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Portfolio Recovery? Is this legal?

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Regular Contributor

Portfolio Recovery? Is this legal?

Hey guys!

We are 3 years into our Chapter 13 and paid 98% of our debts off. We elected to have our Chapter 13 dismissed because the trustee payments were slowly killing us. We have been dealing with all of our credits coming out of the woodwork and collecting their small balances left over....no big deal as we were prepared financially to do this. HOWEVER Portfolio Recovery has now put 2 old accounts on our credit report which has caused my scores to plummet! How can they do this legally?!! I paid them off immediately and asked if they would delete these items and was told no! Can they do this legally?!
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2 REPLIES
Valued Contributor

Re: Portfolio Recovery? Is this legal?

When you have the BK dismissed its stops all the protection you were getting from the court.

 

Even if you pay the collection they can still report it.

Message 2 of 3
Established Member

Re: Portfolio Recovery? Is this legal?

Additionally, since you've already paid them, you've lost your only bargaining chip to get them to remove (pay to remove). They now have zero incentive to assist you Smiley Sad


@tooleman694
Filed BK 10/2017
Discharged 2/1/18
3/2018 - 638EQ / 582TU / 630EX
Current TLs - NFCU Secured Card / Auto Loan / Student LoanSSSSS (likely getting consolidated)
Message 3 of 3