeks later and attempt negotiations again. Like another poster above me, I don't have any big transactions coming up, so I'm not in a huge hurry to fix this, but if they would have accepted the 500 for all of the debts, I would have paid it.

Hopefully, I'll see some progress when I call again in a few weeks!

Re: Best Way to Contact Portfolio Recovery for a PFD

Caardvark — Tue, 27 Nov 2018 17:23:04 GMT

@mmmagique

As I mentioned earlier, my sense is that once you've engaged with them, you are more likely to receive future calls from them because they calculate you are more "collectable." And, if and when they do call you, pay attention to the day of the month. In retrospect, my last communication with them was on the last day of the month. Assuming they receive commission/bonus, perhaps they were more willing to bargain due to it being the end of the month.

Just a thought.

Re: Best Way to Contact Portfolio Recovery for a PFD

mmmagique — Tue, 27 Nov 2018 18:00:30 GMT

That makes a lot of sense! Thanks!

Re: Best Way to Contact Portfolio Recovery for a PFD

Rf32222 — Tue, 27 Nov 2018 18:51:44 GMT

Go to there website. You can do everything there. Also after 30 days it will delete. That's the new policy, which you can find in there FAQ section. Mine just deleted from Transunion this morning and my payment was made 33 days ago. Good luck.

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Tue, 27 Nov 2018 18:55:59 GMT

@Rf32222 wrote:
Go to there website. You can do everything there. Also after 30 days it will delete. That's the new policy, which you can find in there FAQ section. Mine just deleted from Transunion this morning and my payment was made 33 days ago. Good luck.

I did not see an option to make an offer on the website on my account page. I think it is something they should add rather than just have an option to pay the full amount.

I emailed two differnet emails with offers getting no response which is why I started this thread.

Re: Best Way to Contact Portfolio Recovery for a PFD

Rf32222 — Tue, 27 Nov 2018 19:06:08 GMT

I did it through chatting on line. I did not pay full amount but settled at 70 %. I have some things coming up soon and just wanted it clear as it was my only collection. Best of luck.

Re: Way to Contact Portfolio Recovery for a PFD

Rf32222 — Tue, 27 Nov 2018 19:06:27 GMT

I did it through chatting on line. I did not pay full amount but settled at 70 %. I have some things coming up soon and just wanted it clear as it was my only collection. Best of luck.

Re: Best Way to Contact Portfolio Recovery for a PFD

mmmagique — Tue, 27 Nov 2018 19:07:07 GMT

@Anonymous wrote:
@Rf32222 wrote:
Go to there website. You can do everything there. Also after 30 days it will delete. That's the new policy, which you can find in there FAQ section. Mine just deleted from Transunion this morning and my payment was made 33 days ago. Good luck.
I did not see an option to make an offer on the website on my account page. I think it is something they should add rather than just have an option to pay the full amount.
I emailed two differnet emails with offers getting no response which is why I started this thread.

I agree. Midland has offers on their page, and you can just choose which one suits you better. I think PRS would get more money (and more quickly!) if they did the same.

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Wed, 02 Jan 2019 03:49:55 GMT

How long did it take pra to delete after payment?

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Wed, 02 Jan 2019 14:31:10 GMT

Not take this off the subject, but in reading this thread I see the acronym PFD used a lot. What does that stand for?

Re: Best Way to Contact Portfolio Recovery for a PFD

Anonymous — Wed, 02 Jan 2019 15:25:44 GMT

@Anonymous wrote:
Not take this off the subject, but in reading this thread I see the acronym PFD used a lot. What does that stand for?

PFD means "pay for delete", meaning that you negotiate a price to pay the bill collector and in exchange for paying that price they delete it from your credit report.