topic Re: Recent negotiations with Portfolio? in Rebuilding Your Credit

Recent negotiations with Portfolio?

gatorlover — Mon, 31 May 2021 01:05:40 GMT

Hi y'all.

I have one final CA with PRA for $10k. It's from a charged off Barclay's card, with a DOFD ~10/2017.

They've been sending me letters stating that they will not sue me for this debt as it is past the SOL -- not sure how this is the case because I am in CA and the debt was established in WA, but not gonna argue that with them.

Anyway, I have settled two other, smaller ($1500ish) debts with them recently for ~68-71% of the total owed. I am hoping they will come down lower on this one, as the amount is quite large ($10k).

I am wondering if anyone has had experience negotiationg < 65% settlements on large amounts with them recently, and what your experience was? I know this account is still ~3.5 years from dropping from my CRs, so I'm not sure how much leverage I have here, but hoping they'd do better than the smaller debts I settled with them.

Any and all DPs greatly appreciated cheers!

Re: Recent negotiations with Portfolio?

Remedios — Mon, 31 May 2021 04:34:16 GMT

Offer them less than what you're willing to pay and see what they say. It's not like they are going to send you to collections

Once you get an agreement, take it and pay it.

It's sizeable amount, and PRA might end up selling it to some other CA that won't go PFD.

I'd start with 50%

Re: Recent negotiations with Portfolio?

gatorlover — Mon, 31 May 2021 21:30:32 GMT

Yah the nightmare would be my last CA being sold to a collector that doesn't PFD. Which is why I want to get it squared away ASAP.

Would still love to hear any anecdotal DPs if anyone has negotiated a settlement on a similar account with PRA recently

Re: Recent negotiations with Portfolio?

OmarGB9 — Mon, 31 May 2021 22:04:33 GMT

Last month I negotiated a ~$6.7k balance down to $4.7k in one lump sum payment. Had to go over the CSR to a manager and even they didn't want to budge at first from like $5.5k. Took a good 40 minutes on the phone, but was well worth it. It was my last collection and it's gone from all reports now.

Debt was originally ~$9.2k, had been paying $96/month on it for about 2 years until this year I was prequalified for a personal loan with Penfed, so I took it and used it to pay this off. Debt was from 2018, so I still had another 4 years before it fell off on its own.

Re: Recent negotiations with Portfolio?

House2021 — Tue, 01 Jun 2021 05:10:06 GMT

I owed I think a little over $4000 combined on 4 collections with PRA, also in CA, 5 years old, past SOL. The way the settlements worked out, they did a greater discount for the larger amounts over 1k, less on the ones that I owed hundreds on, since I was doing multiple ones, they suggested I speak to a supervisor even though things were going fine, I ended up settling for between 38-39 percent. I think the fact that your amounts are high will work in your favor. I was very very nice but also I was firm on not being able to go up in price even though I could've. I started low, like 25%.

Re: Recent negotiations with Portfolio?

Brian_Earl_Spilner — Tue, 01 Jun 2021 05:18:40 GMT

@gatorlover wrote:
Yah the nightmare would be my last CA being sold to a collector that doesn't PFD. Which is why I want to get it squared away ASAP.

Would still love to hear any anecdotal DPs if anyone has negotiated a settlement on a similar account with PRA recently

They won't sell, they'll sue. They sued me for less than 3k a couple of years ago. I negotiated and settled with a payment plan before it got to court.

Re: Recent negotiations with Portfolio?

gatorlover — Tue, 01 Jun 2021 17:29:28 GMT

Thanks @House2021, that's helpful and great to hear about someone getting < 50% with them. That's my goal -- if I could get 35-40% I'd be happy.

@Brian_Earl_Spilner Thankfully, according to PRA themselves, these debts are past SOL and they won't sue me for them. Says so on every notice they send me as well as when I call to talk to them.

Re: Recent negotiations with Portfolio?

Brian_Earl_Spilner — Tue, 01 Jun 2021 18:30:36 GMT

@gatorlover wrote:
Thanks @House2021, that's helpful and great to hear about someone getting < 50% with them. That's my goal -- if I could get 35-40% I'd be happy.

@Brian_Earl_Spilner Thankfully, according to PRA themselves, these debts are past SOL and they won't sue me for them. Says so on every notice they send me as well as when I call to talk to them.

That's right, you did mention that. I doubt they'll sell regardless