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Getting Rid of Baddies

XtraCredit
Established Contributor

Getting Rid of Baddies

I have two collections. One is with the dreaded Portfolio Recovery and the other is from a Verizon bill.
Neither of them is 100% correct. The Portfolio account is for the wrong amount (like double what it should be) and the Verizon is because I closed my account when a $100 rebate did not go through as it was supposed to after months of getting the run around. The rebate was valid according to Verizon but I kept getting the runaround on my bill for months and closed it.
Anyway, looking at my options, I'm currently disputing both but if they are not gone by the middle of next month then I will most likely try to PFD as they clearly hurt me more than it hurts them being on my reports.
My question is, if it comes to PFD, how low are they willing go? And what is the best way to go about initiating it?

Thanks all!
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 1 of 8
7 REPLIES 7
tparks5961
Regular Contributor

Re: Getting Rid of Baddies

I can say with 100% certainty, if you pay Portfolio recovery, they will automatically delete the collection.

 

It may take 30-45 days, but it will come off.

 

If the amount is small, it would be worth it just to pay it and be done with it. They had a company wide policy change 2 months or so ago which will remove them once paid.. This practice isn't really good in the eyes of the CRA's, so I would expect at some point it could change back to the old policy of no PFD.  I would get that one done sooner rather than later.

Last Inquiry 5/15/2021 (5/3 Auto Loan & Ally Financial Auto loan, both approved $63,000.00 & $53,000.00)
Fico Score Progression :
10/1/2018 EQ 530 TU 535 EX 540
5/19/2021 EQ 735 TU 704 EX 726
In the garden till 5/15/2022
Message 2 of 8
XtraCredit
Established Contributor

Re: Getting Rid of Baddies

Portfolio Recovery account is around $460 and the Verizon (I can't remember the collection agency it's with now), is about $270.
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 3 of 8
Civil
Regular Contributor

Re: Getting Rid of Baddies

They will delete once paid in full and I've heard people getting collection deleted after settling with them also.







Message 4 of 8
XtraCredit
Established Contributor

Re: Getting Rid of Baddies

I'd like to negotiate, if my disputes don't work and it comes to that. What percentage is typical? 50%? More? Less?
Because I strongly disagree with the amounts, I'd feel better if I could get a settlement amount agreed upon for the PFD.
Starting Score: EX 641 TU 631 EQ 669
Current Score: EX 714 TU 718 EQ 713 (EQ9 735)
Goal Scores: 750


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Message 5 of 8
Caardvark
Frequent Contributor

Re: Getting Rid of Baddies

 

I believe your ability to negotiate is dependent on whether or not the collections are within or past the statute of limitations. If past I think you should be able to get it down to 40-45% of the balance. However, if the debt is still within the SOL this might be too low. I posted a response on another thread a few weeks ago, much of which is relevant to your situation so, I've pasted it below. Hopefully it helps.

 

I have a little experience with them as I recently negotiated a PFD with Portfolio Recovery (for 40% of the balance). Here are my thoughts:

 

  1. Regarding your question about "resetting the SOL", simply avoid acknowledging the debt is yours. I went a step further and made a point to tell them several times during the call that the debt was not mine (though in my case it truly wasn't). This should suffice.
  2. If you are willing to pay >55% of the balance, I don't think you'll have any problem settling on the first call. Just stick to your guns. Bear in mind the CSR who answers the phone will not have the authority to accept. But, they'll escalate to someone who does
  3. If you want to settle for less than ~55% it might take more time. You'll know because you'll hit a brick wall with them and they'll tell you "that's the best we can do". This happened with me. I told them the following:
    1. I'm not hiding. You have my phone number and I'm willing to settle and pay "Today"
    2. I'm willing to wait it out if they don't
    3. The SOL has passed. Therefore, they have no recourse and 40% is better than 0%
    4. I went about my life and they called me again about 2-3 weeks later (on October 31st). I had to go through the spiel again but stuck to my guns and they accepted

Other comments:

  • I was always nice but always firm
  • I reiterated my talking points to each person when escalated
  • The front line CSR always had a little attitude but once escalated they were very nice and easy to deal with
  • It's possible the day (last day of the month) may have contributed to their willingness to settle for 40%. Assuming they have quotas or earn commission/bonus it might have been a factor 

 


Message 6 of 8
myankee79
Established Member

Re: Getting Rid of Baddies

Negotiating with PRA def works. It wasn't simple they didn't want to budge after 60%, the customer service rep put me on the phone with her supervisor, then that supervisor transferred me to his supervisor. Finally settled upon 41%. But I had to pay that day and they stated the settlement would only be valid for one day. Usually, I would take that statement as bull sh** but I was on the phone for almost an hour an worked the number down. My opinion is if you want to settle for below 50% don't expect them to agree to a payment plan. Have the money ready to pay the settlement amount in full.

I was very polite, the entire time to them although I was very straightforward and stood my ground. Informed them I willing to pay a specific amount, and they can take it or leave it. Consistently enforcing the fact of them legally not being able to call or send me letters, therefore this is there only chance to get their money. Take it or leave it mentality. 

 

I did settle for less then full and the accounts were deleted.

Message 7 of 8
Medic981
Valued Contributor

Re: Getting Rid of Baddies


@myankee79 wrote:

Consistently enforcing the fact of them legally not being able to call or send me letters, therefore this is there only chance to get their money.


With a cease and desist in place that could be a good tactic with some CAs. Good for you standing your ground.

















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Message 8 of 8
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