I need help with Portfolio Recovery Associates

[A1Credit]

It seems that my best bet is arbitration when I decide that I am ready to deal with them and settle.

[stargazer25]

PRA is the worse. If you are out of SOL PRA is more willing to negotiate with you. They will settle for less. If you just want to pay them off to get rid of them a few dollar difference isn't going to matter. Even before the SOL, they will negotiate but not a whole lot. PRA will not PFD. Trust me, I have tried. 

Good luck. 

[A1Credit]

Question...if I elect to request arbitration and they win the judgement, does it go on my public record?

[A1Credit]

Thanks for the advice @stargazer25.  Do you know anything about arbitration?  With my debt being roughly $1,400 I'm hoping that electing to arbitrate will discourage them.  Under JAMS it is quite expensive for them to arbitrate.  

[gdale6]

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@A1Credit wrote:

I think it is unfair for a debt once paid to follow you for seven years. I think it should stick around for no more than a year once PAID.  Companies default on payments all the time and are constantly awarded with bailouts and second chances.  I make a mistake and fall on hard times and I have to pay for 7.5 long years.  

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Its not 7 years from time paid, the clock starts ticking at the 30 day late that preceeds the CO, its a max of 7.5 years from this date and please lets go lightly on the bailouts/second chances this board doesnt support any political talk.

[A1Credit]

I understand when the clock starts ticking.  The fact remains that 7.5 or even 5 years is a long time to suffer.

[stargazer25]

I don't know anything about the arbitration process with PRA. I don't know if it will discourage anything. Are you out of SOL?

[A1Credit]

No, unfortunately I am not out of SOL.  I have at least 3 years left. 

[Anonymous]

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@gdale6 wrote:

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@A1Credit wrote:

I think it is unfair for a debt once paid to follow you for seven years. I think it should stick around for no more than a year once PAID.  Companies default on payments all the time and are constantly awarded with bailouts and second chances.  I make a mistake and fall on hard times and I have to pay for 7.5 long years.  

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Its not 7 years from time paid, the clock starts ticking at the 30 day late that preceeds the CO, its a max of 7.5 years from this date and please lets go lightly on the bailouts/second chances this board doesnt support any political talk.

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?

[Anonymous]

Portfolio recovery associates buys debt they don't lease it like other debt collection companies do. So, if u made a payment to the person u owe money to it gets credited to your account at PRA. Most original creditors won't take payment from u they will fwd you to pra call center so the reps can work out a payment plan with u. Pra does not add interest and they don't charge to secure payments with a checking savings or debit card. They aren't fraud as they've been listed in Forbes for a number of years. So they best thing to do is get it paid or settle it depending on what u want your credit report looking like.