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PRA bites the dust

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Established Member

PRA bites the dust

I had a CapitalOne debt purchased by PRA. The original amount was $3550 and was able to settle for a single payment of $2123. It seems tough to get anything beyond a 40% discount with them.
11 REPLIES 11
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Moderator

Re: PRA bites the dust


@Strongbad2 wrote:
I had a CapitalOne debt purchased by PRA. The original amount was $3550 and was able to settle for a single payment of $2123. It seems tough to get anything beyond a 40% discount with them.

That depends on the age of the account. Older the account, better the settlement. 

If you do not take their offer, you're running the risk of PRA selling the account to another CA which may not be willing to do PFD. 

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Message 2 of 12
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Valued Contributor

Re: PRA bites the dust


@Remedios wrote:

@Strongbad2 wrote:
I had a CapitalOne debt purchased by PRA. The original amount was $3550 and was able to settle for a single payment of $2123. It seems tough to get anything beyond a 40% discount with them.

That depends on the age of the account. Older the account, better the settlement. 

If you do not take their offer, you're running the risk of PRA selling the account to another CA which may not be willing to do PFD. 


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Message 3 of 12
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Established Member

Re: PRA bites the dust

On the phone with Moore right now. They offered $2600 on a $3100 debt. It seems like the best o will be able to do is $2000.
Message 4 of 12
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Valued Member

Re: PRA bites the dust

Congrats Strongbad. I also have a PRA/Cap One for around $3100 that I am going to try to settle. I'll report back what they agree to.

Message 5 of 12
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Established Member

Re: PRA bites the dust

Update: It took about 60 days for the collection to be paid to $0 and removed from the report.

I paid down Capital One through Moore and that took about 60 days as well. It also looks like Capital One has finally let me back into its good graces as it shows I’m prequalified for a QS one, but went into pending as they wanted me to wait for a physical letter to send them income verification docs.

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Message 6 of 12
Super Contributor

Re: PRA bites the dust

Congrats! Keep at it and you'll rebound in time.

Message 7 of 12
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Established Contributor

Re: PRA bites the dust


@Strongbad2 wrote:
 
  It also looks like Capital One has finally let me back into its good graces as it shows I’m prequalified for a QS one, but went into pending as they wanted me to wait for a physical letter to send them income verification docs.
 

How long between settling the debt and showing the prequalification?

050719:     
091020:     

Message 8 of 12
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Established Member

Re: PRA bites the dust

As soon as my report reflected that it was a $0 balance, it said I was pre qualified
Message 9 of 12
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Regular Contributor

Re: PRA bites the dust


@Strongbad2 wrote:
As soon as my report reflected that it was a $0 balance, it said I was pre qualified

So dumb question here....if the accounts were sold to Portfolio and Moore as you mentioned, Capital One is then notified you have a zero balance (or settled)? Or are we just saying (assuming) that it shows as zero balance on CR and that let you back in the door?

 

How long ago were your accounts charged off? Asking because I have 2 myself that have been sold to PRA as well.

 

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Message 10 of 12
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